TaxTMI 
TaxTMI 
2018 (3) TMI 1854
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....ency and Bankruptcy Code, 2016 r/ w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Tiffins Barytes Asbestos and Paints Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Heard Learned Sr. Counsels for Financial Creditor and Corporate Debtor and perused the record. 2. The Financial Creditor has claimed the outstanding debt of Rs. 26,70,46,016/- comprising of Rs. 11,50,00,000/- being the principal, Rs. 11,73,58,399/....
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....2,00,00,000.00 3. 05.12.2013 ZC2677576 ING Vysya Bank, Bangalore Account No. 165011004229 4,50,00,000.00 Total 11,50,00,000.00 5. It has further been recorded in the said MoU that on reconciliation of accounts between the parties, it is mutually agreed to the effect that with reference to the outstanding payable by the Corporate Debtor to the Financial Creditor a sum of Rs. 11,50,00,000/- shall be paid along with interest @ 18% at the bank mode of calculation from 05.12.2013 on the payment of which neither party shall have any past, present or future claim against each other. It has also been provided in the MoU that the above said amount of Rs. 11,50,00,000/- along with 18% interest per annum until the da....
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....rector Viz., Sriram Vedam to the Financial Creditor under which the balance of Rs. 23,23,58,399/- is shown payable to the Financial Creditor as on 31.03.2017, copy of the said communication is placed at page 90 of the typed set filed with the Application. 8. Besides the above, the Financial Creditor has referred to the statement of profit and loss of the Corporate Debtor for the year ended 31.03.2015, which is placed at page 98 of the additional typed set file with the Application, wherein at page 121 under the head "Loan (Liability)' , the name of the Financial Creditor has been mentioned against which a sum of Rs. 11,50,000/- has been shown. 9. Learned Sr. Counsel for the Financial Creditor has also referred to the Notes to the Fina....
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....e said MoU has been purchased from India and was executed on 16.04.2016 at Tampa, Florida, USA and the margin witnesses are shown from Chennai and Bellary which are doubtful. But, he was unable to impress upon this Adjudicating Authority that as to how the document is invalid because he has not denied the signature of the Managing Director of the Corporate Debtor, who is one of the signatories to the said MoU. 13. Learned Sr. Counsel for the Corporate Debtor has remained silent with regard to the communication dated 24.02.2017, which has presently been sent by the same Managing Director of the Corporate Debtor to the representative of the Financial Creditor viz. Mr. Poobalan. 14. Learned Sr. Counsel for the Corporate Debtor has submitted ....
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....rguments submitted by Learned Sr. Counsels for both the parties and having examined the pleadings, documentary evidence placed on record by both the parties, it has been ascertained that the Corporate Debtor has defaulted in making payment of the outstanding debt. The Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining the written consent in Form-2. Therefore, is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 18. Mr. Vasudevan is hereby appointed as IRP as has been proposed by the Financial Creditor. There is no disciplinary proceedings pen....