2021 (4) TMI 296

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....in the capacity of an "Operational Creditor". The total amount of debt due which is claimed is a sum of Rs. 40,79,655/-. In support of the Application, Ld. Counsel for the Petitioner represents that the Applicant had initiated prior to this Company Petition, another Petition in IBA/981/2019. 3. During the course of the Proceedings pending before this Tribunal in relation to the said IBA/981/2019, a Joint Memorandum of Settlement was filed on behalf of the parties before this Tribunal on 23.10.2019 wherein the Corporate Debtor undertook to pay a sum of Rs. 82,10,587/- by way of four instalments. The schedule of payment has been tabulated in the Joint Memorandum of Settlement on behalf of the parties, the said tabulation is extracted hereund....

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.... None appears for the Corporate Debtor. It is brought to the notice of this Tribunal that this Petition in IBA/471/2020 is a sequel to the earlier Petition filed by the Petitioner as against the same Corporate Debtor in IBA/981/2019. It is further brought to the notice of this Tribunal by the Ld. Counsel for the Petitioner that a Joint Memorandum of Settlement (JMS) was filed by the parties in IBA/981/2019 which was also taken on record and an Order was passed by this Tribunal dated 23.10.2019 as follows: - "On the withdrawal Memo filed by the Operational Creditor Counsel seeking liberty to file a fresh Petition in the event settlement arrived at in between the parties is failed, this Bench hereby dismissed this Application as withdrawn....

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....vency Resolution Process (CIRP) against the Corporate Debtor with the following consequences. 8. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by Insolvency and Bankruptcy Board of India applicable for the period between January - June 2021 appoints Mr. J. John Ohilvi, hawing Reg. No. IBBI/IPA-002/IP-N00902/2019-2020/12921, e-mail Id: [email protected] as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period ....

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....unds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 9. However, during the pendency of the moratorium period in terms of Section 14(2)(2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor ....