TaxTMI 
TaxTMI 
2021 (8) TMI 584
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....tiate Corporate Insolvency Resolution Process (CIRP) against Sangeeta Aviation Services Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking the provisions of Section 7 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 1,32,25,753/- and the Financial Creditor sought resolution. 3. The submissions of the Financial Creditor are as follows:- ....
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....The Corporate Debtor submits that the Application is not filed under Fast Track Insolvency Resolution Process. Hence, the particulars given in Part II at Sr. No. 6 are not in conformity with the details required to be filled in. ii. In Form 2 which is a Statutory form annexed at page Nos. 16-17 of the Applicant, the proposed IRP has made glaring discrepancies and errors such: a. The name should be proposed by the Applicant i.e. Gannon Dunkerley & Co. Ltd. However, it has mentioned that, '...have been proposed as the Interim Resolution Professional by Mr. Manoj Kumar Mishra, Advocate, Bombay High Court and Insolvency Professional in connection with the...' b. The IRP has failed to make disclosures in accordance wit....
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....pulation for payment of interest, the Corporate Debtor has not paid any interest on the amount advanced by the Financial Creditor to the Corporate Debtor. The Corporate Debtor, therefore, submitted that the Financial Debtor's claim is based on the order passed by the Hon'ble Bombay High Court. The applicant, therefore, miserably failed to establish that it is a Financial Creditor under Section 5(7) and the amount advanced by the Financial Creditor is a Financial Debt under any of the sub-clauses 'a' to 'i' of Section 5(8) of the IBC, 2016. iv. The Corporate Debtor further says and submitted that in absence of satisfaction of necessary ingredient to claim as a Financial Debt, the applicant has to clinchingly establish that the amoun....
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....2016, the occurrence of any Default under Section 3(12) does not arise. Findings 1. In the light of above pleadings, the following issues falls for consideration: i. Whether the present Company Petition filed by Financial Creditor on the basis of a decree passed by the Hon'ble Bombay High Court against the Corporate Debtor is maintainable? ii. Whether the defence taken by the Corporate Debtor is legally sustainable in law? 2. Heard both sides and perused the record. The learned counsel appearing for the Financial Creditor submitted that the Financial Creditor has advanced an amount of Rs. 1 crore to the Corporate Debtor in the month of March and May 2017 respectively and the Corporate Debtor in receipt of the said....
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....nder Section 7, Clause (8) of the Code. He also relied on the Judgment of Hon'ble NCLAT in Shree Ambica Rice Mill Vs. M/s Kaneri Agro Industries Limited. 6. It is an admitted case on both sides that the above Company Petition is filed basing on a decree passed by the Hon'ble Bombay High Court against the Corporate Debtor. The advocate appearing for the Financial Creditor cited the above ruling of Hon'ble NCLAT in which the Hon'ble NCLAT held that a Company Petition filed on the basis of a decree is a Financial Debt within the meaning of the Code. All the above pleas of the Corporate Debtor with regard to the interest etc. are beyond the scope of this petition since this Tribunal has no power to decide the validity or correctness of a dec....
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.... b. This Bench hereby appoints Mr. Modilal Dhanraj Pamecha Insolvency Professional, Registration No: IBBI/IPA-001/IP-P01231/2018-19/12127 as the Interim Resolution Professional to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Financial Creditor shall deposit an amount of Rs. 5 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour 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, ar....