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TMI Blog2021 (5) TMI 114X X X X Extracts X X X X X X X X Extracts X X X X ..... n the State of Tamilnadu, hence this Adjudication has jurisdiction. The alleged debt due is between the period from 01.04.2018 to 17.07.2019. Hence, it is well within the period of limitation. This Adjudicating Authority is inclined to admit the Application as has been filed by the Operational Creditor and consequently Corporate Insolvency Resolution Process is initiated - Application admitted - moratorium declared. - IBA/1359//2019 - - - Dated:- 21-4-2021 - R. Sucharitha, Member (J) And B. Anil Kumar, Member (T) For the Appellant : B. Harikrishnan, P.K. Balasubramanian and Arikarasudan, Advocates For the Respondents : A.E. Ravichandran, Siddharth Govind and Saitanya Kesan, Advocates ORDER R. Sucharitha, Member (J) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of payments received and outstanding debt, Corporate Debtor's letter dated 16.05.2019 to the Applicant and Reply by the Corporate Debtor dated 03.09.2019. 5. In its counter filed by the Corporate Debtor on 12.03.2020, it is averred that during the year 2019, it was found that the prices for the materials that were supplied by the Operational Creditor were on the higher side and hence the Corporate Debtor stopped procurement from the Financial Creditor but continued to make payments against the outstanding balances. Through negotiations, it was agreed that the amount of ₹ 25,50,854/- be divided into monthly instalments for which 16 cheques were issued for the purpose of security. 6. It is further averred that the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and consequently Corporate Insolvency Resolution Process is initiated. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal, based on the list furnished by Insolvency and Bankruptcy Board of India appoints Mr. Lakshmanan Krishnan, Registration No. IBBI/IPA-002/IP-N00783/2019-2020/12511 as '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 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ready reference reproduced as follows: (iv) 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 approval or Liquidation Order, as the case may be. 11. The Operational Creditor is directed to pay a sum of ₹ 1,00,000/- (Rupees One Lakh Only) to the Interim Resolution Professional upon the Interim Resolution Professional f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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