2017 (9) TMI 1894

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....visions of Section 9 of the Insolvency and Bankruptcy Code. 2. In the requisite Form, under the Head "Particulars of Operational Debt" the total Principal amount in default is stated to be 2, and along with the interest@ 21% p.a. as claimed at Rs. 3. Further under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as M/S. Fieldspares Sales & Services Pvt. Ltd. having Registered office at, Bhaskar near MLA Hostel, civil lines Nagpur, Maharashtra 440001. 4. Learned Counsel of the Petitioner has described the "Nature of the Debt" that, the Operational creditor needed supply of thermal coal from the debtor. 5. The Petitioner issued a Work Order dated 7th January, 2012, upon Debtor to supply 10,000 Met....

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....porate debtor to the Operational Creditor on 24th January, 2014. 11. Hence, on account of non-payment of the balance amount, the Petitioner has issued a Demand Notices under Insolvency and Bankruptcy Code, 2016 dated 4th May, 2017 by Speed Post to the Registered Address, Corporate Office Address of Corporate Debtor. The tracking report of the Speed Post to this effect, is attached to the Application/Petition. 12. It was subrnitted that, the Corporate Debtor has not raised any dispute/ objection to the Demand Notice of the Operational Creditor after filing of this Application under I&B Code, 2016. 13. The statement of bank account of the Operational Creditor showing that, in the account of the Operational Creditor no payment has bee....

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....ves 'Admission'. Hence, Admitted. 18. The Operational Creditor has not proposed the name of Insolvency Professional. This Bench hereby directs the Registry to refer this matter alongwith this order to Insolvency and Bankruptcy Board of India to appoint the IRP considering the debt amount claimed by the Operational Creditor. 19. Having admitted the Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of order shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be te....