TaxTMI 
TaxTMI 
2020 (2) TMI 51
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....ocess (in short CIRP) as against M/s. GM Agro Allied Pvt. Ltd. /Corporate Debtor, alleging that the Corporate Debtor committed default in payment of Rs. 7,83,228/- (Rupees Seven Lakh eighty three thousand two hundred twenty eight only) as the unpaid operational debt for supply of de-oiled rice bran to the Corporate Debtor. 2. The relevant facts for the consideration of the issues, are the following: The Operational Creditor is engaged in business of trading and wholesale business of de-oiled rice bran, TIL Cake/Doc etc. The Operational Creditor used to supply de-oiled rice bran, TIL Cake/Doc etc. to the Corporate Debtor during the period between 06-12-2015 to 06-02-2016 on different dates and the Operational Creditor has issued ....
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....id contentions, the Applicant prays for admitting the Application. 4. When the case was taken up for consideration, notices were issued to the Corporate Debtor. The Corporate Debtor entered appearance. However, failed in filing the reply affidavit, despite opportunities given to the Corporate Debtor. The Application, thereafter, came up for final hearing on 05-11-2019. On that date, nobody also appears on the side of the Corporate Debtor. Accordingly, we heard the Ld. Counsel for the Applicant and perused the records. 5. The Applicant, allegedly an Operational Creditor, filed this Application on account of default in payment of operational debt to the tune of Rs. 10,43,045/- inclusive of interest @ 12% per annum. To substantiate the c....
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.... thousand two hundred twenty eight only) is the outstanding amount due to the Operational Creditor. 7. The Operational Creditor has issued a demand notice, Annexure D dated 13-11-2018. That demand notice was properly delivered upon the Corporate Debtor on 15-11-2018. Annexure E proves delivery. According to Ld. Counsel for the Operational Creditor, despite delivery of the notice to the Corporate Debtor, the Corporate Debtor did not send a reply and that the Operational Creditor filed the affidavit Annexure G swearing that there is no notice given by the Corporate Debtor relating to a dispute of the unpaid operational debt, in compliance of requirement to be meted out under Section 9(3)(b) of the Code. In compliance of Section 9(3)(c) tha....
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....i) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, 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, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security In....