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2021 (6) TMI 351 - Tri - Insolvency and BankruptcyMaintainability if application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT - As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of ₹ 67,67,218.30/- that comprises principal amount of ₹ 40,20,500/- due against invoices and ₹ 27,46,717.81/- towards interest - In view of the dismissal of the prior application filed by the applicant against the corporate debtor on the ground of non-compliance of section 9(3)(c), as a precautionary measure, the applicant has filed bankers certificate issued by HDFC bank is annexed. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The Present application is filed within limitation. The date of default is 2014 as per the invoice and the first application was filed in 2017. Thereafter, due to dismissal of the said application on technical ground, fresh application filed in 2018. In 2019 the corporate debtor admitted the debt while settling the matter on 02.09.2019. Hence, the debt is not time barred and the application is filed within the period of limitation. Application admitted - moratorium declared.
Issues:
1. Application filed under section 9 of Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency process. 2. Dispute regarding outstanding payment between Applicant and Corporate Debtor. 3. Non-compliance of previous application under section 9. 4. Settlement agreement between parties and subsequent breach by the Corporate Debtor. 5. Request for appointment of Insolvency Resolution Professional and deposit for expenses. 6. Admittance of application and imposition of moratorium under Section 14(1) of the IBC. Issue 1: Application under section 9 of IBC, 2016 The Applicant, a private limited company, filed an application under section 9 of the Insolvency and Bankruptcy Code, 2016 seeking to initiate Corporate Insolvency process against the Corporate Debtor, a limited company involved in TV broadcasting services. The Applicant alleged non-payment by the Corporate Debtor for goods supplied as per purchase orders, leading to financial disputes. Issue 2: Dispute over outstanding payment The Applicant claimed that the Corporate Debtor failed to make payments as per purchase orders, resulting in a total outstanding amount of ?67,67,218.30. The Corporate Debtor disputed the liability, citing discrepancies in the statement of account and contending that the application was barred by principles of res judicata due to a previously dismissed application. Issue 3: Non-compliance of previous application A prior application by the Applicant against the Corporate Debtor was dismissed for non-compliance with section 9(3)(c) of the IBC. However, a fresh demand notice was issued under section 8 of the IBC, leading to a subsequent application under section 9 in 2018, which ultimately resulted in a settlement agreement between the parties. Issue 4: Breach of settlement agreement After agreeing to a settlement for payment in three installments, the Corporate Debtor failed to honor the third installment, leading to a breach of the settlement agreement. The Applicant sought revival of the application due to this breach, which was allowed by the Tribunal. Issue 5: Appointment of Insolvency Resolution Professional In light of the admitted debt by the Corporate Debtor, the Tribunal appointed an Insolvency Resolution Professional and directed the Operational Creditor to deposit funds for expenses related to the insolvency resolution process, in accordance with the regulations. Issue 6: Admittance of application and imposition of moratorium The Tribunal admitted the application under section 9(5) of the IBC and imposed a moratorium under Section 14(1), prohibiting certain actions against the Corporate Debtor. The order was communicated to the parties involved, and compliance reports were directed to be submitted to the relevant authorities. This detailed analysis covers the legal judgment involving various issues related to the application under the Insolvency and Bankruptcy Code, settlement agreements, breach of terms, appointment of an Insolvency Resolution Professional, and the imposition of a moratorium on the Corporate Debtor.
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