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TaxTMI 
TaxTMI 
TaxTMI 
2022 (4) TMI 1108
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....Gopala Krishna Pillai (hereinafter referred to as 'Financial Creditor'), against M/s. Savute Textiles Private Limited. (hereinafter referred to as 'Corporate Debtor') for recovery of the defaulted payment of the Financial Debt of Rs. 11,56,54,879/- which were loans given under MoUs dated 21.10.2016, 26.08.2019 and 13.11.2019. 2. It is stated that lured by fraud, misrepresentation and inflated financial statements, manipulated to exert undue influence on the Financial Creditor, Mr. Stephen Logan and Mr. Vinesan Gopinathan, then Directors of the Corporate Debtor also acting through a Company called 'Prime Media', which Company was again represented by Mr. Sanal Menon and one Mr. Jayachandran Nair, then Assistant Gener....
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....e revival of the Company/Corporate Debtor, the aforesaid two Directors Mr. Stephen Logan and Mr. Vinesan Gopinathan requested the Applicant/Financial Creditor to extend further loans and accordingly, further loans were extended under MoUs dated 26.08.2019 and 13.11.2019. MoU dated 26.08.2019 3. It is further stated that the Draft Financial Statement for the year 2019-20 also reflects the amount of personal loan granted to the Corporate Debtor. Bank Statement of the Corporate Debtor also clearly shows deposits made by the Financial Creditor by way of loan granted by MoUs dated 26.08.2019 and 13.11.2019. Since the loan granted under MOU dated 21.10.2016 was a loan granted against fixed deposits of the Financial Creditor, the Corporate Debtor....
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....le Supreme Court held that the occurrence of default is the sine quo non for initiation of the Corporate Insolvency Resolution Process. Further, in the matter of M/s. Orator Marketing Pvt. Ltd. Vs. M/s. Samter Desinz Pvt. Ltd. (CA No. 2231/2021) referred the judgement of Innoventive Industries Ltd. vs. ICICI Bank and Anr. (2018) 1 SCC 407, the Hon'ble Supreme Court stated that the Corporate Debtor is entitled to point out that default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. 7. It is further stated that the alleged default is barred under Section 10A of the Code. The date of default mentioned in the Application is wi....
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....ant even made good the interest paid via assigning the insurance documents to the Applicant. The Respondent herein strives to settle the dispute in almost all possible ways. Further, they also stated that there is independent restructuring discussion with Canara Bank for reviving the Corporate Debtor and make good the loans of the Corporate Debtor. 9. The Respondent further stated that the Applicant being an erstwhile shareholder, influencing the financial functionality and now creating a new problem to create a rift in the Company and against the benefit of the Corporate Debtor to recover dues which are not under the purview of the Code and initiating malicious proceedings as has been brought about in Section 65 of the Code. 10. We have ....
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....ssets 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 corporate debtor. 14. It is further directed that the services to the Corporate Debtor if continuing, shall not be terminated or suspended or interrupted during the moratorium period. The moratorium shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial regulator and to a surety in a contract of guarantee to a corporate debtor. a) The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the ....
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....esolution Professional namely Mr. BABU ABRAHAM KALLIVAYALIL within three days from the date of receipt of this order, in order to meet out the initial expense to perform the duties assigned to the IRP in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. This amount may not be construed as the fee paid to the IRP. 17. The Registry is directed to immediately communicate this order to the Operational Creditor, the Corporate Debtor, and the Interim Resolution Professional. 18. Registry is also directed to send a copy of this Order to the Registrar of Companies, Kerala, for updating the Master Data of the Corporate Debtor. The Registrar of Companie....