AI Drafter 
TaxTMI 
TaxTMI 
2022 (8) TMI 712
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....cy Resolution Process (CIRP) against M/s. Emirerri Steel Manufacturer Private Limited called as Corporate Debtor by invoking the provisions of Section 9 Insolvency and Bankruptcy code (hereinafter called "Code" read with rule 6 of Insolvency & Bankruptcy (Application to Adjudication Authority) Rules, 2016 for a Resolution of Operational Debt of Rs. 1,06,70,027.02/-. BRIEF FACTS OF THE CASE 2. The Operational Creditor submits that the Operational Creditor is engaged in trading of steel products, equipment, tools and spare parts and was incorporated on 04.09.2012 with its Registered Office at "Prince Tower", II Floor, No.25 & 26, Unit No.202, College Road, Nungambakkam, Chennai - 600 006. 3. The Operational Creditor further submit th....
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....epted, subject to a payment of Rs.50 lakhs being done in advance to the Operational Creditor and the subsequent payments being done later; the same was agreed to by the Corporate Debtor. As committed, the Operational Creditor received a payment of Rs.50 lakhs and thereafter, supply of goods took place between 12.10.2020 & 20.10.2020. Supporting GST Invoices were also raised. 6. The Operational Creditor further submit that, as per the request of the Corporate Debtor, the deliveries were made and acknowledgement for material delivery was also received, indicating that the delivery of goods was complete and the same were as per the requirement of the Corporate Debtor herein. The relevant delivery acknowledgements received by the Operational....
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....e default in payment by the Corporate Debtor, the Operational Creditor issued a Demand Notice under Form 3 & Form 4 dated 15.11.2021 to the Corporate Debtor herein which was duly received by them on 22.11.2021. The Demand Notice and Delivery Reports are attached as Annexure 1. The Demand notice was also issued via email on 24.11.2021. A copy of the same is attached as Annexure 2. It is pertinent to point out that the email address upon which the service has been done, is the email address of the Corporate Debtor which has been used regularly for communications even as late as 12.11.2021. Despite receipt of the said notice via post and email, no reply payment had been forth-coming from the Corporate Debtor herein. The statutory period of 10 ....
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....tor, Mr. Suryakant Chaudhari made a statement that his client is willing to settle the matter and therefore the matter was posted from 16.06.2022 to today i.e. on 04.08.2022. However no settlement is reported by either of the parties. 2. Heard the counsel appearing for the Operational Creditor. The Ld. Counsel appearing for the Operational Creditor invited the attention of this Bench to the various purchase orders, invoices and E-Way Bills annexed to the Company Petition basing on which the above Company Petition was filed. He has also invited the attention of this Bench to the Demand Notice dated 15.11.2021 and the proof of delivery of demand notice on the Corporate Debtor. The Corporate Debtor having received the Demand Notice did not ....
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....ditor shall deposit an amount of Rs.5 Lakhs towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. The IRP shall spend the above amount only towards expenses and not towards his fee till his fee is decided by COC. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; ....