2020 (9) TMI 746

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....solvency and Bankruptcy Code, 2016 (IBC) by Mr Pooransingh Vijaysingh Rathod, sole proprietor of Meghna Colour Chem (Operational Creditor), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against JK Coil Coatings Private Limited (Corporate Debtor). 2. The Corporate Debtor is a private company limited by shares and incorporated on 07.08.2006 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U24222MH2006PTC163629. Its registered office is at Neelsiddhi Enclave-Commercial Complex, Plot No.48/9, Sector 14, Vashi, Navi Mumbai 400703, in the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 25.10....

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.... for Rs. 33,35,400/- on 25.02.2019. However, even this cheque bounced when presented for payment, vide return memo dated 18.04.2019. 5. Invoices have been placed on record as Exhibit 'E' at pp.26-54. The invoices do not provide for interest in case of delayed payments. The total debt due and payable to the Operational Creditor is Rs. 33,99,714.00 (Rupees thirty-three lakh ninety-nine thousand seven hundred and fourteen only), as mentioned at page 25 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 12.09.2019 to the Corporate Debtor (Exhibit 'I', pp.63-71) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. Necessary affidavit of No Dispute ....

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....el appearing for the Corporate Debtor appears and submits that he has instructions to admit the liability. This submission has also been recorded in the daily order sheet of that day (07.01.2020). 12. The application made by the Operational 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. 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. 13.....

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....the Corporate 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) That 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 t....