2021 (4) TMI 1071

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.... 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Seshasaila Power and Engineering (P) Limited (in short, "Respondent/Corporate Debtor "). 2. Brief facts of the case submitted by Operational Creditor are as follows: a) The Operational Creditor is in the business of providing cranes on rent and hire services. They provide Telescopic Cranes, all Terrain Cranes, Crawler Cranes, Lattice Cranes, upto 250 ft., Boom and Cranes Capacity up to 250 tons. b) That the Corporate Debtor entered into an agreement with Operational Creditor for providing cranes services on hire/for supply of 75 MT truck mounted with 150 f....

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....tal sum of Rs. 82,78,138.59 as on 31.10.2019 including interest. g) That the Operational Creditor sent a statutory notice in Form-3, with copies of Invoices attached to it as per under section 8 of the Insolvency and Bankruptcy Act, 2016, dated 07.01.2020. The Corporate Debtor has received the said notice and replied to the same on 17.01.2020 stating as under: "We are unable to pay those dues due to stagnation in business". h) The Corporate Debtor also did not raise any dispute with regard to the unpaid operational debt. i) Reiterating the above, the counsel for the Operational Creditor prayed to admit the instant Petition as sought for. 3. Mr. V. Subramanyam, Director of the Corporate Debtor has filed....

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....within three (3) days of this order. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IB Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 8. We direct the Operational Creditor/Petitioner to pay sum of Rs. 50,000/- towards the advance fee of IRP, which shall be ratified later on by CoC. 9. The moratorium is hereby declared which shall have effect from the date of this order till the completion of CIRP. For the purposes referred to in section 14 of the IB Code, 2016. It is hereby ordered to prohibit all of the....

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....od. 10. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. Further, if the IRP considers supply of any goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period. Furthermore, the provisions of Sub-section (1) of Section 14 shall not apply to such transactions, agreements or other arrangement as may be notified by the Centr....