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TaxTMI 
TaxTMI 
TaxTMI 
2018 (3) TMI 1854
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....reditor') under Section 7 of the Insolvency 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,....
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....012 A02373495 ING Vysya Bank, Bangalore Account No. 165011004229 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 ....
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....ditor has also referred to the communication dated 31.03.2017 which has been sent by the Managing Director 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 bee....
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....rporate Debtor has merely submitted that the judicial paper used for drawing up the terms and conditions of the 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 representati....
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....atio filed by the Financial Creditor is complete in all respect. 17. In the light of the discussion made above, the arguments 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. Vas....
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....ssets 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. 20. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 21. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/ is directed to extend all assistance and c....