2019 (10) TMI 595

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....arbo Pvt. Ltd. for initiating Corporate Insolvency Resolution Process [hereinafter referred to as "CIRP"] as against the Corporate Debtor viz., Kampilya Builders Pvt. Ltd. claiming that an amount of Rs. 1,03,33,687/- [Rupees One Crore Three Lakhs Thirty-Three Thousand Six Hundred and Eighty-Seven only] is the unpaid operational debt due from the Corporate Debtor including interest @24% p.a. That despite demand, the Corporate Debtor did not pay the outstanding amount and hence defaulted in payment of the operational debt and therefore, the Operational Creditor has filed this application. 2. The facts in brief, as stated by the Operational Creditor are the following: - a. That the Operational Creditor sold, supplied and delivered ....

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....nly] remains due and outstanding to the Operational Creditor. b. The Corporate Debtor admits the default in the payment of dues to the Operational Creditor to the tune of Rs. 96,63,693/- [Rupees Ninety-Six Lakhs Sixty-Three Thousand Six Hundred and Ninety-Three only] and not Rs. 1,03,33,687/- [Rupees One Crore Three Lakhs Thirty-Three Thousand Six Hundred and Eighty- Seven only]. c. The Corporate Debtor submits that it is unable to pay the outstanding dues due to circumstances and factor wholly beyond the control of the Corporate Debtor and undertakes to pay the dues of the Operational Creditor within the earliest possible time. 5. The Corporate debtor has failed and neglected to make payment of Rs. 1,03,33,687/- [Rupee....

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....pplication filed under Section 9 of the I & B Code for initiating CIRP against the Corporate Debtor alleging that the Corporate Debtor failed to make payments for the said goods sold and supplied to the Corporate Debtor. The Corporate Debtor, despite demand has committed default in payment of Rs. 1,03,33,687/- [Rupees One Crore Three Lakhs Thirty-Three Thousand Six Hundred and Eighty-Seven only] including interest @ 24% p.a. payable to the Operational Creditor. 7. The Operational Creditor issued a demand notice u/s 8 of the I & B Code, dated 26.03.2018 upon the Corporate Debtor calling for payment of the debt. The Corporate Debtor replied to the said Demand Notice admitting the default in payment of dues to the Operational Creditor. 8....

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....I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. d. Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: 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, encumbering, alienating or disposing of by the corporate debtor any of its....