TaxTMI 
TaxTMI 
TaxTMI 
2021 (4) TMI 8
X X X X Extracts X X X X
X X X X Extracts X X X X
....gainst the Corporate Debtor M/s. Nassco Trading India Private Limited, as such both the cases are clubbed together and passed the following common order. 2. These applications were filed by, M/s. Ambani Vitrified Pvt Limited (IBA/22/KOB/2020) and M/s. Airson Ceramic Industries (IBA/23/KOB/2020), Operational Creditors under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code) for initiating Corporate Insolvency Resolution Process (CIRP for short) against the Corporate Debtor. The Corporate Debtor was incorporated on 28.04.2010 under the Companies Act, 1956 in the name of M/s. Nassco Trading India Private Limited' with CIN No. U52341KL2010PTC025917. It has its Registered Office at Building No.7/1245, Ka....
X X X X Extracts X X X X
X X X X Extracts X X X X
..../- 7 705 31/07/2016 2,74,948/ 8 710 01/08/2016 3,20,986/ 9 713 01/08/2016 3,21,355/- 10 718 01/08/2016 3,21,724/- 11 719 01/08/2016 3,22,092/- 12 720 01/08/2016 3,22,461/- 13 779 15/08/2016 3,15,082/- 14 780 15/08/2016 3,20,986/ 4. Due to continuous failure of the Corporate Debtor to honour its commitments, the Operational Creditor issued demand notice dated 12.12.2019 as per Section 8 of the Code. The default was occurred from 21.05.2018 and neither any amount received from the Corporate Debtor nor they refuted the debts. IBA/23/KOB/2020 - M/s. Airson Ceramic Industries 5. The Operational Creditor is one of the leading manufacturers of Ceramic Tiles. The Ceramic Tiles is used for flooring, walls and basem....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ey failed to pay the due amount. Hence, the Operational Creditor issued a demand notice under Section 8 of the Code on 31.08.2019. The Corporate Debtor failed to fulfil its obligations to make timely payment against supplies/services provided. 7. Therefore, the Operational creditor filed this Application on 05.03.2020 to initiate Corporate Insolvency Resolution Process, declaration of Moratorium and appointment of Interim Resolution Professional under Section 9 of the I&B Code, 2016. 8. In both cases, the Registry of this Tribunal has also issued notices to the Corporate Debtor intimating the Corporate Debtor about the application filed under Section 9 of the Insolvency and Bankruptcy Code,2016. However, the notices to Corporate Debtor we....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g to a dispute of the unpaid operational debt; (c) a copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt." 11. It also appears from the Application that the claim amount satisfies the minimum default requirement [prior to the notification of 24th March 2020] under Section 4 of the Code. I have also perused the notice sent under Section 8 (2) of the Code and it is seen that the Corporate Debtor received the notices, however they did not pay the amount of unpaid outstanding due. Therefore, on all counts the Application deserves to be admitted. 12. In the given facts and circumstances, we are of the view that the present a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed or suspended or interrupted during the moratorium period. II. That the provisions of Sub-Section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. III. That the order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be. IV. That the public announcement of the Corporate Insolvency Resolution Process shall be made immediately as specified under Section 13 of IBC. ....