TaxTMI 
TaxTMI 
2022 (1) TMI 401
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....de, 2016, r/w Rule 6 of Insolvency 8s Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon against the Corporate Debtor/M/s. Mark Infrastructure Private Limited. The Operational Creditor/M/s. Sri Padmavathi Steel Traders, inter alia, alleging that the Corporate Debtor/M/s. Mark Infrastructure Private Limited had defaulted an amount of Rs. 1,08,87,755/- (Rupees One Crore Eight Lakhs Eighty Seven Thousand Seven Hundred and Fifty Five only) which includes Principal amount of Rs. 1,06,79,959/-, and interest of Rs. 2,07,796/- ....
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.....2019 besides allowing the IA No. 1162/2019 filed under Section 12A r/w Regulation 30A(1)(a) of IBBI (CIRP) Regulations, 2016 contended that since this Adjudicating Authority while allowing the said IA, did not expressly grant liberty to revive the pending Company Petition or file a new Petition in case of any default by the Corporate Debtor, the present Company Petition is not sustainable in Law and is liable to be dismissed. 6. It is further contended that the Operational Creditor in order to get over the barrier of the pecuniary limit under Section 4 of the Code had inflated the outstanding amount and filed the petition as such the petition is liable to be dismissed. 7. In the light of the aforesaid contest, the point that remains for ....
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....CP(IB) No. 463/9/HDB/2018 before the NCLT or filing of the fresh CP as the case may be". Here it appears that there is a typographical error while referring the parties as instead of stating the 'Party of the Second Part is entitled to' it has been stated in the second line of the above clause as 'Party of the First Part is entitled to'. 9. Execution of this MOU besides part compliance of the terms of this MOU since not in dispute, the MOU indisputably binds both the parties. When the Corporate Debtor under the above MOU had categorically agreed that in the event of any default in payment of any instalment by the Corporate Debtor, the Operational Creditor is entitled to initiate both civil and criminal proceedings against ....
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....r 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. ii. Notw....