TaxTMI 
TaxTMI 
2018 (10) TMI 1738
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....vate Ltd., the Corporate Debtor to start Corporate Insolvency Resolution Process (in short, "CIRP") of the Corporate Debtor as the Corporate Debtor was unable to pay sum of Rs. 2,33,45,860.00 towards arrears of rent for use of the premises, i.e. Andromeda at DD 30, Salt Lake City, Kolkata-700 064 admeasuring 7051 sq.ft. 2. The following facts are not in dispute. 2.1 By lease agreement dated 09.11.2011, the petitioner gave on rent of above premises to the Corporate Debtor on monthly rent of Rs. 5,92,326/- initially and the rent was increased from time to time. It is stated by the Operational Creditor that the Corporate Debtor committed default in paying arrears of rent of Rs. 2,33,45,860/-. Hence, notice under section 8 of I&B Code was sen....
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....ebtor submitted that NCLT Bench at Delhi held that, "transaction relating to immovable property cannot be considered as a transaction falling under the term 'operation' and 'Operational Debt' unless such a transaction having a corelation of direct input to the output produced or supplied by the Corporate Debtor" Jindal Steel & Power Ltd. v. DCM International Ltd. (2017) SCC OnLine NCLT 989 (NCLT - New Delhi). 6. As against this, the Ld. Counsel for the Operational Creditor relied on the order of this authority wherein it is held that, "from reading of above definition of section 5(21), it is evident that insolvency application is maintainable for recovery of debt on account of services. It is pertinent to mention that letti....
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....aim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under the law for the time being in force and payable to the Central Government, any State Government or any local authority" Hence, receiving any consideration by way of rent, lease from time to time, license fees for letting out the premises would fall under the purview of providing services and the consideration that is receivable becomes operational debt. In view of these facts on record, I hold that recovery of arrears of rent is operational debt within the meaning of section 5(21) of the I&B Code. 9. The Corporate Debtor contended that the sum of money as claimed in this proceeding is not ascertained claim. ....
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....as given power of attorney prior to enactment of I&B Code is entitled to file application under section 9, 7 or 10 of I&B Code. It was held that power of attorney holder is not competent to file application. But this finding is recorded taking into consideration two crucial facts, (1) that in that case power of attorney was executed prior to coming into operation the I&B Code and (2) there was no reference of giving special power to the attorney holder to file petition under the I&B Code. In this case, power of attorney has been given to the signatory of the petition, particularly, for filing this application. Hence, on facts, the Ruling is not applicable. Moreover, in case of Macquarie Bank v. Shilpi Cable Technologies Ltd., the Hon'bl....
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....g the Corporate Insolvency Resolution Process in respect of Nadia Health Care (Pvt.) Ltd. and declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. (ii) Moratorium is declared for the purposes referred to in Sec. 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec.15. The public announcement referred to in clause (b) of sub-section (1) of Sec. 15 Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iii) Moratorium under Sec. 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: (a) The institution of suits or continuation ....
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....e moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (viii) Necessary public announcement as per Section 15 of the IBC, 2016 may be made. (ix) As proposed by the Operational Creditor for the appointment of Interim Resolution Professional (IRP), Mr. Hrisikesh Dasgupta, Post-Sapuiara, Village-Santinagar, Dist-Howrah, Pin-711227 having E-mail No. [email protected] and having registration No. IBBI/IPA-003/IP-N00082/2017-18/10705 is appointed as the Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. IRP has also submitted his consent along with written Communication in Form-2. (x) The In....