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TMI Blog2017 (4) TMI 1156X X X X Extracts X X X X X X X X Extracts X X X X ..... atorium with the directions as mentioned below: 1. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RDER The Operational Creditor namely Essar Projects India Ltd (EPIL) has filed this Operational Creditor Petition stating that the Corporate Debtor Company MCL Global Pvt. Ltd (MCL) has defaulted in repaying a sum of ₹ 9,10,60,788/- and hence this Petition under section 8 9 of the I BP Code r/w Rule 6 of Insolvency and Bankruptcy (Application to adjudicating authority) Rules, 2016 for initiation of Corporate Insolvency Resolution process. 2. The petitioner says that the corporate Debtor (MCL) and the Petitioner (EPIL) entered into a Memorandum of Understanding on 27.6.2013 wherein MCL had appointed EPIL to carry out civil work, structural fabrication and erection of building and sheds and the erection of technological equipme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re MCL further says, there are serious disputes about enforceability of the Contract between them and the amount to be recovered is not admitted by MCL as alleged by EPIL, etc. Subsequently, on 30.01.2017, EPIL sent a revised demand notice to MCL demanding a sum of ₹ 9,10,60,788/- comprising the invoice amount ₹ 6,72,03,097/- and the interest at the rate of 18% p.a. on the dues upto 30.11.2016 which works out to ₹ 2,38,57,691/-, in total ₹ 9,10,60,788/-. The said notice also discloses that the date of invoice, due date, invoice Number, amount outstanding, interest and the total outstanding. 4. The Petition clearly reveals that there is a debt as defined in Section 3(11) of I B Code 2016, and also there is default ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prescribed. (2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operation creditor - (a) existence of a dispute, if any, and record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute. (b) the repayment of unpaid operational debt. ...... 6. The Petitioner Counsel submits, to say that dispute is in existence, mere mentioning in the notice that dispute is in existence in relation to impugned debt is not sufficient, the corporate debtor has to prove that the Company already raised such dispute either in court proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nji Dedhia, Level 19, Sunshine Tower, Senapati Bapat Marg, Elphinstone Road, Mumbai -400013, Mah. Email: [email protected], Registration No.IBB/IPA-01/2016-17/64 as Interim Resolution Professional and also obtained his consent and there are no disciplinary proceedings pending against him. 10. As to the Petition filed by the Operational Creditor, this Bench, on perusal of this documents filed by the Creditor, it is evident that the Corporate Debtor defaulted in making payments as mentioned above, the disputes raised by the Corporate Debtor are not sustainable, therefore the petition under sections 8 9 are taken as complete, accordingly this Bench hereby admits this petition declaring Moratorium with the directions as mentioned below: 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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