2019 (7) TMI 219

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....er Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"]. 2. That, the applicant/operational creditor M/s. Pooja Electronics & Appliances, having its registered office at 1, Vraj Plaza, Opp. Government Press, Vadodara 390 001 is engaged in the business of supply of electric and electronic items. 3. That, M/s. Brew Berrys Hospitality Private Limited is a company incorporated under the Companies Act, 1956 on 13.08.2008, having its registered office at shop No. 7/8 Greenwood Complex, Makarpura Road, Vadodara, Gujarat State and having identification No U55209GJ2008PTC054771. That, authorised share capital of the corporate debtor is Rs. 1,50,00,000/- and paid up share capital is Rs. 1,16,85,180/-. ....

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.... No. Particulars Page Nos. 01 Affidavit in support of application 4-8 02 Affidavit verifying the application 9-10 03 Master data of the respondent company 11 04 Purchase order 12 05 Invoices and delivery challan 13-14 06 Statement of account 15 07 Demand notice form No. 3 dated 1.11.2018 16-17 08 Reply dated 06.11.2018 18 09 Challan 19 10 Written consent of IBP 20-22 8. The respondent filed affidavit in reply inter alia stating that the respondent is facing financial crisis and are unable to pay dues of the applicant. 9. Heard the arguments of the learned lawyers appearing for both the sides. Findings: 10. Learned lawyer appearing on ....

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....rocess and calls for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 14. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 15. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any Court of Law, Tribunal, arbitration panel or other authority; (ii) transferring, ....