2022 (5) TMI 145

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....s been filed by Arvinder Singh, Sole proprietor of the Proprietorship concern, M/s. A.B. Singh & Associates having its registered office at SCO: 59-60, Phase-3B2, SAS Nagar(Mohali) (hereinafter referred to as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of M/s. Supersonic Dealcom Private Limited (CIN: U51109WB2007PTC113832), having its registered office at 10/1/1C, Kalakar Street, 2nd Floor, Kolkata, West Bengal, 700007 (hereinafter referred as the Corporate Debtor). 3. It is submitted that the Operational Creditor, sole proprietor of the proprietorship firm i.e. M/s. A.B. Singh & Associates was engaged by the Corporate Debtor to provide auditing services to the Corporate Debtor since ....

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....e. Audited Balance Sheet of the Corporate Debtor as at 31-03-2019 (Financial year 2018-19) signed by the Operational Creditor as on 30.05.2019 showing that the Corporate Debtor owes Rs. 3,51,000/- towards audit fee payable and has no source of income in the present financial year is annexed as Annexure-J. 6. On being served with the notice of the Court, the Corporate Debtor has filed its reply affidavit of one of its Directors Mr. Shivraj, who submitted that the application is not maintainable and liable to be dismissed as there are suppression of material facts. It is submitted that the Operational Creditor was informed by the Corporate Debtor through letter dated 5th September, 2019 that the Corporate Debtor was facing financial crunch a....

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....linary proceedings are pending against him with the Board or Institute of Insolvency Professionals of ICAI. 10. The application is otherwise complete in all respects. 11. On the basis of the pleadings of the parties and after hearing Ld. Counsel in Court, we are of the opinion that since the Corporate Debtor has committed default in payment of the outstanding debt of the Operational Creditor, we are satisfied that the petition under section 9 of the Code filed by the Operational Creditor deserves to be admitted and we, therefore, pass the following orders:- ORDERS i) The application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against....

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....ply of essential goods or services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Sec....