2020 (11) TMI 243

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....debt has been claimed at Rs. 3,02,303/- (Rupees Three lacs Two Thousand, Three Hundred and Three Only) which relates to invoice raised for audit fees and other professional work done in the Financial Year 2017-2018 and 2018-2019. 2. The Learned PCS Mr. Viral Shah appeared for the Operational Creditor. He drew our attention to notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 which was duly served on the Corporate Debtor on 05.12.2018. The Learned PCA further submitted that this was an undisputed amount which had fallen due for payment. It was also submitted by the Learned PCA that the Corporate Debtor did not file any reply either to the notice delivered under Section 8 of the Insolvency and Bankruptcy Code, 2016 nor to ....

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....ion panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor 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; (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. 3. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process o....

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....the Code. 7. It is further directed that the supply of goods/service to the Corporate Debtor Company, it continuing, shall not be terminated or suspended or interrupted during moratorium period. 8. The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor Company' and manage the operations of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs. 25,000/- (Rupees Twenty-Five Thousand Only) to the IRP within two weeks from the date of receipt of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process (CIRP) and....