2017 (12) TMI 1565

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....olvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) . 2. Counsel for the Operational Creditor has filed copy of e-mail communications which are taken on file. Heard Counsel for the Operational Creditor and perused the record. As seen from the Order of this Bench dated 24.11.2017, the Corporate Debtor has been set exparte. 3. The case of the Operational Creditor is that the premises situated at 2nd Floor of the commercial complex Gee Gee Universal, No.2, Mc. Nichols Road, Chetpet, Chennai - 600 031, measuring 8942 sq. ft., was let out on lease by the Operational Creditor under Lease Agreement dated 03.12.2....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....able to pay any amount. But, the said assertion is contrarv to the record Placed on the file therefore, cannot be relied upon. 5; In connection with the above, the Counsel for the Operational Creditor has filed e-mail communications, and Form 26AS [TDSs] for the years 2013-14, 2014-15 and 2015 to 16, which are placed at pages 69, 68, 67 respectively of the typed set filed with the Application. The said documents are evidencing that there has been clear understanding between the Operational Creditor and the Corporate Debtor with regard to their relations as landlord and tenant. So, under the principle of estoppel, the Corporate Debtor is estopped from pleading that there was no agreement between them. 6. The Counsel for the Operational Cr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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. The moratorium is declared 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. It is ordered to prohibit all of the following, namely :- (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 corp....