2020 (9) TMI 519

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....ala (Financial Creditor), an individual, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MTC ECOM Private Limited (Corporate Debtor). 2. The Corporate Debtor is a private company limited by shares and incorporated on 08.12.2011 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U74999MH2011PTC224691. Its registered office is 201-A, Pinnacle Corporate Park (2nd Floor), Building No.19, 'A' Wing, Bandra-Kurla Complex (BKC), Bandra (East), Mumbai 400051, within the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 03.03.2020 before this Adjudicating Authorit....

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....0, the Financial Creditor wrote to the Corporate Debtor seeking repayment of the sum of Rs. 1,23,43,750/-. But no repayment was forthcoming. 5. The underlying documents have been placed on record as Exhibit 'A', 'B' and 'C' at pp.7-33. The rate of interest charged is 15% per annum. Bank statements are also attached as Exhibit 'H' at p.41. The total debt due and payable to the Financial Creditor is Rs. 1,23,43,750.00 (Rupees one crore twenty-three lakh forty-three thousand seven hundred and fifty only), as mentioned at page 4 of the Petition. 6. The Financial Creditor has served copies of the petition on the Corporate Debtor vide letter dated 03.03.2020 sent by TrackOn Courier, and its receipt has been attac....

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....Adjudicating Authority) Rules, 2016 along with a copy of his Certificate of Registration. 11. 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 at the relevant time. The Corporate Debtor has unequivocally admitted, through the Board Resolution dated 09.03.2020, that any restructuring of the Corporate Debtor would be best achieved within the four corners of the Insolvency and Bankruptcy Code, 2016. Therefore, the default stands established and there is no reason to deny the admission of the petition. In vie....

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....r. (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 th....