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TMI Blog2017 (11) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... der till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016. - CP/539/(IB)/CB/2017 - - - Dated:- 14-9-2017 - MR. CH. MOHD SHARIEF TARIQ AND MR. S. VIJAYARAGHAVAN, JJ. For The Operational Creditor : S. Karthikei Balan, Counsel For The Corporate Debtor : Ramakrishnan Viraraghavan, Sr. Counsel ORDER Per : CH MOHD SHARIEF TARIQ, MEMBER (J) 1. This is in continuation to the Order dated 14.09.2017 passed by this Bench in CP/539/(IB)/CB/2017 titled M/s. Consolidated Construction Consortium Ltd. v. VA Tech Wabag Ltd.. 2. On 11.09.2017, after hearing the Counsels for the Operational Creditor and Corporate Debtor, the matter was reserved for orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Order, this Bench concluded that the Application is fit for admission but considering the request of the Sr. Counsel for the Corporate Debtor a chance was provided for payment of the principal amount to the tune of ₹ 1,50,13,529/- along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor. Accordingly, the matter was directed to be posted to 03.10.2017 for reporting settlement or for passing necessary order. 4. However, the matter was listed on 05.10.2017 before this Bench whereon both the Counsels for the parties were present and prayed for adjournment. Accordingly, the matter was adjourned for further hearing on 06.10.2017. On 06.10.2017, the Sr. Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arguments and assertion of fact unsupported by evidence. It was established that the Corporate Debtor has committed default in making payment of outstanding debt to the Operational Creditor which further has been fortified by the admission of 50% of the principal amount, which the Sr. Counsel for the Corporate Debtor wanted to pay during the hearing held today, but the other side did not agree. 7. In the light of the above, CP/539/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 8. We appoint Mr. Pathukasahasram Raghunathan Raman, as IRP, who has been proposed by the Operational Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of the corporate debtor. 10. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. 11. 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 is expected to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I B Code, 2016. Accordingly, the application is disposed of. 12. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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