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TMI Blog2021 (10) TMI 938X X X X Extracts X X X X X X X X Extracts X X X X ..... go on to show that there is a 'financial debt' and the Corporate Debtor has committed 'default' in repayment of the said 'financial debt' to the Financial Creditor. It is also seen that the 'default' which is arising in the present Application has happened much before the advent of Covid - 19 and the Corporate Debtor also cannot seek shelter under Section 10A of IBC, 2016. Under these circumstances, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. Petition allowed - moratorium declared. - CP (IB)/11/CHE/2021 - - - Dated:- 4-10-2021 - Sucharitha R., Member (J) And Anil Kumar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding Balance confirmation letter issued by the Corporate Debtor; ii. Outstanding Balance confirmation letter acknowledged by the Corporate Debtor; iii. Reminder Letter dated 16.03.2020; iv. Reminder Letter dated 30.06.2020; 4. The Learned Counsel for the Financial Creditor submitted that the Financial Creditor in the year 2011 had acquired the stakes of one M/s. Henkel India Limited vide Share Purchase Agreement executed with Henkel AG Co. KgaA and in the year 2012, the name of Henkel India Limited was changed to M/s. Jyothy Consumer Product Limited (JCPL) and further JCPL was amalgamated with M/s. Jyothy Laboratories Limited, the Financial Creditor herein pursuant to the Order of the Hon'ble High Court of Bombay d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2020, the Corporate Debtor is liable to pay the outstanding debt amounting to ₹ 2,55,92,043/- to the Financial Creditor. 7. The Learned Counsel for the Financial Creditor submitted that since the Corporate Debtor did not show any sign of progress in the business activity, the Financial Creditor issued a Demand letter dated 08.02.2020 to the Corporate Debtor calling upon them to repay the outstanding amount of ₹ 2,55,92,043/- and the Corporate Debtor has received the said Demand letter, however has not replied to the same. Under these circumstances, the Financial Creditor has filed the present Application under Section 7 of IBC, 2016 seeking thereof to initiate Corporate Insolvency Resolution Process against the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal expenses and hence the said amount cannot be treated as a 'financial debt'. However, the remaining amount which was disbursed to the Corporate Debtor aggregating to the total of ₹ 2,75,00,000/- after deducting ₹ 1,63,80,162/- alone would amount to a 'financial debt'. 11. Further, from the typed set of documents filed along with the Application, it is seen that the Corporate Debtor has issued a Balance confirmation to the Corporate Debtor for the Financial Years 2013 - 2014 till 2018 - 2019 which is placed at pages 73 to 84 of the typed set filed along with the Application. Further, based upon the Loan Agreement dated 05.07.2013, the Financial Creditor has disbursed money to the Corporate Debtor at differen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 14. As a consequence of the Application being admitted in terms of Section 7 of the Code, moratorium as envisaged under provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor; a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period 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 arr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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