2019 (10) TMI 57

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...., 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Autonix Lighting Industries Private Limited (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against Moser Baer Electronics Limited. 2. The applicant Autonix Lighting Industries Private Limited is a private limited company limited by shares incorporated under the provisions of the Companies Act, 1956 on 18.05.2006 having CIN U74900DL2006PTC14887 as per Master Data of the company. The Company is having authorized capital of Rs. 1,00,000/- and paid up capital of Rs. 1,00,000/-. The Applicant is having its office at U-110, Officer No. 7, F/F, Upadhayay Block, Vikas Ma....

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..... 7,00,112.92/- as agreed and described in works contract term is payable to the applicant. A copy of the computation of outstanding operational debt: Invoice date Invoice no. Date of default Amount outstanding Days overdue Interest @18% 21.12.2018 572 04.02.2019 Rs. 303520/- 78 Rs. 11675.13/- 29.12.2018 596 12.02.2019 Rs. 123200/- 70 Rs. 4252.93/- 05.01.2019 606 19.02.2019 Rs. 5600/- 63 Rs. 173.98/- 15.01.2019 640 28.02.2019 Rs. 245280/- 53 Rs. 6410.88/-   Total   Rs. 6,77,600/-   Rs. 22,512.92/- 7. The Applicant issued a Demand Notice under section 8 of the Code, 2016 dated 26.04.2019 in Form 4 as per the I & B Cod....

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....ayment of operational debt owned and debt became payable from the date of the invoice dated 04.02.2019 raised by the Applicant. Hence, the claim of the applicant is within limitation and the debt is not time barred. 14. In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues which are un-controverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. Hence, the present application deserves to be admitted. 15. Applicant has named the Interim Resolution Professional (IRP), as Mr. Hemant Sharma having registration number IBBI/IPA-002/IPN00015/ 2016-17/10019 and E-Mail ID [email protected], duly registered with Insolven....

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....the provisions of the Code, Rules and Regulations. 17. As a sequel to above, the application is admitted in terms of Section 9(5) of IBC, 2016 and moratorium as envisaged under the provisions of Section 14(1) as extracted hereunder shall follow in relation to the Corporate Debtor prohibiting all of the following: a. 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; b. Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, ....