2019 (12) TMI 1390

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....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 Corporate Debtor. The amount which is claimed under....

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....he 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 Petitioner sought for interim direction from the Hon'ble Hi....