2021 (3) TMI 867

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....olution Process against the Company, namely, M/s. Kumararaja Paper Mill Private Limited (hereinafter referred as "Corporate Debtor"). 2. From Part-I of the Application, it is seen that the Operational Creditor is a Private Limited Company. From Part - II of the Application, it is seen that the Corporate Debtor is a Private Limited Company incorporated on 22.05.2000 and as per the Application, the registered office address of the Corporate Debtor is stated to be situated at 146, Main Road, Srikumar Complex, Tiruchengode, Tamil Nadu - 637 211. From Part - III of the Application, it is seen that the Operational Creditor has not proposed the name of any Insolvency Resolution Professional and left it to the discretion of this Tribunal t....

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....ication that as per the terms of the Invoice, the said sum of Rs. 1,08,261/- was to be paid within a period of 30 days thereof, by providing post - dated cheques(s) and further interest at the rate of 18% p.a. was payable on all accounts unpaid after the due date. It is stated that the Corporate Debtor has issued two cheques vide cheque No. 514241 & 514242 for Rs. 60,000/- each dated 08.04.2017 and 10.04.2017, however when the said cheques were presented for realization, the same were returned with an endorsement "funds insufficient". It is further stated in the Application that the Corporate Debtor has issued correspondences dated 05.05.2017 and 10.06.2017 to the Operational Creditor seeking further time to repay the amount due and vide th....

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....pending amounts. It is stated that since the substratum of the Corporate Debtor has eroded and it is unable to make payment of amounts due to its creditors, a Demand Notice under Section 8 of IBC, 2016 was sent to the Corporate Debtor on 21.10.2019 which was delivered to the Corporate Debtor on 13.11.2019 and after the expiry of 10 days period, there was no reply received from the Corporate Debtor and the Operational Creditor has also filed an Affidavit under Section 9(3)(b) of IBC, 2016 to this effect. Hence, it is averred in the Application that since there is no dispute of the unpaid operational debt and that the default on the part of the Corporate Debtor is proved, the Operational Creditor has sought for the initiation of the Corporate....

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....ot the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor. 12. Thus taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that the Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, inspite of opportunity given to the Operational Creditor to name the same, as the one proposed after filing of the Petition, was handling numerous assignments as stated in the order dated 01.02.2021 and gave an opportunity to propose the name of some other IRP, however the same was not availed and hence this Tri....

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.... d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the....

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....mpletion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 15. The Operational Creditor is directed to pay a sum of Rs. 2,00,000/- (Rupees Two Lakhs Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the fu....