2019 (9) TMI 181

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.... : Mr. Amit Tungare and Ms. Tarannum Shaikh, Advocates For The Respondent : Mr. Nitin Kale, Managing Director ORDER Per: Bhaskara Pantula Mohan, Member (Judicial) 1. This Company Petition is filed by Ultratech Cement Ltd. (hereinafter called "Petitioner") seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Kale Infra Project Pvt. Ltd. (hereinafter called "Corpo....

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....old and supplied cement bags and issued a letter of confirmation of balance of Rs. 20,36,440/- as on 31.03.2015 after reconciling the ledger account maintained by the Petitioner. 3. It is submitted that the Corporate Debtor issued a cheque bearing no. 037439 for Rs. 20,36,440/- and the said cheque was dishonored on 22.08.2015 with an endorsement "Funds Insufficient". 4. The Petitioner issued s....

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....t there is debt and default. 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 of pending suits or proceeding....

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....minated 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 06.05.2019 till the completion of the corporate insolvency resolution process or unt....