2017 (8) TMI 1317

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....dez, Poligno Industrial Villallana, S/N, 33695, Pola De Lana, Asturias, Spain against M/S. Shriram EPC Limited (Corporate Debtor), under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code 2016, for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Application has been filed to initiate Corporate Insolvency Resolution Process against the Corporate Debtor on account of the default made in making payment of the outstanding debt to the tune of EUR 4,151,570.52 plus interest of EUR 251,028.18 along with expenses for the Arbitral Award dated 12.02.2015 [USD 87000 with simple interest at 3.5% p.a.] 2. The Operational Creditor has demanded the outstanding debt on account ....

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....n by the Corporate Debtor in relation to any dispute relating to the unpaid operational Debt. The Operation Creditor has also placed on record the Bank statement issued by Caixa Bank, Corporate Banking Unit, Paseo De La Castellana, 7 PI, 28046 Madrid (Tel 91412800), showing that the Operational Creditor has not deposited any of the outstanding debt in the account of the Operational Creditor. 5. The Operational Creditor has also issued Demand Notice under Section 8 of the I&B Code, 2016 on 05.05.2017 claiming the outstanding debt to which the Corporate Debt has given reply on 12.05.2017 stating therein that there exists a dispute but it has not been made clear that what is the dispute and before which authority the same is sub judice. We h....

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....rsuant to which Mr. S. R. Rajagopal, S.R. Raghunathan, Rohan Rajasekaran and Preeti S. Arasu, Advocates, have been engaged and Company Petition was filed and signed by the authorised person. It has also been placed on record by the Counsel for the Operational Creditor that the resolution is backed by the Power of Attorney Agent viz. Jose Maria Villanueva Fernandez. Therefore, the objection raised by the Counsel for the Corporate Debtor is devoid of merits and stands rejected. 9. The second objection raised by the Counsel for the Corporate Debtor is that the Bank certificate that has been issued by Caixa Bank is not admissible because the same has not been issued by the Financial Institution as defined in Sub-section (14) of Section 3 of th....

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....) as 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 Respondent Corporate Debtor's management immediately. He 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 in the manner prescribed. 13. 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 the fol....