TaxTMI 
TaxTMI 
2019 (1) TMI 1772
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....he "Code"). 2. As per averments, the Operational Creditor had supplied several consignments of Iron and Steel goods to the Corporate Debtor, raising excise-cum-tax invoices amounting to Rs. 1,17,04,192/- against purchase orders placed on them by the Corporate Debtor. In discharge of the outstanding liability, the Corporate Debtor issued 13 post-dated cheques all dated 31.01.2016. Each cheque was issued against an invoice raised. These cheques, on being presented, returned dishonoured with remarks "Exceeds Arrangement". The 13 cheques were replaced by the Corporate Debtor on three occasions i.e. 30.06.2016, 01.10.2016 and 01.01.2017, all meeting the same fate. A notice under Section 8 of the Code was issued which remains unreplied to. The O....
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.... to secure repayment. Further, an understanding was reached that the loan of Rs. 92,69,878/- would be repaid with interest and warehousing charges which amounted to Rs. 1.70 crores. It is argued by the Ld. Counsel for the Corporate Debtor that the facts of this case necessitate lifting of the corporate veil and that suppression of material facts makes the petition liable to be rejected outright. 4. A perusal of the documents relied upon by the Corporate Debtor however does not support the case of the Corporate Debtor. It is not denied that a memorandum of understanding dated 30th January, 2016 for purchasing material by the Corporate Debtor was executed, though it is stated to be executed under duress. Similarly, proforma invoices were iss....
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.... corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 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. Further, (2) The supply of essential goods or services to the corporate debtor as maybe specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as maybe notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till ....