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TMI Blog2019 (11) TMI 1394X X X X Extracts X X X X X X X X Extracts X X X X ..... . - C.P. NO. IB-470(ND)/2019 - - - Dated:- 8-11-2019 - Chief Justice M.M. Kumar President And S.K. Mohapatra, Technical Member Sharad Tyagi and Ms. Archana Tyagi, Advs. for the Petitioner. Rajat Bhardwaj, Adv. for the Respondent. JUDGMENT Chief Justice (RTD.) M.M. Kumar, President The 'Financial Creditor' - LIC Housing Finance Limited has filed the instant petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') with a prayer to trigger the Corporate Insolvency Resolution Process in the matter of Durha Vitrak Private Limited-Corporate Debtor. 2. The Corporate Debtor-Durha Vitrak Private Limited is a company registered under the provisions of the Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor is ₹ 39,97,98,092.27/- (Rupees Thirty-Nine Crores Ninety-Seven Lakhs Ninety Eight Thousand Ninety Two Twenty Seven Paisa) as on January 31, 2019, as per the Quotation for Payment dated January 28, 2019, issued by the Applicant. The first date of default occurred on June 15, 2017. The account has been declared Non-Performing Asset on September 14, 2017. A copy of the quotation for payment dated January 17, 2019 and a table for computation of amount in default as on January 31, 2019 are attached herewith as Annexure 39 and Annexure 40. 5. The Respondent executed several documents for availing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th EMI Due Month Amount (all in INR) Proposed date of payment July, 18 6/17 50,00,000 (Fifty lac) On 24th July 2018 Aug. 18 7/17+8/17 80,00,000 (Eighty lac) On 24th August 2018 Sept. 18 9/17+10/17 1,04,00,000 (One Crore four lacs) On 24th September 2018 Oct. 18 11/17+12/17 1,04,00,000 (One Crore four lacs) On 24th October 2018 Nov. 18 01/18+02/18+03/18 1,04,00,000 (One Crore fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rieved, the petitioner served legal notice (Annexure-35) under section 138 of Negotiable Instrument Act upon the Corporate Debtor and proceedings in that regard are pending adjudication before the Court of Metropolitan Magistrate at Patiala Court, New Delhi. 9. The precise case of the Petitioner thus is that the total amount in default due and payable to the Petitioner by the Respondent-Corporate Debtor as on 31-1-2019 is ₹ 39,97,98,092.27/- (Rupees Thirty-Nine Crores Ninety-Seven Lakhs Ninety Eight Thousand Ninety Two Twenty Seven Paisa). 10. Learned counsel for the Corporate Debtor has advanced numerous arguments to oppose the admission of the petition which are as under: - 1. The authorized representative of the Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ues (Annexure-28) as a security for the payment of the outstanding amount were given by the Corporate Debtor to the Petitioner. As per the settlement, the Respondent was required to make the first installment of ₹ 50,00,000/- on July 24, 2018 but no amount was credited on the aforesaid dates. Afterwards on 6-8-2018 a sum of ₹ 34,00,000/- was received by the Petitioner through RTGS mode which was far from the amount due as per the settlement on July 24, 2018. Thus, the Petitioner had no option but to present the aforesaid post dated cheques in the Bank for encashment. However, upon presentation, the said cheques bounced with the endorsement 'insufficient funds' (Annexure-30). Feeling aggrieved, the petitioner served legal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, this petition is admitted and Mr. Aishwarya Mohan Gahrana is appointed as an Interim Resolution Professional. 16. In pursuance of section 13(2) of the Code, we direct that Interim Insolvency Resolution Professional to make public announcement immediately with regard to admission of this application under section 7 of the Code. 17. We also declare moratorium in terms of section 14 of the Code. It is made clear that the provisions of moratorium are not to apply to transactions which might be notified by the Central Government. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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