2017 (5) TMI 1724

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....uthority (National Company Law Tribunal), New Delhi in Company Petition No. (IB)51 (ND)/ 2017 whereby and where under application preferred by respondent, proprietor of a firm under the name and style of M/ s Gallerie Nvya for initiation of insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I&B Code") has been admitted. Further a moratorium have been declared and an Interim Resolution Professional have been appointed who has been asked to announcement of corporate insolvency resolution process under Section 15 of the I&B Code and to perform the duties as per I&B Code. Learned counsel appearing on behalf of the appellant, corporate debtor, submitted that the impugned orde....

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....ich the corporate debtor was constrained to stop payment to the Respondent. He further submitted that after receipt of legal demand notice dated 20.10.2016, the appellant was making arrangement for amount for making payment to the respondent and is now willing to unconditionally in irrevocably pay the respondent, financial creditor the entire sum of Rs. 1 crores along with interest of Rs. 12 lakhs subject to deduction of TDS. The cheques of the amount issued in the name of the respondent, financial creditor, have been shown as follows: i) Cheque No. 139895 dated 4.6.2017 drawn on Union Bank, Lajpat Nagar Branch for a sum of Rs. 1,00,00,000/- ii) Cheque No. 139896 dated 4.6.2017 drawn on Union Bank of India, Lajpat Nagar Br....