2019 (9) TMI 181

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....r (Technical) For The Petitioner : 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 Pr....

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.... as per the order of the Corporate Debtor sold 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....

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....l for the Petitioner came to the conclusion that 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 o....

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....ces to the Corporate Debtor, 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 06.05.2019 t....