9911796707
TMI Blog2021 (4) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... nst M/s. Sree Bhadra Parks and Resorts Ltd. (hereinafter called "Corporate Debtor") alleging that Corporate Debtor committed default in making payment of Rs. 4,25,32,016.405/-, invoking the provisions of Section 7 of the Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter called as "Rules"). 2. For a brief background on this Application, it is stated by the Financial Creditor that financial creditor entered into a share purchase agreement with the Corporate Debtor on 21.11.2012 to purchase 100% shares of the Corporate Debtor for a total consideration of Rs. 33,08,00,000/-. Consequently, on the date of agreement, the finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of. However, the applicant is at liberty to file fresh application, if the Corporate Debtor has not complied with the conditions stipulated in the settlement as mentioned in Form FA." 6. However, on 28.12.2020, the Applicant/Financial Creditor filed IA/02/KOB/2020 under Rule 11 of the NCLT Rules, 2016 stating that the Corporate Debtor did not come forward to make the payment as per the consent terms in the settlement which was due as on 30.11. 2020 and that they sought time to make payment for several times. But without making payments they proceeded to sell the assets of the Corporate Debtor, which is a clear case of fraud and cheating. After hearing both sides, this Tribunal on 28.01.2021 passed the following order: - "5. We have hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere is only whether the Corporate Debtor has complied with the conditions stipulated in the settlement agreement produced before this Tribunal. It is true that the IBA has been disposed of on the basis of settlement arrived between the parties stating that they have settled the matter stating that on 26.8.2020 settlement has been arrived for a total sum of Rs. 2,25,00,000/- (Rupees two crores twenty-five lakhs only) as full and final settlement of the entire claim between the Corporate Debtor M/s. Sree Bhadra Parks and Resorts Limited on the terms mentioned in the settlement agreement. When a settlement has been arrived between the parties, it is duty bound by the Corporate Debtor to make good the payments proposed in that settlement. They ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions raised by the Corporate Debtor, in my opinion this contention has no legs to stand at present. 9. In this case the existence of debt is reasonably evidenced in the consent terms that were also made part of the order of this Tribunal dated 24.09.2020 as well as the averments made by the Corporate Debtor themselves regarding the amount of debt outstanding to the Financial Creditor, admitting the existence of a debt. The Applicant having proved the existence of a debt as well as existence of default, as elaborately discussed in the order dated 25.08.2020 admitting the Application, the only course to be adopted here is to admit this application and order Corporate Insolvency Resolution Process against the Corporate Debtor. 10. The I&B Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or beneficial interest therein; (iii) 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(54 of 2002); (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. 12. Notwithstanding the above, during the period of moratorium, the following are also to be strictly followed: - (v) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (vi) That the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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