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TMI Blog2018 (3) TMI 1854X X X X Extracts X X X X X X X X Extracts X X X X ..... in 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/39/(IB)/CB/2018 - - - Dated:- 12-3-2018 - Ch.Mohd Sharief Tariq, Member (Judicial) For Financial Creditor(s) : Sr. Counsel Mr. 0m Prakash For Corporate Debtor(s) : Sr. Counsel Mr. P.H. Arvind Pandian ORDER CH Mohd Sharief Tariq, Member (J) 1. Under adjudication is an Application that has been filed by M/S. Udhyaman Investments Private Limited (hereinafter referred to as 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/ w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Tiffins Barytes Asbestos and Paints Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signed by the Financial Creditor and the Corporate Debtor through their authorised signatory and Managing Director respectively. Under para 1 of the MOU, it has clearly been mentioned that the Financial Creditor has given a loan of ₹ 11,50,00,000/- on the request of the Corporate Debtor, the details of which are set out i the tabulated statement, which is reproduced below:- S.No Date NEFT/RTGS Amount (Rs) 1. 12.12.2012 A02373481 ING Vysya Bank, Bangalore Account No. 165011004229 5,00,00,000.00 2. 21.12.2012 A02373495 ING Vysya Bank, Bangalore Account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son insufficient funds . The copy of the cheque and communication of the Bank are placed at pages 134 and 135 of the typed filed with the Application. Therefore, CC No. 1687 /2014 was filed by the Financial Creditor before the Court of Principal Civil Judge and JMFC, Bellary, under Section 138 of the Negotiable Instruments Act, 1881. In the said matter, a Joint Memorandum of Compromise as mentioned in MoU was filed before the Court on 13.08.2016, on the basis of which the accused Nos. 1 to 6 including the Corporate Debtor were acquitted of the offence punishable under Section 138 of the Negotiable Instruments Act, and the file was closed. The copy of the Order of Principal Civil Judge and JMFC, Bellary, is placed at page 142 of the typed f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r which confirms that the MoU dated 16.04.2016 was entered into between them. 11. The Corporate Debtor has filed the reply wherein under para 10, it has been admitted that on a preliminary study, it was found that, the said sum of ₹ 11,50,00,000/- was received in three tranches of ₹ 5,00,00,000/- on 12.12.2012, ₹ 2,00,00,000/- on 21.12.2012 both through the company's HDFC Bank Account and ₹ 4,50,00,000/- on 05.12.2013 through the company's Syndicate Bank Account in Bengaluru. However, the Learned Sr. Counsel for the Corporate Debtor has raised the issue that the MoU dated 16.04.2016 and admission of liability dated 31.03.2017 are fabricated documents. But, the Learned Sr. Counsel for the Corporate Debtor h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor herein, by claiming the same amount, multiple times, from different concerns and by falsification of records. 15. It has been admitted by the Learned Sr. Counsel for the Corporate Debtor that the issue raised above had come to the notice of the Corporate Debtor during the year 2014, but till date the Corporate Debtor did not take any step to raise any objection or to file any appropriate Application/ Suit against the Financial Creditor. In short, the defence that has been projected by the Corporate Debtor appears to be an afterthought, devoid of merits, and stands rejected. 16. Learned Sr. Counsel for the Financial Creditor has placed on record the documents as mentioned in the preceding paragraphs which are evidencing the defaul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I B Code, 2016. It is hereby ordered to prohibit all of the following, 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, alienating or disposing of by the corporate debtor any of it assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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