TaxTMI 
TaxTMI 
2021 (1) TMI 110
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.... against M/s Sree Bhadra Parks and Resorts Ltd. (hereinafter called "Corporate Debtor") alleging that Corporate Debtor committed default in making payment of Rs. 4,25,32,016.405/-, invoking the provisions of Section 7 of the Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter called as "Rules"). 2. In the application, it is stated by the Financial Creditor that financial creditor entered into a share purchase agreement with the Corporate Debtor on 21.11.2012 to purchase 100% shares of the Corporate Debtor for a total consideration of Rs. 33,08,00,000/-. Consequently, on the date of agreement, the financial creditor paid an ad....
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....ve discussion and the fact that the Corporate Debtor in its financial statements for the F. Y. 2014-15 and F.Y. 2015- 16 filed with the Ministry of Corporate Affairs acknowledges the liability towards the Financial Creditor; and also in its letter dated 23.02.2017 submitted a proposal for one time settlement of dues of the Financial Creditor, IDBI Bank Limited and Bank of India, which was also revised on 15.09.2018. 28. Therefore, we hold that the petition filed by the Financial Creditor is within limitation." 6. The Corporate Debtor filed its reply and raised the following contentions: 7. The main contention is that the above application is barred by limitation. To buttress this argument, the Corporate Debtor has submitted a....
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....th the case records. The Applicant has filed the present Application for the alleged breach of Share Purchase Agreement dated 21.11.2012. Under the agreement the amount of Rs. 30,00,00,000/- was agreed to be paid by the Financial Creditor to Corporate Debtor for acquiring the Company. On the above said date an addendum to the agreement was also executed wherein the Financial Creditor agreed to make payment to the creditors of the Corporate Debtor. On 27.11.2012 the Corporate Debtor issued a letter requesting to hand over an advance amount of Rs. 1,00,00,000 to Dr. J. J R Justin. Thereafter on 05.09.2014 and 17.03.2015 Financial Creditor issued letter agreeing to refund of the advance amount. On 28.11.2018 the Corporate Debtor issued another....
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.... whether there is debt due to non-payment and if any default has occurred. 13. This Application is filed by the applicant for alleged breach of Share Purchase Agreement dated 21.11.2012. Corporate Debtor failed to honour the share purchase Agreement, and no payment was made. 14. Section 5(8) of the Code defines the Financial Debt as under: "(5)(8) "financial debt" means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase ....
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.... (i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clause (a) to (h) of this clause. 15. Since the present debt arises out of the Share Purchase agreement dated 21.11.2012, the said amount is a debt disbursed against the consideration for advance payment as per the agreement and hence is covered under the definition of financial debt and Applicant will be treated as Financial Creditor. In the aforesaid background, Financial Creditor has suggested the name of Mr Amier Hamsa Ali Abbas Rawther, IBBI/IPA-001/IP-P01727/2019-2020/12620, email id [email protected] for appointment as Interim Resolution Professional (IRP). He has filed a declaration in Form 2 affirming ....
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....ecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. (v) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (vi) That the provisions of Sub-Section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (vii) That the order of moratorium shall have effect from the date of pronouncement of this order till th....