TaxTMI 
TaxTMI 
2022 (11) TMI 54
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....lution Professional (IRP). 2. From Part-I of the Application, it is seen that the Operational Creditor is a Private Limited Company incorporated under the Provisions of Companies Act, 1956 on 03.04.2009 and the registered address of the Corporate Debtor as per the MCA website is situated at Unit No. 511 B, 5th Floor, Tower A, Park Centra Building, Sector - 30, Gurgaon HR-122001 and the address other than registered office where all or any of account and papers are maintained at Plot No. RNS 9,12,13,14, SIPCOT Industrial Growth Centre, Vadakkupattu Village, Oragadam, Kancheepuram - 603 204. 3. Part II of the Application lays down the details of the Corporate Debtor. It can be seen that the Corporate Debtor is a private limited company incorporated under the Companies Act, 1956 on 11.06.1997 with CIN:U74999TN1997PTC038400 registered office of the Corporate Debtor is situated at Door No. 11, Ground Floor, Indira Foundation, Krishnamma Road, Nungambakkam, Chennai-600 034. 4. From Part-III of the Application, it is seen that the Operational Creditor has not proposed the name of the Interim Resolution Professional (IRP). 5. From Part-IV of the Application, it is seen that the....
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....hout any demur and used in their business. The amounts became due on various dates with the last payment having been received from M Corporate Debtor on 01.09.2020 and Corporate Debtor has not paid any amount after the said date. Though, Corporate Debtor has agreed that there was a huge outstanding and that they would try to make the payment, having promised to make the payment from December 2019 onwards, but no substantial amount has been received. 8. It was submitted by the Learned Counsel for the Operational Creditor that since no payment was forthcoming from the Corporate Debtor, the Operational Creditor has issued a Demand Notice under Section 8 of IBC, 2016 to the Corporate Debtor on 01.11.2021, which was delivered to the Corporate Debtor on 09.11.2021. Further, the Operational Creditor has also filed an Affidavit as mandated under Section 9(3)(b) of IBC, 2016 stating that the Corporate Debtor after the receipt of the Demand Notice has failed to pay the unpaid 'operational debt' and gave a vague reply to the demand notice on 17.11.2021. Under such circumstances, the Operational Creditor has filed the present Application before this Tribunal on 25.11.2021 seeking in....
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.... adjournment and the order dated 02.09.2022 is reproduced below; The Petitioner is represented by the Ld. Counsel Mr. John Zachariah of Fox Mandal & Associates and the Respondent is represented by the Ld. Counsel Mr. V.V. Sivakumar for the Ld. Counsel on record Ms. Apoorva through video conferencing mode. It is represented by the Ld. Counsel for the Respondent that some settlement talks are in progress. For this purpose, the Counsel seeks an adjournment in this matter. This Tribunal is giving one last and final opportunity to the Respondent for reporting settlement. At the request of the Counsel, the matter is adjourned to 13.09.2022 for reporting settlement. 14. Finally on 13.09.2022, learned Counsel for the Respondent Mr. V.V. Sivakumar had submitted before this Tribunal that the settlement was not fructified between the parties and admitted the liability on the part of the Corporate Debtor and this Tribunal had passed the following order; The Petitioner is represented by the Ld. Counsel Mr. John Zachariah and the Respondent is represented by the Ld. Counsel Mr. V.V. Sivakumar through video conferencing mode. Heard the subm....
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....essor 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; 19. However, during the pendency of the moratorium period in terms of Section 14(2)(2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or s....
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....l for submissions of claim by the creditors in the manner as prescribed under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 23. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the IBC, 2016 and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 24. 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 of IBC, 2016 for the purpose of discharging his functions under Section 20 of IBC, 2016. 25. The IRP shall conduct the Corporate Insolvency Resolution Process in respect of the Corporate Debtor as stipulated under Chapter VIII of IBBI (Insolvency Resolution Process....