TaxTMI 
TaxTMI 
2022 (4) TMI 1364
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....Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against PRISM FEEDS INDIA PRIVATE LIMITED (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. From Part-I of the Application, it is seen that the Operational Creditor is a Private Limited Company with CIN No. U19299WB1999PTC083113, having its address as 107, Old China Bazar Street, 4th Floor, Room No. 401, Kolkata-700001. The application has been signed by Mr. Jay Prakash Poddar who has been authorized by Board Resolution dated 10th Feb. 2022. 3. Part II of th....
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.... c. Copies of Outstanding invoices, Annexure II(D). d. Copy of Debit Notes towards interest on delay payment along with proof of dispatch and tracking, Annexure II(E). e. Ledger Statement of Corporate Debtor in the books of the Operational Creditor, Annexure II(F). f. Copy of Demand Notice dated 25.01.20-22 along with the original postal receipt and postal tracking report, Annexure-I(A) and (B). 7. It is submitted by the Ld. Counsel for the Operational Creditor that M/s. Prism Feeds India Private Limited (hereinafter referred to as the "Corporate Debtor"), had placed several purchase orders on the Operational Creditor to Purchase Soya Doc, Mustard Doc (RSE) and such other raw materials (goods) during the....
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....and as per the tracking report available on record the same was delivered on 01.03.2022 at the registered office of the Corporate Debtor. The Respondent Corporate Debtor was set ex-parte by order dated 08.03.2022, on said date too the matter was passed over and was taken up again. During the next hearing on 01.04.2022, the matter was passed over due to non-representation of the Respondent and taken up later, however none represented the Respondent and no IA was filed for setting aside ex-parte order. Hence this Adjudicating Authority proceeded with the matter. 12. Further, it is also pertinent to note that the default arising in the present Application is much later to the timeline prescribed under Section 10A of IBC, 2016. Under the sai....
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....t 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 Operational 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. Explanation.-For the purposes of this sub-section, it is her....
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....-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 Operational sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 16. The duration of period of moratorium shall be as provided in Section 14(4) of the Code which is reproduced below for ready reference; (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under su....