TaxTMI 
TaxTMI 
2021 (8) TMI 7
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....(CIRP) against Mercator Oil & Gas Ltd. (hereinafter called "Corporate Debtor") alleging that Corporate Debtor committed default on 27.08.2015, 22.03.2016, 08.07.2018, 13.10.2018, 26.06.2015, 13.10.2015 in making payment to the extent of USD 152,477.00/- with interest of USD 63,867.04 @ 12 % p.a. aggregating to USD 216,344.04 by invoking the provisions of Sections 8 & 9 of I & B Code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (AAA) Rules, 2016. 2. The brief facts of the case are that the operational creditor is a 100% subsidiary of Crab & Tiar Engineers Pvt. Ltd. Which is an authorized channel partner of flowserve India Controls Pvt. Ltd. and is a packing contractor for various projects. Corporate Debtor issue....
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.... the Corporate Debtor vide an email dated 19.08.2018 acknowledged its liability and assured repayment of amounts due by way of six equal monthly instalments. The Petitioner by an email dated 19.08.2018 rejected the offer made by the Corporate Debtor. 6. The corporate debtor had shown willingness and assured the operational creditor to repay the outstanding on various occasions but despite of repeated acknowledgement of liability and promise to pay corporate debtor failed to make the payment. 7. Since the Corporate Debtor failed to repay the outstanding dues, the Petitioner issued Demand Notice in Form-3 under Section 8 of the Code on 23.01.2019 demanding for repayment of aggregating to USD 2,16,344.04 as on 19.01.2019. However, the Co....
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....ply praying for dismissal of the above company petition on the ground that a Scheme of Compromise filed by the Corporate Debtor is pending before this Tribunal and the Statement of Account relied upon by the petitioner are not certified as per the Banker's Books of Evidence Act and there was no proof of default. In the light of the above pleadings the question that falls for consideration is: Whether the above company petition can be admitted? 10. Heard both sides and perused the records. It is the submission of the counsel appearing for the Corporate Debtor that the Corporate Debtor has admitted the existence of debt and default through various emails sent by them and in view of the above correspondence the debt and default in this c....
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....tial CIRP cost by way of a Demand Draft drawn in favor of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and R....