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TMI Blog2021 (3) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptcy (Application of Adjudicating Authority) Rules, 2016 (for brevity, IB Rules 2016) to initiate Corporate Insolvency Resolution Process against the Corporate Debtor on the ground that the Corporate Debtor failed to pay USD 3,33,509.33 as on 25.12.2019 (inclusive of interest @12% per annum of the principal amount of the Operational Debt). The Operational Creditor further stated that since this Corporate Debtor has paid USD 15,075 on 29.10.2020 soon after filing of this Application and also made certain proposals to settle the dues, which were not acceptable by the Operational Creditor. 2. On perusal of this company petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... default committed by the Corporate Debtor, the Operational Creditor has issued a demand notice on 31.05.2018 in terms of the Insolvency and Bankruptcy Code, 2016 to the registered office of the Corporate debtor demanding the outstanding dues as on 28.05.2018 being USD 486,182.09/-. Since the Corporate Debtor failed to pay the debt, the Operational Creditor has filed application bearing CP/996/IB/2018 to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor before this Tribunal under the Insolvency and Bankruptcy Code, 2016. After filing said application, the Corporate Debtor made certain part payments to the Corporate Debtor. 6. It is further submitted by the Operational Creditor, during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7/- was to be paid on or before 21.05.2019. However, the Corporate Debtor paid only a sum of USD 17,468/- on 22.05.2019 and thereby committed breach of settlement Agreement. Considering the default by the Corporate Debtor in paying first instalment, the Operational Creditor issued a notice dated 24.05.2019 to the Corporate Debtor recalling entire amount due under the settlement Agreement. Therefore, the Corporate Debtor made another part payment of USD 10,030/- on 07.06.2019. 9. In view of the default committed by the Corporate Debtor, the Operational Creditor issued a fresh demand notice under the IBC, 2016 on 12.06.2019 demanding the payment of USD 316,124/- due as on 12.06.2019. The Corporate Debtor received the said demand notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... outstanding due in terms of Settlement Agreement is USD 3,33,509.33/- 13. In this context, on 16.10.2020, memo filed by the Corporate Debtor submitted that the Corporate Debtor came out of CIRP by an Order in Company Appeal (AT) (Insolvency) No. 952 of 2019 rendered by the Hon'ble NCLAT, New Delhi. 14. The Corporate Debtor transferred a sum of US$ 15,070/- on 15.10.2020 through RTGS and further confirmed to make balance payment within 5 to 6 months. And seeks time to make payment. 15. The learned counsel for the Corporate Debtor relied on the Judgment of the Hon'ble Supreme Court in the matter of Swiss Ribbons Private Limited Vs Union of India [W.P (C) No. 99 of the 2018] wherein held that "....therefore ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is denied that the corporate debtor transferred a sum of USD 15,070/- to applicant account, with respect to that no payment have been received by the applicant till date. After the hearing on 16.10.2020, the corporate debtor sent mails dated 19.10.2020 and 21.10.2020 to the applicant stating that its bankers are resisting the payment for some unknown reasons. This clearly established that the corporate debtor intentionally making false statements before this Tribunal. The proposal of the Corporate Debtor that it will settle the balance due with 5 or 6 instalment is rejected. c) In the light of the aforesaid, it is submitted that the memo filed by the Corporate Debtor seeking to keep the present application in abeyance is without any substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clared prohibiting all of the following actions, 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 its 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 including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) The r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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