TaxTMI 
TaxTMI 
2019 (10) TMI 1492
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....n Transport Pvt. Ltd. to start Corporate Insolvency Resolution Process (in short "CIRP") of the Corporate Debtor, namely, M/s E.C. Bose & Company Private Limited. The amount of default has been stated at Rs. 5,44,85,928/- (Rupees Five Crore Forty Four Lakh Eighty Five Thousand Nine Hundred and Twenty Eight Only) with interest and the default as stated took place from January, 2016. 2. The relevant facts are that the Financial Creditor and the Corporate Debtor entered into memorandum of understanding on 10 December, 2015 whereby the Corporate Debtor requested for financial assistance to the tune of Rs. 2,50,00,000/- (Rupees Two Crore Fifty Lakh Only) which was provided by the Financial Creditor. The repayment of the same was to be done wi....
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....ttention to Clause 2 of the memorandum to show that a special purpose vehicle was to be formed. He also submitted that the contribution to be made by the financial creditor was not done, hence, such special purpose vehicle could not be formed. He further pleaded that MOU on the basis of which, this Petition had been filed was not terminated and, therefore, such MOU could not be enforced. He then drew our attention to the facts that the impugned sum of Rs. 2.5 Crores was received from three different corporate entities and Petitioner was only one of them who has given only Rs. 1 Crore whereas other two entities given 75 Lakhs each. He further contended that both entities were legally independent entities and without any assignment of debt be....
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....Pvt. Ltd., Rs. 75,00,000/- vide UTR No. CORPR92015121112850003 Sugesan Mines and Minerals Pvt. Ltd. Rs. 75,00,000/- vide UTR No. CORPR92015121112850004 As far limitation aspect is concerned, there is no doubt that the Petition has been filed within limitation period. We have also carefully perused the terms and conditions of MOU whereby both the parties in addition to this financial transaction have entered for creation of a SPV which hasnot materialized. It is to be noted that the Corporate Debtor was already having tender in its favour from Kolkata Port Trust which as per its claim only has been illegally terminated by the Kolkata Port Trust and which has resulted into default in the payment of the loan taken by the Corporate ....
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....ents 32 Kalakshetra_ Road, Lakshmipuram, Thiruvanmiyur, Chennai-600041, having registration no. IBBI/IPA-002/IP-N00560/2017-2018/11701 having email id. [email protected] for appointment as the Interim Resolution Professional. The proposed IRP has also given his consent and there is nothing on record to show that any disciplinary proceeding is pending against him. This application is defect free. In view of the above facts, we admit this Petition for initiating CIRP of the Corporate Debtor and order as under. ORDER i) The application filed by the Financial Creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s E.C. Bose and C....
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....e corporate debtor. v) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) 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 fo....