TaxTMI 
TaxTMI 
2022 (1) TMI 260
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....of the application, sets out the details of the Operational Creditor from which, it is evident that the Operational Creditor is Ingram Micro India Private Limited. As per Part II of the application, the Corporate Debtor is a Limited Company with Corporate Identification Number U30007TN1992PLC22758 and the registered office of the Corporate Debtor as per the Application is stated to be at Old No. 8 & 9, New No. 15, 2nd Street Extension, 3rd Main Road, CIT Nagar, Nandanam, Chennai - 600 035. As per Part III of the application, the Operational Creditor has not proposed the name of the Interim Resolution Professional (IRP) and left it to the discretion of this Tribunal to appoint the IRP. 3. Part IV of the application signifies the amount of debt to the tune of Rs. 6,29,18,357.78/- and interest thereon at the agreed rate of 24% per annum amounting to Rs. 1,34,97,138.40 calculated up to 31.03.2020 from the due dates of invoices and Cheque bounce charges as per agreement amounting to Rs. 2,950.79 all totalling to Rs. 7,64,18,446.97/- (Rupees Seven Crore Sixty Four Lakhs Eighteen Thousand Four Hundred Forty-Six and Ninety-Seven paise only) as the outstanding dues that is payable by the....
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....ders and assured to make all payments as per the purchase orders. Later the Corporate Debtor's project team at Agra found that the supply made by the Operational Creditor is incomplete and they were unable to complete the project. 10. It was further submitted that the Operational Creditor had supplied only hardware but not provided the login credentials, which is an integral part of the hardware and part of the purchase order. Despite several requests, the Operational Creditor has not provided the License credentials for commissioning video conferencing units (Cisco). By virtue of the unavailability of license credentials the Corporate Debtor was unable to complete the project and get the payment out of it, from their client/customer. 11. It was further submitted that the Corporate Debtor had paid money to the Operational Creditor in regular intervals, as on date the Corporate Debtor had paid Rs. 4,98,16,477.65/- out of the total purchase value Rs. 8,68,54,335.99/-. 12. It was further submitted that the Operational Creditor purposefully had not supplied the material as per purchase order and its claim and supplies are disputed. Further, argued that there are disputed q....
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....set, the Corporate Debtor assured to make payments to the Operational Creditor. The email communication is extracted below "We sincerely regret for the delay in outstanding payments which are overdue for long period. The scenario has arisen due to many factors beyond the control of Lookman including this COVID pandemic. We really appreciate the support extended by Ingram Micro. We sincerely trying various other sources to settle the overdue amount. In continuation to the discussion with our directors regarding the payment of Outstanding of Rs. 5.78 Cr. we hereby confirm the payment schedule as under based on the situations and forecasts: On or before 15th Sep - Rs. 1.5 Cr. On or before 15th Oct - Rs. 1.5 Cr. On or before 15th Nov - Rs. 1.5 Cr. On or before 15th Dec - Rs. 1.28Cr. If required, the relevant security cheques for the same will be issued." It is clear from the above communication that the Corporate Debtor has acknowledged his default and there is no pre-existing dispute regarding short supply until 04.09.2020. 17. Further, it is also pertinent to note that the default arising in the present Application ....
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....foreclose, recover or enforce any security interest created by the respondent 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; 20. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The su....