2019 (3) TMI 1775

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....Misra, Adv. For the Respondent : Tabrez Malawat, Adv. ORDER SMT. INA MALHOTRA, JUDICIAL MEMBER. - 1. The present petition has been filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, (hereinafter referred to as the "Code"), praying for initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor on grounds of its inability to liquidate its financial deb....

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....ppearance before this Bench through their advocate Mr. Abhishek Mishra, the Corporate Debtor has admitted its liability, but expressed its inability to pay because of financial constraints. 5. Given the facts and circumstances that the Corporate Debtor admits its default and inability to repay the Petitioner's prayer merits consideration. Accordingly, this petition is Admitted. A moratorium i....

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....property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the corporate debtor as maybe specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as maybe notified by the Central Government in consultation with any financial secto....