TaxTMI 
TaxTMI 
2021 (12) TMI 341
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....ed (hereinafter referred as the "Corporate Debtor") seeking thereof to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor. It is noted that the Application was filed before this Tribunal on 24/08/2018. 2. From Part I of this Application, it is seen that the Operational Creditor is a Private Limited Company under the provisions of the Companies Act. From Part II, it is seen that the Corporate Debtor is a Private Limited Company incorporated on 9.8.2005 bearing CIN: U17111TZ2005PTC012048 and the Registered Office address of the Corporate Debtor as per the Application is stated to be situated at No. 11, CBC Building, M.R. Nagar, KNP colony Post, Dharpuram Road, Tirupur-641608. From Part III of the Application,....
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....m - 3 Demand Notice along with Certificate from Postal Department for effecting service on M/s. TRK Textiles (I) Pvt. Ltd.; o) Reply letter received from M/s. TRK Textiles (I) Pvt. Ltd. without commitment of settlement of dues; p) Copy of Registered Letters addressed to M/s. TRK Textiles (I) Pvt. Ltd., requesting to settle the outstanding dues; and q) Original Bank Certificate for non receipt of payment after 30.10.2015. 4. The Learned Counsel for the Petitioner/Operational Creditor submitted that the Operational Creditor is a Company which is engaged in the business Wind Power Generation. The Learned Counsel for the Petitioner further submitted that the Corporate Debtor (CD) opted to purchase such power in cap....
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....e from TANGEDCO confirming the consumption of 456226 banked units by the CD has been filed before this Tribunal on 11.3.2020. 8. Ld. Advocate for the OC submits before the Tribunal that the CD repeatedly admitted to the amount due and prayed time for submitting schedule of payment and also kept making part payments all of which is duly recorded in the interim orders of this Tribunal passed from time to time. 9. Ld. Advocate for the Applicant conceded during the hearing that there is no clause in the agreement for payment of interest @ 12% as claimed in the petition, however it was submitted that without even taking into consideration the interest as claimed, the amount of default is above the pecuniary limit. 10. During the argumen....
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....ation to the Corporate Debtor. 14. Taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that the Petition, as filed by the Operational Creditor, is required to be admitted under Section 9(5) of the IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by the Insolvency and Bankruptcy Board of India applicable for the period between July to December 2021, appoints Mr. Varun Agarwal having registration number IBBI/IPA-001/IP-P-02179/2020-2021/13340 (email id:- [email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are ....
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.... 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 paymen....
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....e effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 18. The Operational Creditor is directed to pay a sum of Rs. 1,50,000/- (Rupees One Lakh Fifty Thousand Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provision....