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TMI Blog2021 (2) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... ench and make representation if any on their behalf and the corporate debtor did not chose to appear. Heard the counsel appearing for the Financial Creditor and perused the documents submitted by him. The counsel for the Financial Creditor successfully demonstrated and proved the existence of debt and default. Financial Creditor also mentioned the name Mr. Mukesh Kumar Gupta as IRP and enclosed the consent letter given by the proposed IRP in Form-2. The debt is within limitation. Thus, the Company Petition satisfies all the requirements for admission. Since the Corporate Debtor remained ex-parte even without filing any reply, the claim of the applicant remained unchallenged. The initiation of Corporate Insolvency Resolution Process (CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sales, servicing and repair work etc. and in the course of its business required substantial quantities of automotive paints and refinish coating products. 4. The applicant submits that in the year 2016, the corporate debtor approached the applicant for financial contribution, for the purpose of sales promotions and procurement of specialized painting equipment s for development and up-gradation of automotive painting facilities. 5. In view of the same, a Body Shop Agreement (hereinafter referred to as Agreement ) was executed between the applicant and the corporate debtor on 22.03.2016, which came into effect from 01.03.2016. that in terms of the said agreement, a financial contribution to the tune of ₹ 22,50,000/- was made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its obligation. It is not out of place to mention herein that as agreed between the parties, the corporate debtor failed to procure any products from the applicant. 8. In view of the aforesaid defaults committed by the corporate debtor i.e. to perform its obligation in terms of agreement dated 22.03.2016, the applicant herein issued legal notices dated 11.01.2019 and 31.05.2019 to the corporate debtor seeking payment of amount of ₹ 35,55,930/- (Rupees Thirty Five Lakhs Fifty Thousand Nine Hundred and Thirty Rupees only) i.e. (₹ 22,50,000/- for principal amount + ₹ 13,05,930/- for interest amount calculated @ 12% p.a. + GST) which had become due and payable. 9. The corporate debtor has till date failed to make paymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ments submitted by him. The counsel for the Financial Creditor successfully demonstrated and proved the existence of debt and default. Financial Creditor also mentioned the name Mr. Mukesh Kumar Gupta as IRP and enclosed the consent letter given by the proposed IRP in Form-2. The debt is within limitation. Thus, the Company Petition satisfies all the requirements for admission. Since the Corporate Debtor remained ex-parte even without filing any reply, the claim of the applicant remained unchallenged. This Tribunal upon considering the arguments of the petitioner and the documents, pass the following: ORDER (a) The above Company Petition No. (IB) -2999(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ices to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (f) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (g) That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. (h) That the public announcement of the corporate insolvency resolution process shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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