TaxTMI 
TaxTMI 
2021 (2) TMI 947
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....ule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s Jai Bhawani Steel Industries (through its proprietor, Sh. Nilesh Kumar (for brevity 'Operational Creditor'/ 'Petitioner') dated 21.01.2019, with a prayer to initiate the Corporate Insolvency Resolution Process against M/s EEE and CEE Pressings Private Ltd. (for brevity 'Corporate Debtor'). 2. The Corporate Debtor namely, M/s EEE and CEE Pressings Private Limited is a Company incorporated on 12.01.1987 under the provisions of the Companies Act, 1956 with CIN No. U34102CH1987PTC007231 having its registered office at Plot No.824, Industrial Area Phase-2, Chandigarh which falls within the Union Territory of Chandigarh- 160002. Hence, the jurisdict....
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....ith tracking reports and email sent to the corporate debtor are attached as Annexures-8 and 9 respectively. 5. It is deposed by the operational creditor that after the service of demand notice dared 06.12.2018, the corporate debtor did not raise any dispute within the stipulated time or up to the date of filing this petition. It is also deposed that no dispute was pending with or arose from the corporate debtor qua the outstanding amount even prior to sending of the demand notice dated 06.12.2018. 6. Notice of this petition was issued to the corporate debtor on 14.02.2019 to show cause as to why this petition be not admitted. 7. The Operational Creditor has filed affidavit of service vide Diary No. 1195 dated 12.03.2019 wherein it has be....
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....hether the operational debt was disputed by the corporate debtor. The respondent-corporate debtor has neither filed any reply to the petition nor disputed the liability towards the operational creditor. Thus, there is no dispute regarding the liability between the corporate debtor and the operational creditor. It is also observed that till the last date of hearing, there has been no representation from the respondent-corporate debtor. 11. We have gone through the contents of the petition filed in Form 5 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 21,57,659.69. It is stated that the demand notice dated 06.12.2018 was sent for an amount of Rs. 21,57,659.69. Copy of ledger....
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....Debt for the default amount being above Rs. 1,00,000/-, the petition is admitted in terms of Section 9(5)(i) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14, the following prohibitions are imposed, which must be followed by all and sundry: (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 by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to ....