2020 (11) TMI 1077

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....Insolvency Resolution Process ("CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying operational debt of Rs. 1,12,41,485/- + interest there on. 2. The Operational Creditor states that in between 30.05.2017 to 31.08.2017, it has sold and supplied the Corporate Debtor the goods i.e. "Phenol". It raised the invoices. At the foot of account, the Corporate Debtor was liable to pay a total sum of Rs. 1,21,22,849/- to the Operational Creditor. In spite of repeated demands, the Corporate Debtor failed and neglected to pay the debt and committed a default. Hence, on 26.12.2017, a demand notice under Section 8 of the I.B. Code was delivered to the Corporate Debtor. In spite of receipt of the notice, the ....

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....wing order: ORDER 1. The Corporate Debtor, M/s. Sterling Lam Limited is admitted in Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016. 2. The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of Section 14(1) of the Code. a. 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; b. transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c. any action to....

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....e Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or cooperate with IRP, do not assist or Co-operate, the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. 6. This Adjudicating Authority directs the IRP to make a public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. 7. It is further directed that the supply of goods/service to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. 8. T....