2021 (5) TMI 312

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....rized Representative Mr. Subhash Agarwal seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor i.e., M/s. Fomra Sales Private Limited. By Board Resolution dated 15/07.2019, the Applicant has authorized Mr. Subhash Agarwal to represent the Applicant Company. The Registered Office of the Corporate Debtor Company is at Fomra House, New No. 261, Old No. 126, Mint Street, Sowcarpet, Chennai-600 079, (CIN No. U52599TN1996PTC036619). 2. The Company was incorporated on 24.09.1996. The Applicant submits that the Applicant supplied wires and cables to the Corporate Debtor and raised invoices on the Corporate Debtor. The Corporate Debtor failed to make payment under various invoices. Hence, the Applicant/....

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....mits that the Consent Terms dated 10.11.2018 were arrived between the Applicant and the Corporate Debtor. Thereafter, a Memorandum of Compromise dated 02.03.2020 was entered between the Applicant and the Corporate Debtor. Subsequent to the Memorandum of Compromise dated 02.03.2020, a sum of Rs. 5,00,000/- was paid to the Applicant/Operational Creditor on 03.03.2020. The Corporate Debtor further submits that since thereafter on 03.03.2020, due to COVID-19 pandemic, the Corporate Debtor was unable to make further payment. Hence, this IA/1141/IB/2020 has been filed by the Corporate Debtor seeking time to settle the payment based on the Memorandum of Compromise dated 02.03.2020. This IA was filed on 20.10.2020. Till the date of this order, no p....

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....ct of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (III) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (IV) That the order of moratorium shall have effect from this order till th....