2023 (2) TMI 1387

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y Code, 2016 (I&B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Nyka Steels Private Limited, Corporate Debtor. 2. The Operational Creditor is a Company. The Application is filed by Mr. Ganesh B. Pawar, Manager of Operational Creditor, duly Authorised vide Board Resolution P.17 of the Petition dated 10.02.2020, claiming total default of Rs.4,87,01,363/- (Rupees four crore eighty-seven lakh one thousand three hundred sixty-three only), of which Rs.3,09,42,951/- is the Principal amount and Rs.1,77,58,412/- is the Interest amount. 3. The Invoices raised against supply of goods fell due between the period from 16.02.2018 till 18.08.2018. Accordingly, the Date of Default falls within 4. The Operational Cred....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....considered view that the Operational Creditor has provided the steel material to the Corporate Debtor for which the Corporate Debtor has failed to pay the outstanding dues of the Operational Creditor. 10. It is also observed that the Corporate Debtor has appeared on few occasions in the matter, but has not contested the contents of the Application. 11. After perusal of the material on record, this Bench is of considered view that the there is no reason to deny the Petition under section 9 filed by the Operational Creditor to initiate the CIRP against the Corporate Debtor. 12. On perusal of the documents submitted by the Applicant, it is clear that financial debt amounting to more than Rs.1,00,00,000/- (Rupees One Crore Only) is due and p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in cons....