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TMI Blog2020 (5) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency Resolution Process (CIRP) against M/s. Meru Shipping Lines Pvt. Ltd. (hereinafter called as "Corporate Debtor"). 2. Part-I, of the Application discloses the fact that the Petition has been filed by a Private Limited Company. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U72200TN2001PTC047221, incorporated on 07-06-2001. The Authorised Capital and Paid up Capital of the Corporate Debtor is Rs. 3,00,00,000/- and Rs. 1,05,000/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated No. 108, East Madha Church Street, Royapuram, Chennai - 600 013. 3. Part-III of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Operational Creditor has filed C.S. No. 440 of 2011 before the Hon'ble High Court of Madras and obtained an order of arrest of the Vessel, M.V. Shakthi. 6. The Learned Counsel for the Operational Creditor submitted that the Corporate Debtor entered into a Memorandum of Compromise with the Operational Creditor in terms of which, the Corporate Debtor agreed to pay the Operational Creditor a sum of Rs. 40,00,000/- in full and final settlement of the amount payable to the Operational Creditor in C.S. No.44 of 2011. It is submitted that the Corporate Debtor paid a sum of Rs. 24,00,000/- and for the balance amount of Rs. 16,00,000/- the Corporate Debtor handed over six post-dated cheques to be encashed by the Operational Creditor from Dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... final settlement and out of the said sum, a sum of Rs. 24 Lakhs was paid to the Operational Creditor by adjusting the deposit which was held with the Bank of Baroda and for the remaining sum of Rs. 16 Lakhs post dated cheques were issued by one Mr. A. R. Krishnamurthy for repayment and not by the Corporate Debtor. 9. It was further contended by the Learned Counsel for the Corporate Debtor that in so far as the balance amount of Rs. 16 Lakh is concerned, the cheques were issued by Mr. A. R. Krishnamurthy and not by the Corporate Debtor and as such in this case, the debt of the Corporate Debtor stands assigned to the personal account of Mr. A. R. Krishnamurthy, through the compromise memo dated 03-11-2015 and as on date there is no due payab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erational Creditor has not placed reliance on any other documents. This Authority is required to take serious note of these type of petitions being filed by the Operational Creditor for the sole purpose of the execution of the decree as was done by the Hon'ble NCLAT in the matter of C. Shivakumar Reddy v. Dena Bank in Company Appeal(AT)(Insolvency) No.407 of 2019 wherein after a detailed discussion has held that the applications filed under the IBC, 2016 for the sole purpose of execution of the decree passed by the Court in favour of the Creditor, other than for the purpose of resolution, or liquidation, would attract malicious prosecution under section 65 of the IBC, 2016. 12. Further, before going into the merits of the case, it is e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntion here that, the cause of action for the Operational Creditor appears to be breach of the Memo of Compromise entered into between the parties and if such is the case, there is no justification on the part of the Operational Creditor to claim a sum of Rs. 57,88,773/- from the Corporate Debtor, when he is entitled only for a sum of Rs. 16 Lakhs. We are also well aware of the fact that this Authority cannot reject the claim of the Operational Creditor on the ground of amount being not crystallized. However, taking into consideration the aspect of limitation, the facts which are borne from record is that from Part - IV of the Application, the Operational Creditor relies upon the Judgment of the Hon'ble High Court passed in C.S. No. 440 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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