TaxTMI 
TaxTMI 
2020 (7) TMI 57
X X X X Extracts X X X X
X X X X Extracts X X X X
...."the Corporate Debtor"). The Financial Creditor claiming a sum of Rs. 36,22,348/- which is said to amount in default as on 25-9-2019 which is said to be the date of default. 2. The Corporate Debtor is a (P.) Company incorporated on 31-7-1995 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U70100MH1995PTC091260. Its registered office is at 40, Harbour Crest Building, Ground Floor, Shivdas Champsi Road, Tulsiwadi, Mazagaon, Mumbai-400010. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 30-9-2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of R....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... payment of a sum of Rs. 50 Lacs to be paid to the Financial Creditor herein. The certified copy of the consent terms and decree has been filed at Ex. J at pages 78 to 83 of the Petition. iv. On 18-4-2019, the Corporate Debtor in pursuance of the said decree paid a sum of Rs. 15 lac to the Financial Creditor and also handed over a PDC dated 30-6-2019 for the remaining sum of Rs. 35.00 Lac. v. On 20-7-2019 when the cheque dated 30-6-2019 for a sum of Rs. 35 Lac was presented, the same was dishonored by the bankers. vi. On the said date i.e. on 20-7-2019, the Corporate Debtor transferred the sum of Rs. 10 Lac into the account of the Financial Creditor and further sum of Rs. 5 Lac on 9-8-2019 respectively. 5. It is the case of the Finan....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t terms which have been entered into between the financial creditor and the Corporate Debtor. 9. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 10. The Financial Creditor has proposed the name of Mr Milind Kasodekar [Reg. No. IBBI/IPA-002/IP-N00116/2017-18/10285], as the Interi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....te Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) The provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case m....