2019 (12) TMI 1390

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....te Debtor is incorporated on 24.05.2016 with the authorized share capital of Rs. 10,00,000/- and paid up share capital of Rs. 1,00,000/-. The registered office of the Corporate Debtor is situated at No. 23, Old No. 35, 10th Avenue, Ashok Nagar, Chennai 600 083. 2. The Petitioner has not chosen to propose the name of the Interim Resolution Professional (IRP). In relation to the operational debt due to which this Petition claim is filed before this Tribunal, it is seen that a sum of Rs. 46,21,032.00 is being claimed as the running Royalty amount for the period of 01.03.2018 to 19.12.2018. In support of the claim, the Petitioner represents that there is a 'Franchise Agreement' as arrived at between the Petitioner as well as the Corp....

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.... Debtor in making payment of the amount claimed under the Demand Notice, this Petition has been preferred by the Petitioner under Section 9 of the IBC, 2016 as already stated as an Operational Creditor of the Corporate Debtor. 7. Consequent to the notice issued, it is seen that the Corporate Debtor has also filed the reply to which a rejoinder seems to have also been filed by the Petitioner/Operational Creditor. The matter was taken up for hearing before this Tribunal today and Learned Counsel for the Corporate Debtor at the outset pointed out that a suit has been initiated in O.A. No. 211 of 2019 in CS No. 166 of 2019 before the Hon'ble High Court of Judicature at Madras by the Petitioner/Plaintiff itself and further when the Petiti....

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....of the respondent to furnish such details to the applicant These facts can be proved only in the trial after hearing the parties in full and not at this stage." 8. It is further pointed out by the Learned Counsel for the Corporate Debtor that when the matter was taken up in appeal before the Division Bench of the Hon'ble High Court of Judicature at Madras, the Division Bench of the Hon'ble High Court of Judicature at Madras refused to interfere in relation to the order passed on 01.08.2019 by the Single Bench of the Hon'ble High Court of Judicature at Madras and in the circumstances the order of the Single Judge has become final, as such. 9. It is evident from the above said paragraph that in relation to the franchise agre....