2020 (11) TMI 246

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....Resolution Process ("CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying operational debt of Rs. 11,81,682/- (Rupees Eleven Lakh Eighty-One Thousand Six Hundred Eighty-Two). 2. The Operational Creditor stated that, in between 23.05.2017 to 21.12.2017, it has sold and supplied certain goods and also rendered services to lay Telecom Ducts for the Corporate Debtor. The total outstanding amount of the Operational Debt then payable by the Corporate Debtor was Rs. 69,11,682/-. Out of that, the Corporate Debtor paid a sum of Rs. 57,30,000/-, leaving balance of Rs. 11,81,682/- to be unpaid. On 28.06.2019, the Operational Creditor has delivered the Corporate Debtor, the notice of demand under Section....

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....cation is defect free and hence, we direct the Corporate Debtor to be admitted in CIRP by following order: ORDER 1. The Corporate Debtor, M/s. Texon Global Private Limited is admitted in Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. 2. The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of Section 14(1) of the Code. a. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. transferring, encumbering, alienating or disposing of ....

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....onnected with Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or Co-operate, IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 6. This Adjudicating Authority directs the IRP to make public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13....