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TMI Blog2017 (11) TMI 1611X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant cannot be brushed aside at the threshold itself for a simple bonafide and curable mistake. In these circumstances the present name of the applicant is amended as prayed. Therefore, in view of the above the instant petition is admitted and order commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. - CP/606/ (1B)/CB/2017 - - - Dated:- 2-11-2017 - K. ANANTHA PADMANABHA SWAMY, MEMBER (J) For the Petitioner: Shri. Vinod Kumar, Advocate For the Respondent: Shri. R. Parthasarathy, Advocate, Shri. Rahul Balaji, Advocate, Shri. Madan Babu, Advocate, Shri. Vishnu Mohan, Advocate ORDER Per: K. ANANTHA PADMAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012. The Respondent failed to repay the said instalments on the due dates and in terms of the Restructuring Agreement, interest at the rate of 30% per annum is payable in the event of non- payment of instalments on the agreed dates. 5. The learned Counsel for the Applicant submitted that when the Corporate Debtor was unable to pay its financial debt which became due and payable on two dates, then the petitioner, left with no other option approached this Adjudicating Authority claiming the payment of ₹ 61, 09, 26,925/- including the interest against the corporate debtor in the capacity of a Financial Creditor under the provisions of the IB Code, 2016. The learned Counsel submitted that the Corporate Debtor has become commercially i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (5) of the IB Code read with Rule 11 and 155 of the NCLT Rules the Applicant can rectify any defect in the application. The Applicant has filed necessary application to rectify the defect. With regard to the contention that there is no debt and there is no default to invoke the IB Code, the learned Counsel for the Applicant submitted that the Respondent itself has admitted that the due amount is payable to the Applicant and even prayed not to take any coercive act against the Respondent. The DRT order also confirms that the Respondent has not disputed the debt in the DRT proceedings and the DRT gave the liberty to the applicant to file suit for recovery. In support of his submissions, the learned Counsel for the Applicant relied on the foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority by filing relevant charge documents and the agreements entered into between the Applicant and Respondent and the case laws in support of his submissions. The Applicant is proved that there is a debt due payable by the Respondent/CD and they have defaulted in making payments even after entering into the Restructuring Agreement and Respondent is responsible to pay. The objections raised by Counsel for the Respondent are not valid ground for rejection of the instant petition. Further, the case laws referred by the Applicant are supporting the submission that the bonafide mistake can be corrected and therefore the contention of the Respondent is not tenable and the entire case of the Applicant cannot be brushed aside at the thres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority. (ii) Transferring, encumbering, alienating or disposing of by the corporate debtors any of its assets or any legal right or beneficial interest therein; (iii) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) (iv) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 12. The supply of essential goods or services of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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