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TMI Blog2017 (8) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... e is no dispute between the parties. Thus inclined to admit the instant application. Instant petition is admitted and order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day of this order is passed. - - - - - Dated:- 11-8-2017 - K. Anantha Padmanabha Swamy, Member (J) For the Appellant : Ramakrishnan Viraraghavan, Sr. Advocate For the Respondents : A.K. Mylsamy, Advocate ORDER K. Anantha Padmanabha Swamy, Member (J) 1. Under Consideration is a Company Petition filed by Mechano Engineering Works (in short, 'Petitioner/Operational Creditor') against Propel Valves Private Limited (in short, 'Respondent/Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates, quality and quantity of the products supplied by the petitioner. 4. It is further submitted that the petitioner, after making several requests to settle his dues and having waited for a long period of time for his legitimate dues, issued statutory notices dated 12.10.2013 and 16.10.2013 under section 434 of the Companies Act, 1956, calling upon the respondent to make the payment of the principal amount of ₹ 12,45,907/- and thus now claimed to be an Operational Creditor under the provisions of the IB Code 2016 and prayed to initiate Corporate Insolvency Resolution Process against the Respondent/CD. 5. Shri Mylsamy, the learned counsel appearing on behalf of the respondent/CD submitted that the petition is false, vexatious a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the Corporate Insolvency Resolution Process. Therefore, the learned counsel finally submitted that the instant petition is fit to be rejected in limini. 8. In the Rejoinder filed by the petitioner, it is submitted that the prior notice u/s. 8 of the IB Code 2016 is applicable only on fresh matters and not to the matters transferred from the Hon'ble High Courts to the NCLT Benches (Adjudicating Authority). 9. The counsel for the respondent placed a judgment of Hon'ble NCLAT in Smart Timing Steel Ltd. Vs. National steel and Agro Industries Ltd. to show that in compliance of section 9(3)(c), the petitioner has to enclose a certificate from the financial institutions who maintain accounts of the petitioner confirming that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 13. After hearing submissions of both the counsel and having perused the record, I am of the opinion that there is no dispute pending between the parties under the meaning and definition of section 5(3) of the IB Code 2016 as the aforesaid pending matters are nowhere connected to the payment of dues in question. Also, there is no technical lacuna as the petitioner has complied with all the requirements under the law. This Adjudicating authority is satisfied that the petitioner has made out his case by establishing that this Corporate Debtor has defaulted the payment dues on various occasion to this petitioner/OC and there is no dispute between the parties. In the circumstances, I am inclined to admit the instant application. 14. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 17. 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. 18. The BRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the Code. The directors, Promoters or any other person ..... X X X X Extracts X X X X X X X X Extracts X X X X
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