9911796707
TMI Blog2019 (1) TMI 1772X X X X Extracts X X X X X X X X Extracts X X X X ..... ts on record which fully support the case of the Operational Creditor, no credence can be given to oral submissions, whatever be the justification adopted by the Corporate Debtor. The issuance of cheques are in itself an acknowledgment of a liability which remains undischarged. The purchase orders, invoices, acknowledgment of receipt of material cannot be swept under the carpet on the mere submission that it was a sham transaction. Under such circumstances, the prayer made by the operational creditor merits consideration. Petition admitted - moratorium declared. - (IB) NO. 877(ND) OF 2018 - - - Dated:- 2-1-2019 - Smt. INA Malhortra, Judicial Member And Smt. Deepa Krishan, Technical Member For the Petitioner : Shakeel Sarwar Wani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... defence raised is that the Corporate Debtor is a shareholder of Uttam Strips Ltd., hereinafter referred to as the Associate Company . Both companies have common Directors. As per averments in the year 2014-2015, the associate company faced shortage of working capital. To meet the immediate financial requirements, the Operational Creditor was approached in August-September, 2015 for funding rupees two to three crores, which was agreed to by the Operational Creditor. However, it was decided that the modus would involve the material of the Associate Company to be kept as security. Payments would be reflected as being made against supplies instead of being reflected as a pure loan. The said process was to be reversed through supply of the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of the documents on record which fully support the case of the Operational Creditor, no credence can be given to oral submissions, whatever be the justification adopted by the Corporate Debtor. The issuance of cheques are in itself an acknowledgment of a liability which remains undischarged. The purchase orders, invoices, acknowledgment of receipt of material cannot be swept under the carpet on the mere submission that it was a sham transaction. Under such circumstances, the prayer made by the operational creditor merits consideration. 7. The petition is Admitted. A moratorium in terms of Section 14 of Code comes into effect forthwith, staying: (a) the institution of suits or continuation of pending suits or proceedings against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect from the date of such approval or liquidation order, as the case maybe. 8. The Operational Creditor has not proposed the name of any IRP. Accordingly, we appoint Mr. Rajneesh Singhvi, Registration No. IBBI/IPA-001/IP-P00037/2017-18/10098, email: [email protected] Mobile No. 9314511003, 9829042833 duly empanelled with the IBBI as the IRP. He is directed to take such steps as are mandated under the Code, more specifically under Sections 15, 17,18,20 and 21 and file his report. 9. The Operational Creditor is directed to deposit a sum of ₹ 2 lakhs to meet the immediate expenses of IRP, for which he shall be fully accountable. 10. Copy of the order be communicated to both the parties as well as to the IRP. 11. To com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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