2022 (1) TMI 1131

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....ead with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. Jayaswal Neco Industries Limited (for brevity 'Operational creditor') with a prayer to initiate the Corporate Insolvency process against M/s. Alpha Pecific Engineers Private Limited (for brevity 'Corporate Debtor'). 1. The operational creditor submits that the corporate debtor had placed purchase order dated 17.09.2013 for the supply of materials for its work site at Greater Noida, to which the operational creditor duly supplied the materials and had accordingly raised tax-invoices. The corporate debtor had accepted the receipt of materials at sites without any protest or objection....

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....vency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 calling upon the corporate debtor to pay the operational debt of Rs. 32,16,152.50/-. The corporate debtor had replied to the demand notice denying the contentions raised by the operational creditor and has failed to appreciate that all the balances as demanded in the notice were duly confirmed by the corporate debtor in past. 5. The operational creditor filed present application on 06.12.2019 under section 9 of IBC, 2016 to which the Respondent/Corporate Debtor has filed its reply by asserting that the corporate debtor always informed to the operational creditor that the material had many defects but the operational creditor was not taking any attention regarding th....

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.... the debt is not time barred and the application is filed within the period of limitation. 8. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 9. In the given facts and circumstances, the present application is complete and the operational creditor is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. The present application is admitted, in terms of section 9(5) of IBC, 2016. 10. Since the operational creditor has not proposed the name of the IRP, the Tribunal hereby appoints Mr. Atul Jagnani, with registration number IBBI/IPA-001/IP....

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....moratorium: 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 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 (54 of 2002); d. The recovery of any property by an owner or lessor where such prop....