2019 (8) TMI 1550

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.... by Operational Creditor namely Mr. T.S Kumarasamy, Proprietor of Christy Friedgram Industry under u/s 9 of the Insolvency & Bankruptcy Code, 2016 ("the Code") for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor on the ground that the Corporate Debtor failed to pay Rs. 3,00,00,000. 2. On perusal of this application, it appears that it is the case of the Operational Creditor (M/S. Christy Friedgram Industry) that the Operational Creditor had issued Purchase Order No.COM/685/20172018 upon the Corporate Debtor on 10.11.2017 for supply of 2000 MT of Sugar (S30 Grade) at the rate of 36,500/- per MT, exclusive of GST @ 5%. Thereafter, on 10.11.2017, the Operational Creditor simultaneously made an adv....

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....Debtor sent Cheques to the Operational Creditor for realisation of the advance given, the Operational Creditor could not encash the same since the above cheques were dishonoured with a Return Memo for the reason "INSUFFICIENT FUNDS". As the Corporate Debtor failed to supply sugar and also failed to refund the advance paid by the Operational Creditor, on 04.01.2019, this Operational Creditor issued section 8 notice (Form 3) to the Corporate Debtor demanding payment of along with interest @ 12% per annum as agreed by the Corporate Debtor. Thereafter, since neither reply nor has advance come from the Corporate Debtor, this Operational Creditor has filed this application u/s 9 of IBC for initiation of CIRP against the Corporate Debtor. 6. It....

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....r any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of Section 14 s....