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TMI Blog2021 (4) TMI 296X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice of this Tribunal vide the present Company Petitioner. In view of the fact that there is an existence of debt owed and the default has been committed on the part of the Corporate Debtor, this Tribunal is constrained to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Application admitted - moratorium declared. - IBA/471/2020 - - - Dated:- 24-3-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : Arul Raj, Advocate ORDER R. Varadharajan, Member (J) 1. This is an Application seeking for the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, namely, M/s. Harsha Exito Engineering Pvt. Ltd., under the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. Counsel for the Applicant further represents that out of the four instalments, which were required to be paid under the Joint Memo of Settlement, only 1st instalment amount of ₹ 25,00,000/- has been paid in full by the Respondent/Corporate Debtor and in relation to the 2nd instalment, it is represented by the Ld. Counsel for the Applicant that out of the 2nd instalment amount of ₹ 19,03,000/-, only a sum of ₹ 18,00,000/- has been paid ₹ 18,00,000/- through RTGS and even in relation to 2nd instalment a sum of ₹ 1,03,000/- remains due and payable. 5. Taking into consideration the said default in the payment, which has arisen in relation to the part payment of the 2nd instalment remains due and payable and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is seen from the Order, a liberty is granted to the Operational Creditor to file afresh in the event of Corporate Debtor not acting in accordance with settlement and hence this Petition. Since the typed set in relation to IBA/981/2019 has not been made available, we direct the Registry to update the typed set in IBA/981/2019 with the present Petition for the purpose of disposal of the Petition. Post this matter on 24.03.2021 . 7. Even in today's hearing, there was no appearance on the part of the Corporate Debtor. In the circumstances, we are constrained to proceed with the matter in the absence of the Corporate Debtor. As this Company Petition is only a sequel to the earlier Petition filed in IBA/981/2019, wherein the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : a. The institution of suits or continuation of pending suits or proceedings against the respondent 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 respondent 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 respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 10. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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