TaxTMI 
TaxTMI 
2022 (1) TMI 109
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....) for the purpose of initiating the Corporate Insolvency Resolution Process (CIRP) against Millennium Soft-Tech (India) Private Limited (hereinafter called as "Corporate Debtor"). 2. Part - I of the Application discloses the fact that the Operational Creditor herein is a Private limited Company. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U22219TN2002PTC048248 which was incorporated on 02.01.2002 and that its Authorized Share Capital and Paid up Capital are Rs. 5,00,00,000/- and Rs. 5,00,00,000/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at 2nd Floor, N....
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....nt Application has been filed before this Tribunal on 01.06.2021. 5. Part V of the Application shows that the applicant has attached few relevant documents in order to prove the existence of the Operational debt and the amount in default; i. Purchase orders raised by M/s. Millennium Soft-Tech (India) Pvt. Ltd. on M/s. Posiflex Technology India Pvt. Ltd. ii. Forty - Three (43) Invoices raised by M/s. Posiflex Technology India Pvt. Ltd. iii. Email correspondence between M/s. Posiflex Technology India Pvt. Ltd. and M/s. Millennium Soft-Tech (India) Pvt. Ltd. including acknowledgment of dues dated 15.11.2019 sent by M/s. Millennium Soft-Tech (India) Pvt. Ltd. to M/s. Posiflex Technology India Pvt. Ltd. iv.....
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....ssions made by the Learned Counsel for the Operational Creditor. Upon perusal of the typed set filed along with the Application it is seen that the Operational Creditor has filed the list of purchase orders, invoices and the proof of dispatch of the same to the Corporate Debtor. Also the Operational Creditor has filed the email confirmation dated 15.11.2019 issued on behalf of the Corporate Debtor acknowledging their dues. Further, it is seen that the Corporate Debtor even after receipt of the Invoices have not raised any dispute in relation to the services provided by the Operational Creditor, however has failed to pay the sum to the Operational Creditor which is due and payable. Thus, the Operational Creditor has proved that there is an &....
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....h. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 10. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits 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 ....
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....esolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange 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 or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regul....