2019 (10) TMI 802

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.... Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. As seen from record, the Corporate Debtor was proceeded ex-parte on 09.04.2019. Heard the Counsel for the Operational Creditor and perused the pleadings including the documents placed on file. 3. The Operational Creditor has claimed an amount of Rs. 14,47,135/- as principal amount along with interest @ 24% interest per annum from 06.02.2016, till the date of actual payment in terms of the Power Purchase Agreement dated 05.01.2016. 4. The ....

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..... The Operational Creditor has issued a Demand Notice dated 11.07.2018 under Section 8 of the I&B Code, 2016 to the Corporate Debtor, wherein the particulars of the operational debt due are mentioned, which was delivered on 17.07.2019, to which no reply was given by the Corporate Debtor. 9. The Operational Creditor has complied with Section 9 (3) (b) & (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that the Corporate Debtor has not given any notice of dispute or a pendency of a suit or arbitration proceedings in relation to the unpaid of operational debt. The Affidavit is placed at pages 8 and 9 of the typed set filed with the Application. 10. The Operational Creditor has fulfilled all the re....

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....he corporate debtor. 12. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 13. The Operational Creditor has not proposed the name of IRP, therefore, Mr. Madurai Sundaram Sankar, is appointed as IRP, whose name has been mentioned in the Panel of Insolvency Professionals recommended by the IBBI, there is no disciplinary proceedings pending against the IRP. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Sec....