TaxTMI 
TaxTMI 
2018 (12) TMI 1946
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....nkruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. Heard the Counsels for the Operational Creditor, the Corporate Debtor and perused the documents placed on record. 3. The Operational Creditor has claimed an outstanding debt to the tune of Rs. 83,13,973/-, which is inclusive of interest calculated @ 18% p.a. w.e.f 07.11.2013, which the Corporate Debtor failed to pay. 4. The brief facts of the case are that the Operational Creditor had entered into a contract with Chenna....
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....Lakhs, and has requested the Corporate Debtor to make payment of Rs. 50 Lakhs to the Operational Creditor, to which the Corporate Debtor has stated that the money has been paid by CMRL and if it provides any authority or letter to the Operational Creditor, then the same will be paid by the Corporate Debtor to the Operational Creditor. Pursuant to that, the Operational Creditor has also obtained a letter from CMRL on 27.12.2016, copy of which is placed at page 89 of the typed set filed with the Application wherein it has been confirmed that it has issued a cheque of Rs. 50 Lakhs on 07.11.2013, based on the request of the Operational Creditor to M/s. Hitro Energy Solutions Pvt. Ltd., as part of Special Advance on behalf of the Operational Cre....
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....3 of the typed set filed with the Application to which the Corporate Debtor has not given any reply as per the submissions of the Counsel for the Operational Creditor. 8. The Operational Creditor has complied with Section 9 (3) (b) & (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 4, it has been deposed that the Operational Creditor did not receive any notice of dispute in relation to the unpaid operational debt. The copy of the Affidavit is placed at pages 316 and 317 of the typed set filed with the Application. The statement of account has been placed on record at pages 98 to 315 of the typed set filed with the Application. 9. The Counsel for the Corporate Debtor has submitted that the Proprietorship Firm by the name ....
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....ritten to the Proprietorship Firm stating therein that CMRL has terminated the contract with the Operational Creditor, copy of which is placed at page 86 of the typed set filed with the Application, and he has also referred to the communication dated 04.08.2016 pertaining to the minutes of the meeting of the two parties. Therefore, the plea that has been taken by the Counsel for the Corporate Debtor that the Operational Creditor has not informed the Proprietorship Firm about the cancellation of contract is contrary to the record placed on filed. 11. It has also been noted by this Authority that the Memorandum of Association being the constitutional document of the Corporate Debtor is not rebutted by any other documentary evidence. In view ....
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....as fulfilled all the requirements of law for admission of the Application. This IRP is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 15. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the Code, The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor are/ is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 for the purpose of discharging his functions under Section 20 of the I&B Code, 2016. 16. The Operational ....