2019 (7) TMI 1466

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....Member (Technical) For The Petitioner : Mr. Tanmay Kelkar, Advocate i/b. Mahajan And Mahajan For The Respondent : None Present. ORDER 1. This Company Petition is filed by Ultratech Cement Limited (hereinafter called "Petitioner") seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Silveroak Commercials Limited (hereinafter called "Corporate Debtor") alle....

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.... 3. It is submitted that the Corporate Debtor issued two cheques, one for Rs. 15,54,600/- dated 12.02.2018, and another for Rs. 15,34,900/- dated 22.02.2018, drawn on Lakshmi Vilas Bank, Nashik Branch and both the cheques were dishonoured with an endorsement "Funds Insufficient". 4. The petitioner issued demand notice on 18.05.2018 to the Corporate Debtor demanding a sum of Rs. 37,91,750/-. ....

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....in the petition and defaulted in making the payment. 7. This Bench having been satisfied with the Petition filed by the Operational Creditor which is in compliance of provisions of section 9 of the Insolvency and Bankruptcy Code admits this Petition declaring moratorium with the directions as mentioned below: (a) That this Bench hereby prohibits the institution of suits or continuation....

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....btor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall have effect from 01.05.2019 till the completion of t....