9911796707
TMI Blog2019 (5) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... came up for hearing on 01.02.2019, 06.02.2019, 13.02.2019 and 22.02.2019, the CD has stated that they are exploring the possibility of a settlement and that settlement talks are in progress. Since no settlement was forthcoming between the parties, this Tribunal reserved its Orders on 27.02.2019. Petition is admitted. - CP/1263/IB/2018 - - - Dated:- 15-3-2019 - MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) AND MR S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For The Financial Creditor : Shri S. Namasivayam, Shri S. Rajkumar, Ms. R. Balambigai Gowri and Shri T.M. Mano, Advocates For The Corporate Debtor : Shri Mr R.K. Ramaiah, Advocate ORDER Per : S. Vijayaraghavan, M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. To support this claim, the Financial Creditor filed dates and events disclosing existence of debt and occurrence of default, which are as follows: Sl. No. Dates Events (i) 06.12.2017 Sanction of credit facility under the head Purchase Bill Discounting Corporate Finance Loan Agreement executed by the Debtor (ii) 29.11.2016 07.12.2017 Resolution passed in the meeting of Board of Directors of the company resolving to avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of more than two years runs to more than ₹ 1 crore. This discrepancy in the loan account was pointed out in various meetings but the Financial Creditor did not reconcile the accounts. Therefore, the Corporate Debtor withheld the payment from April 2018. However, the Corporate Debtor is ready to honour its commitment subject to reconciliation of the accounts and the applicant giving credit for the excess penal interest charged. 7. The learned counsel for Corporate Debtor argued that: * None of the bills stated in the list of bills which were discounted have been certified by the Corporate Debtor; * The Statement of Accounts submitted by the Petitioner is not acknowledged nor signed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir own statement made in the earlier counter (wherein the Company Petition No. has been wrongly mentioned). The Corporate Debtor stated that they have been regular in payment of all discounted bills on the maturity date right from the year 2016 and that more than 200 bills have been discounted by the Corporate Debtor and the amounts have also been paid back. It is further submitted that their auditor, during the check of transactions had found that 2.5% interest per month was charged for the delayed payments but it was in fact charging more than that amount and has stated that the bills were discounted by the Financial Creditor even before crediting the same to the bank account of the Corporate Debtor and that the penal interest paid by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts the Company Petition 1263/IB/2018 and order for the commencement of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor/Applicant has recommended the name of Interim Resolution Professional and consent of the IRP is also enclosed along with the application in form-2. We hereby declare moratorium with the following directions: I. That Moratorium is hereby declared prohibiting all of the following actions, namely, (a) 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; (b) transferring, encumbering, alienati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
