TaxTMI 
TaxTMI 
2020 (1) TMI 1244
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....ency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a partnership firm established in 2012 having PAN AAUFA8964F and having registered office at Rohini, Delhi is engaged in the business of supply and trading of polyester resin, dmc resin, gp resin etc. 3. The respondent corporate debtor is a private limited company registered on 30.03.2007 having registration No. U25206GJ2007PTC50407 having its registered office at Vadodara, Gujarat state. Authorised share capital of the respondent company is Rs. 1,50,00,000/- and paid up share capita....
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....urnments on the ground of settlement on each and every date from 01.08.2019. On the pretext of settlement, the respondent not only getting the case adjourned from time to time but also avoiding to file reply. 8. During the course of arguments, learned lawyer appearing on behalf of the petitioner filed one pursis showing that the cheque of Rs. 25.00 lacs issued by the respondent towards settlement has been dishonoured. 9. On perusal of the records it is found that having failed to get the outstanding payments from the respondent, the applicant was compelled to issue demand notice under section 8 of I & B Code on 20.01.2019. Record also shows that the respondent has not raised dispute against the demand notice, so issued by the applican....
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....xists debt as well as there is/are occurrence of default on the part of the corporate debtor and the amount claimed by operational creditor is payable in law by the corporate debtor as the same is not barred by any law of limitation and/or any other law for the time being in force. 13 It is also a matter of record that the corporate debtor has issued a cheque in favour of the applicant for Rs. 25.00 lacs and the said cheque has been dishonoured; that itself amount to admission on the part of the corporate debtor. 14. From the above stated discussion and on the basis of material available on record, it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 15. Section ....
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....nancial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. It is further directed that the supply of goods and essential services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The provisions of sub-section (1) shall, however, not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 18. The order of moratorium shall have effect from the date of receipt of authenticated copy of this order till the completion of the corporate insolv....