TaxTMI 
TaxTMI 
2021 (12) TMI 5
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....ort IB Code, 2016) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. B.P. Ferrium Industries Private Limited. (In short, "Respondent/Corporate Debtor'). 2. That subsequent to filing of the Application, the Financial Creditor came to be admitted under CIRP and that the RP has filed Application bearing IA No. 72/2021. The said IA was disposed, permitting RP to continue this proceedings on behalf of the Financial Creditor. 3. Brief facts of the case as submitted by the Financial Creditor are as follows: a) That the Applicant is a Company registered under the Companies Act, 1956 and is engaged in ....
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.... Corporate Debtor in twelve equal monthly installments commencing from 01 March, 2018 till 01.02.2019. That the last date of payment was 01.02.2019 but the Corporate Debtor has failed to make payments. g) That till date the outstanding due amount of Rs. 29,32,52,125/- (Rupees Twenty Nine Crores Thirty Two Lakhs Fifty Two Thousand One Hundred and Twenty Five only) remains unpaid by the Corporate Debtor to the Financial Creditor. Reiterating the above, learned counsel for the Financial Creditor prayed to admit the instant Application. 4. Learned counsel for the Respondent filed counter inter-alia stating that the allegations made by the Financial Creditor are denied except those that are specifically admitted hereunder: ....
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....rant further time and to reschedule the terms of payment. e) That though Corporate Debtor's business took a hit, it is currently trying hard to revive the operations and has assured Financial Creditor, the repayment of debt as soon as payments for material supplied is received from its customers. The Financial Creditor, after agreeing to enter into a settlement agreement, has approached the Adjudicating Authority with an ill intention to take over the business of the Corporate Debtor. f. That admitting the instant application would wipe out the Corporate Debtor's establishment negatively affecting its stakeholders while the same can be avoided by granting time to the Corporate Debtor to settle its account with the ....
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....ll the stipulations as required under the provisions of the IB Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. In these circumstances, having satisfied with the submissions made by the Petitioner/Financial Creditor, the contentions of the Corporate Debtor are overruled and this Adjudicating Authority is inclined to admit the instant Application. 8. Accordingly, the instant application is hereby admitted and this Adjudicating Authority orders the commencement of the Corporate Insolvency Resolution Process (CIRP) which shall ordinarily be completed within the timelines stipulated in the IB Code, 2016 (as amended), reckoning from the day of this order is passed. 9. The Financial Creditor proposed the nam....
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.... or other authority; ii. Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal rights or beneficial interest therein; iii. 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 Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); iv. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v. Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, conce....