TaxTMI 
TaxTMI 
2018 (6) TMI 1764
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....ditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Anandram Developers Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. Learned Sr. Counsel for the Financial Creditor and Counsel for the Corporate Debtor have submitted that there is no chance of settlement between the parties and the matter may be heard and decided on merits. There....
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.... Creditor has filed Original Application No. 430/2014 (OA) before Debts Recovery Tribunal-Il, Chennai (DRT) on 04.06.2012 and the DRT by its Final Order dated 31.10.2016 has allowed the OA entitling the Financial Creditor to recover a sum of Rs. 22,77,65,247/- with interest @ 12% p.a. (simple) from the date of institution of OA till realisation with costs, and further in case of default, by sale of the properties mentioned in the Schedule to the OA. The copy of the Final Order passed by the DRT is placed at pages 208 to 216 Of the typed set filed with the Application. Subsequently, in terms of the said Final Order, the Debt Recovery Certificate (DRC) was issued quantifying the debt amount as Rs. 34,85,49,748.48p. The Schedule of Cost issued....
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....ation, wherein an amount Of Rs. 101,71,94,340/- has been demanded by the Financial Creditor, to which the Corporate Debtor has sent reply dated 20.02.2016 wherein the Corporate Debtor has raised objection regarding the assignment of debts by the Banks to ARCIL. The copy of the reply notice is placed at pages 232 and 233 of the typed set filed with the Application, to which the Financial Creditor has also sent a reply dated 03.03.2016 denying the allegations contained in the reply notice sent by the Corporate Debtor and also stating therein that Section 5(1) of the SARFAESI Act empowers Securitisation Company or Reconstruction Company to acquire financial assets from the Banks and Financial Institutions. The copy of the reply sent by the Fin....
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....ual aspects are concerned, she has no objection to the same. In other words, the Counsel has admitted the liability of the Corporate Debtor with regard to the debt claimed. However, it has been submitted that there are discrepancies in the accounts, as has been claimed by the Financial Creditor. In other words, the calculations which have been given by the Financial Creditor are not correct as per their understanding. In this regard, she has referred to para 'g' of the counter filed by the Corporate Debtor wherein it has been stated that the DRT-II, Chennai passed an order in OA 430/2014 (filed by the ARCIL in respect of the debt assigned by 10B) directing the Corporate Debtor to pay the alleged sum of Rs. 22 Crores with simple int....
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.... Chennai. However, the Counsel for the Corporate Debtor did not place any authentic document on record to substantiate her objection. Therefore, the objections raised by the Counsel for the Corporate Debtor stand rejected. 9. In the light of the discussion made above and the record placed on the file, this Authority has ascertained the existence of a default on the part of the Corporate Debtor. The Financial Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining his written consentin Form-2. Therefore, is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. ....
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.... an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 13. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the 186B Code. The Directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/ is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions as enumerated u....