TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 12
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.... against M/s. Thai Summit Autoparts India Private Limited (hereinafter called as Corporate Debtor). 2. From Part I of the Application, it is seen that this Applicant is a Private Limited Company incorporated under the provisions of the Companies Act, 1956. From Part II of the Application, it is seen that the Corporate Debtor is a Private Limited Company incorporated on 18.01.2013 having Corporate Identification Number CIN : U29253TN2013PTC089421 and as per the Application the Registered Office address of the Corporate Debtor is stated to be situated at Plot No. 4, SIPCOT Industrial Park, Vallam Vadagai Village, Sriperumbudur, Kancheepuram - 602 105. 3. Part III of the Application discloses the fact that Applicant has not proposed the name....
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.... become due and payable i.e. on 05.05.2017. Further, it was submitted that 3 Debit Notes were raised against the Corporate Debtor on 25.09.2016, 31.10.2016 and 31.12.2016. It was submitted by the Learned Counsel for the Operational Creditor that despite several request and demands being made by the Operational Creditor, the Corporate Debtor had failed to make payments of the admitted debt amount to the Operational Creditor. 7. The Learned Counsel for the Operational Creditor submitted that, the Operational Creditor has issued the statutory Demand Notice as mandated under Section 8 of IBC, 2016 to the Corporate Debtor on 05.06.2018, and the Operational Creditor has also filed an Affidavit under Section 9(3)(b) of IBC, 2016 which is placed a....
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....cation, it is seen that the claim as made by the Operational Creditor is not disputed and the Corporate Debtor is liable to pay the said sum to the Operational Creditor and has committed a default in payment of the same. 10. Further, the said debt fell due on the last date of invoice being 05.05.2017 and the present Application is being filed before this Tribunal on 23.01.2020 and hence the present Application falls well within the period of limitation. 11. Thus the Operational Creditor has proved the existence of an 'Operational debt' and its 'default' on the part of the Corporate Debtor and in the absence of any objection being raised by the Corporate Debtor, we are of the considered view that the Corporate Debtor has co....
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....2021 appoints T.V. Nataraja Subramanian with Registration No. IBBI/IPA-002/IP-N01010/2020-2021/13273 (email 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 of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or cont....
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....ted 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 as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The p....