9911796707
TMI Blog2021 (4) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... d (hereinafter referred to as "Corporate Debtor") 2. From the Part I of the Application, it is seen that the Operational Creditor is a Proprietorship Firm. Part II of the Application, discloses the fact that the Corporate Debtor is a Private Limited Company incorporated on 10.02.2011 with the CIN No. U36103TN2011PTC079146 and the Registered office address of the Corporate Debtor as per the Application is stated to be situated at No. 2, Kasthuri Industrial Estate, Ponniamman Koil Street, Ponniamman Nagar, Ayanambakkam, Chennai 600 095, Tamil Nadu. Part III of the Application discloses the fact that the Operational Creditor has not proposed the name of the IRP and left it to the discretion of this Tribunal to appoint the same. 3. From Part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor. It is also stated in the said Affidavit that the Corporate Debtor has not brought to the notice of the Operational Creditor of any dispute pending in relation to the said transactions. 6. Under the circumstances, it was submitted by the Learned Counsel for the Operational Creditor that the Corporate Debtor has committed 'default' in repayment of the 'operational debt' to the Operational Creditor and as such prayed for the initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. 7. In relation to the Corporate Debtor, it is seen that the matter first came up for hearing on 09.03.2020 and this Tribunal noted that despite notice to the Corporate Debtor none was present and hence directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Operational Creditor any dispute which is pending in relation to the said transaction. 10. Thus the Operational Creditor has proved the existence of an 'Operational debt' and its 'default' on the part of the Corporate Debtor and in the absence of any objection being raised by the Corporate Debtor, we are of the considered view that the Corporate Debtor has committed 'default' in the repayment of the 'Operational debt' to the Operational Creditor and in the said circumstances we are constrained to initiate the CIRP in relation to the Corporate Debtor. 11. Further in relation to the pecuniary jurisdiction enhanced from Rs. 1 lakh to Rs. 1 crore on and from 24.03.2020, it is seen the present Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 of the respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 14. 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 the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such appr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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