2021 (10) TMI 993

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....y and Bankruptcy Code 2016 ("the Code') of the Corporate Debtor, 'M/s. Aditya Samraj Natural Foods Pvt. Ltd.' for the alleged default on the part of the Corporate Debtor in clearing the debt of Rs. 4,17,878/- (Rupees Four Lakhs Seventeen Thousand Eight Hundred Seventy-Eight only), as alleged by the Operational Creditor, towards the goods supplied. The details of transactions leading to the filing of this application as averred by the Operational Creditor are as follows: i. That the Operational Creditor is engaged in the business of Article of Plastic, Printed film for packaging of goods bag. The Operational Creditor submitted that during the period of April 2016 to May 2019 the Corporate Debtor placed orders and upon th....

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....iven on the Company Master Data, which was also not responded to by the Corporate Debtor. 3. Since the application filed by the Operational Creditor fulfilled all the conditions required under Section 9 of the Code, this Tribunal ordered issue of notice to the Corporate Debtor by all modes. However, despite service of notice by all modes, none appeared on behalf of the Corporate Debtor and as a result the Corporate Debtor was proceeded ex-parte on 07.01.2021 and the same is reiterated vide order dated 10.03.2021. 4. We have heard the arguments advanced by the counsel for the Operational Creditor and perused the documents filed by him. The Operational Creditor annexed the invoices dated 30.03.2019, 04.04.2019 and 02.05.2019 in the pres....

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....the immediate expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP. 7. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional, immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 9 of the Insolvency & Bankruptcy Code, 2016. 8. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1)(a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) the i....

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....r that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor, as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018, which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 11. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with ....