TaxTMI 
TaxTMI 
2019 (3) TMI 1684
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....structure Ltd. to start Corporate Insolvency Resolution Process of the Corporate Debtor as the Corporate Debtor committed default in paying financial debt of Rs. 81,12,749/- (Rupees Eighty One Lakh Twelve Thousand Seven Hundred Forty Nine Only). 2. It is stated that the Financial Creditor gave loan of Rs. 50,00,000/- (Rupees Fifty Lakh Only) to the Corporate Debtor in the year 2013. For repayment of the debt, the Corporate Debtor issued cheques in favour of the Financial Creditor. However, cheques were dishonoured by the Corporate Debtor's Bank on 11.09.2014. In spite of demand of the loan, the Corporate Debtor did not pay the same and committed default. Hence, this application is filed. 3. The Corporate Debtor appeared in th....
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....aipur Metals & Electricals Employees Organisation -vs.- Jaipur Metals and Electricals Limited (Civil Appeal No. 12023 of 2018). Ld. Counsel for the Corporate Debtor submitted that in this case, Hon'ble High Court has not only admitted the Petition of winding up but also appointed Provisional Liquidator under Section 450 of the Companies Act, 1956. Order of injunction also issued against the Corporate Debtor from restraining them dealing with the assets in any manner. Hence, now this Adjudicating Authority cannot proceed with this application . He relied on order of Bench No. 1 of NCLT, Kolkata Bench dated 10.10.2018 in case of State Bank of India Vs. Jai Balaji Industries Ltd.. 6. At the outset, I point out that Order passed by Bench....
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....mpanies Act, 1956 are pending, but no order of 'winding up' has been passed. In the circumstances, in the absence of actual initiation of 'winding up' proceedings against the Corporate Debtor, it is always open to Financial Creditor/ Operational Creditor to file an application for Corporate Insolvency Resolution Process against the Corporate Debtor. 8. The same view has expressed by Hon'ble NCLAT in one more case, i.e. Unigreen Global Private Limited -vs.- PNB. It is as follows:- " By aforesaid amendment, the legislature have made it clear that the word "winding up" mentioned in the Companies Act, 2013 is synonymous to the word "liquidation" as mentioned in the r & B Code. In view of the provisions a....
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....f the Corporate Debtor. No doubt Provisional Liquidator is also appointed but final order of winding up has not been passed and Official Liquidator has not been appointed. It is settled law as declared by the Apex Court that the proceeding under I & B Code will not be maintainable only if final order of winding up is passed by the High Court. In view of this, I hold that this application filed by Financial Creditor under Section 7 of Insolvency and Bankruptcy Code is maintainable. 11. The Corporate Debtor did not dispute the debt and its default. The Financial Creditor suggested the name of Mr. Ajay Kumar Agarwal for appointment of Interim Resolution Professional. There is nothing on record to show that any disciplinary enquiry is pendin....
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....t created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shal....