2021 (5) TMI 114

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....uthority) Rules, 2016 (Rules) by M/s. Marikko Industrial Chemicals ("Operational Creditor") for initiation of Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Real Link Engineering Private Limited (hereinafter referred to as "Corporate Debtor''''), on the ground that Corporate Debtor defaulted in payment of operational debt of an amount Rs. 25,34,352/-. This Application was filed on 04.11.2019. 2. Learned Counsel for the Operational Creditor averred that on the orders placed by Corporate Debtor, the Operational Creditor has supplied raw materials between 07.08.2018 and 30.01.2019 for which invoices were raised and the materials were duly received, acknowledged and accepted by the Corporate Debtor and n....

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....rack Court Judicial Magistrate No. 2, Coimbatore. The above complaint was not disclosed in demand notice which is a direct violation of provisions of Section 8(2) IBC. Even after stopping the material purchase from the Operational Creditor, the Respondent has paid a sum of Rs. 1,45,258/- on 11.04.2019 through RTGS but the Applicant has not accounted for this payment. The Respondent is not admitting the claim amount of Rs. 25,98,944/-. 7. Heard both the parties and perused documents placed before this Adjudicating Authority. The Operational Creditor has proved existence of debt and default. Moreover, this application was filed on 04.11.2019. The pecuniary jurisdiction of this Adjudicating Authority, at the time of filing this application wa....

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....s or proceedings against the respondent 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 respondent 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 respondent in respect of its property including any action under the Securitization 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 respondent. 9. However, during the pendency of the moratorium per....