9911796707
TMI Blog2021 (3) TMI 870X X X X Extracts X X X X X X X X Extracts X X X X ..... round for keeping in abeyance this Application for long period. Application admitted - moratorium declared. - IBA/81/2020 - - - Dated:- 5-3-2021 - R. SUCHARITHA, MEMBER (JUDICIAL) AND B. ANIL KUMAR, MEMBER (TECHNICAL) For the Operational Creditor: Shri. Vinod Kumar, Advocate Shri. Srinivasan, Advocate For the Corporate Debtor : Shri. R. Swarnavel, Advocate Shri. R. Ramkumar, Advocate ORDER It is an Insolvency and Bankruptcy Application filed by M/s. AFCO Energy Pte Limited (in short, Operational Creditor ) against M/s. Kiran Global Chem Limited (in short, Corporate Debtor ) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als by the Operational Creditor to the Corporate Debtor. Pursuant to the aforesaid sale contract, the Operational Creditor had supplied Chemicals between the periods 25.09.2017 and 31.01.2018 to the Corporate Debtor and raised periodical invoices for USD 475,270.31 in total. The sale contracts states that the payment of the amount due under the invoices is to be made within 110 days of the bill of lading, failing which interest at 12% p.a shall be paid in addition to the invoice amount. However, the Corporate Debtor failed to make payment towards the invoices raised by the operational creditor. 5. Considering the default committed by the Corporate Debtor, the Operational Creditor has issued a demand notice on 31.05.2018 in terms of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erms of the aforesaid settlement agreement dated 26.04.2019 and in terms of the Settlement Agreement, the Operational Creditor withdrew the IBC proceedings in CP/996/IB/2018 against the Corporate Debtor. Accordingly, this Tribunal dismissed the application as withdrawn vide its order dated 29.04.2019. 8. It is further submitted that the Operational Creditor agreed to the aforesaid settlement terms and based on the assurance from the Corporate Debtor that each instalment payment will be made on the agreed due date without any default. As per settlement Agreement, the first instalment of USD 37,477.67/- 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the IRP. Thereafter, an appeal was preferred by the ex-directors of the Corporate Debtor against the CIRP order dated 04.09.2019 passed in IBA/130/2019 before the Hon'ble NCLAT. The Hon'ble NCLAT had, vide its order dated 11.12.2019 set aside the order in IBA/130/2019. 12. It is further submitted by the Operational Creditor, between the date of last payment made on 07.06.2019 and till date, the Corporate Debtor has not made any payment and there is no dispute on the debt amount as the same is admitted by the Corporate Debtor under the Settlement Agreement. As on 25.12.2019, the total 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 Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the applicant has filed reply to the memo filed by the Respondent on 28.10.2020 submitted as follows: a) That contents of para 3 and 4 of the memo are vehemently denied. The admission order passed in CP/130/IB/2019 by this Tribunal and subsequent order passed by Hon'ble NCLAT are matters of record. However, the said proceedings or COVID-19 pandemic have nothing to do with defaulted committed by the Corporate Debtor. It is submitted that the corporate debtor defaulted in paying instalment as per the settlement agreement. b) The contents of para 5 of the memo, it 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9 (5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: (I) That Moratorium is hereby declared prohibiting all of the following actions, namely, (a) the institution of suits or continuation of pending suits or proceedings aga ..... X X X X Extracts X X X X X X X X Extracts X X X X
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