2017 (11) TMI 888
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Operational Creditor and Corporate Debtor, the matter was reserved for orders. On 14.09.2017, a detailed Order was passed. The operative portion of which reads as follows :- "The Operational Creditor has fulfilled all the requirements of law and this Bench is of the view that the Application CP/539(IB)/CB/2017 is fit for admission, to initiate the Corporate Insolvency Resolution Process and to declare moratorium under I&B Code, 2016. However, during the course of arguments, the Ld. Counsel for the Corporate Debtor submitted that in case this Bench is proposed to admit the Application under I&B Code, 2016, the Corporate Debtor may be given an opportunity to settle the amount in dispute. In the interest of the justice, this Bench is of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....for further hearing on 06.10.2017. On 06.10.2017, the Sr. Counsel for the Corporate Debtor has brought one Demand Draft amounting to Rs. 1,50,13,259/- i.e., the principal amount which was ordered to be paid along with interest, if any, to the Operational Creditor. But, it was submitted by the Sr. Counsel for the Corporate Debtor that the Corporate Debtor is admittedly willing to pay only 50% (i.e. Rs. 75,06,764.50) of the principal amount (i.e. Rs. 1,50,13,529/-) and not willing to pay any interest which appears to be contrary to what he had submitted during final hearing on 11.09.2017 i.e. 'in case this Bench proposes to admit the Application, the Corporate Debtor may he given an opportunity to settle the amount in dispute'. However, the C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s been proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor's management immediately. IRP is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 9. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016. We order to prohibit all of ....