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TMI Blog2019 (6) TMI 766X X X X Extracts X X X X X X X X Extracts X X X X ..... d call for submissions of claim in the manner as prescribed. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of I B Code. The directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I B Code, 2016. Application admitted - moratorium declared. - CP/1079/IB/2018 - - - Dated:- 1-4-2019 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Creditor (s) : Mr M. Gagan Bothra For The Corporate Debtor : Ramaswamy Meyyappan, Counsel ORDER CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. Under Adjudication is CP/1079/IB/2018 that has been filed by the Operational Creditors under Section 9 of the Insolvency Bankruptcy Code, 2016 (in short, 'I B Code, 2016') r/w Rule 6 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set filed with the Application, to which no reply has been given by the Corporate Debtor. 7. The Operational Creditors have complied with Section 9(3)(b) of the I B Code, 2016, by filing Affidavit, wherein under Para 2, it has been deposed that no notice of dispute has been received from the Corporate Debtor with regard to the unpaid operational debt. The Operational Creditors have produced the Rent Receipt Book in original which contains the counterfoils of the rent receipts from 04.06.2012 to 07.05.2015, most of them with stamp of the Corporate Debtor affixed thereon. 8. The Counsel for the Corporate Debtor has objected to the Rent Receipt Book produced by the Operational Creditors stating that copy of the same has not been provided to him, and he is unable to make his defence. The objection of the Counsel for the Corporate Debtor was accepted and vide Order dated 13.03.2019, a direction was given to the Operational Creditors to provide the true copies of the rent receipts to the Counsel for the Corporate Debtor, who was given opportunity to file the additional reply. On 20.03.2019, the Operational Creditors have filed a Memo stating therein that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t being Operational Creditor(s) cannot join together to file the instant Application under Section 9 of I B Code, 2016. 11. In relation to the 1st objection, the Counsel for the Corporate Debtor has submitted that the Corporate Debtor has regularly been paying the rent, and till June, 2018 the rent has been paid by the Corporate Debtor to the Operational Creditors. When the Counsel for the Corporate Debtor was asked to produce the proof for payment of rent from 07.05.2015 to June 2018, he has submitted that for the above period, the rent have been paid in cash to the Operational Creditors. However, the Counsel for the Corporate Debtor failed to produce any proof for payment of rent in cash and no receipts of payments have been placed on file. It is noted that if the parties as a matter of usual practice have been following a particular mode of payments and receipts were obtained with effect from 04.06.2012 to 07.05.2015 as reflects from the counterfoils contained in the Rent Receipt Book, there could not have been any change in the mode of payments as asserted by the Counsel for the Corporate Debtor and the same is not substantiated with any proof. Therefore, the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Rental Agreement and did not raise any objection about its non-registration and insufficiently stamped. Therefore, the Corporate Debtor is estopped from raising such objection at belated stage. It is clear from the statement of the Counsel for the Corporate Debtor that the rent was used to be paid by the Corporate Debtor to the Operational Creditors in terms of the Agreement dated 21.04.2012. Therefore, the contents of the document cannot be denied by the Corporate Debtor, as it (corporate debtor) by way of its performance acknowledged the agreement, which had created legal relation between the tenant and the landlords. Therefore, the 'Principle of Estoppel' is applied against the Corporate Debtor, and his objection is turned down. 14. Finally, the Counsel for the Corporate Debtor has raised the objection that the Applicant being the Operational Creditors cannot join with other creditors to file the present Application under Section 9 of the I B Code, 2016. But, the fact as reflects from the Rental Agreement dated 21.04.2012 is that all the three Applicants viz., Operational Creditors have signed the agreement being the co-owners of the property which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have not proposed the name of IRP, therefore, Mr. Swaminathan Venkatraman is appointed as IRP, whose name appears in the Panel of Insolvency Professionals recommended by the IBBI. The IRP shall file the declaration disclosure statement in the Registry of NCLT, Chennai Bench, within two working days from the date of the receipt of this Order. The IRP is directed to take charge of the Respondent Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of I B Code, 2016, within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 19. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of I B Code. The directors of the Corporate Debtor, its promoters or any person associated with the Management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19, so that he could discharge his functions under Section 20 of the I B Code, 2016. 20. The Operational Creditors and the Registry are directed to send the copy of this Order to IRP, so ..... X X X X Extracts X X X X X X X X Extracts X X X X
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