TaxTMI 
TaxTMI 
2021 (6) TMI 356
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....e Operational Creditor is a Partnership firm represented by its Partner K. Ganesh in the present proceedings. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U35911TN1999PTC042573 which was incorporated on 28.05.1999 and that its Nominal Share capital is Rs. 2,00,00,000/- and its Paid up Capital is Rs. 1,87,75,500/-. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 10, Rajakrishna Road, Teynampet, Chennai - 600 018. Part-III of the Application shows that the Operational Creditor has not proposed any "Interim Resolution Professional" (IRP) and left it to the discretion of this Tribunal to appoint the IRP. 3. From Part-IV of the Application, it is seen that a sum of Rs. 1,18,77,303.29/- is being claimed by the Operational Creditor as Operational Debt, plus interest at the rate of 12.5% per annum on dues relating to the period 15.05.2016 to 25.05.2017 and 21% per annum as interest on dues relating to the period 26.05.2017 to 17.01.2018. The date of default is stated to be various dates on which the debt fell due as....
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....he Operational Creditor that the Corporate Debtor in a meeting dated 25.05.2017, has promised the Operational Creditor to pay of all the dues along with interest and the Operational Creditor has also enclosed the copy of the said minutes along with the typed set filed with the Application. Hence the present Application is filed by the Operational Creditor seeking to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor. 9. The Respondent/Corporate Debtor has filed Counter. It is averred in the Counter that the Application is filed by the Applicant in the capacity as a Partnership Firm. The Operational Creditor has produced an identification number, however the Operational Creditor has not produced any certificate of Registration of the Partnership firm. Further, it is stated in the Counter that the Corporate Debtor is not liable to make any payment as the Corporate Debtor has already made payments to the Operational Creditor for the supplies made by the Operational Creditor and also stated that there is a dispute with regard to the quality of the products that were delivered with inferior quality to the Corporate Debtor. It is averred in the counter t....
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.... convinced that the defence raised by the Corporate Debtor is spurious defence without any documents in order to substantiate the same. 13. Thus, the default, on the part of the Corporate Debtor is proved from the documents filed and the submissions made by the Learned Counsel by the Operational Creditor. Further, it is also pertinent to note that the default arising in the present Application is much prior to the advent of the Covid-19 pandemic and hence the Corporate Debtor cannot seek shelter also under Section 10A of IBC, 2016. Under the said circumstances, this Tribunal is left with no other option other than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. 14. Further in relation to the 'Pecuniary Jurisdiction' even though the 'Threshold Limit' has been raised to Rs. 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the default has arisen well before the Notification effected in increasing the threshold limit from Rs. 1 lakh to Rs. 1 Crore as on and from 24.03.2020 and the claim ma....
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....nt in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; 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 license or a similar grant or right during moratorium period; 17. 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 specif....