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TMI Blog2019 (1) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... by limitation, the plea taken by counsel for the corporate debtor that the application is suffering from delay and laches is devoid of merits and stands rejected. The operational creditor has fulfilled all the requirements of law for admission of the application. This Bench is satisfied that the corporate debtor has committed default in making payment of the outstanding debt claimed by the operational creditor. Therefore, petition is admitted and the commencement of the corporate insolvency resolution process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. - C. P. No. 250 /(IB)/CB/ 2018. - - - Dated:- 28-9-2018 - Ch. Mohd. Sharief Tariq Judicial Member For the Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... each 275 MT crawler, 75MT truck mounted telescopic and 11/12MT Hydra to be used for erection of wind turbine generators at its various project sites, and had approached the operational creditor for providing the said crane package. After negotiations, the corporate debtor placed the purchase/work orders with the operational creditor for hiring the cranes package. The operational creditor supplied the crane package to the corporate debtor and the crane package was deployed at the designated site on agreed date. Thereafter, bills/ invoices were raised from time to time as per the terms and conditions of the purchase/work order. The copies of invoices are placed at pages 44 to 83 of the typed set filed with the application. 5. The corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onth of June, 2014, the operational creditor moved to the hon'ble High Court of Madras by filing Company Petition No. 258 of 2014 under section 433(e) read with sections 434(1)(a) and 439(1)(b) of the Companies Act, 1956, for winding up of the corporate debtor, a copy of petition is placed at pages 141 to 152 of the typed set filed with the application. Thereafter, the I and B Code, 2016 came into force and the petition was got transferred to this Bench and renumbered as T. C. P. No. 175 of 2017 whereby this Adjudicating Authority vide order dated August 1, 2017 has dismissed the petition giving liberty to the petitioner to file afresh, if so desired. Pursuant to which, a notice under section 8 of the I and B Code, 2016 has been issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s [2019] 212 C-C 1 (SC), has stayed the order of the hon'ble National Company Law Appellate Tribunal remitting matter to the Adjudicating Authority on the issue of limitation. The gist of the reply filed by the corporate debtor is that the claim, if at all any, is hopelessly barred by limitation, excessive delay and laches. 9. It is worthwhile to place on record that the operational creditor has filed Company Petition No. 258 of 2014 before the hon'ble High Court of Madras under section 433(e) with other applicable sections of the Companies Act, 1956, which has been filed within the time limit and the same was transferred to this Authority which dismissed the application on August 1, 2017. However, liberty has been granted to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing in view the facts and circumstances of the case and the legal position stated above, it is held that the instant application is not barred by limitation, the plea taken by counsel for the corporate debtor that the application is suffering from delay and laches is devoid of merits and stands rejected. 13. The operational creditor has also complied with section 9(3)(b) and (c) of the I and B Code, 2016 by filing an affidavit wherein under paragraph 3, it has been deposed that the corporate debtor had sent a reply to the demand notice dated January 11, 2018 however, the reply does not refer to or make out the existence of any dispute relating to the unpaid operational debt of the corporate debtor. The copy of the affidavit is placed at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncluding 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. 16. The supply of essential goods or services of the corporate debtor shall not be terminated or suspended or interrupted during the moratorium period. The provisions of sub-section (1) of section 14 shall not apply to such transactions, as notified by the Central Government. 17. The operational creditor has not proposed the name of IRP, therefore, Mr. N. Sivakumar is appointed as the IRP, whose name appears in the Panel of Insolvency Professionals re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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