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TMI Blog2021 (12) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 1 lakh to ₹ 1 Crore as on and from 24.03.2020 and as such this Tribunal has got the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor - 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. The Petition, as filed by the Operational Creditor, is required to be admitted under Section 9(5) of the IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by the Insolvency and Bankruptcy Board of India applicable for the period between July to December 2021 - petition admitted - moratorium declared. - CP/1172/IB/CB/2018 - - - Dated:- 26-11-2021 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : R. Vidhya Shankar, Advocate For the Respondents : Naveen Kumar Murthi, Advocate ORDER Sameer Kakar, Member (T) 1. This is an Application filed by Indoflex Windpower Pvt. Ltd. (hereinafter referred to as Operational Creditor ) under Section 9 of the Insolvency and Bankruptcy Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om M/s. TRK Textiles (I) Pvt. Ltd. without commitment of settlement of dues; p) Copy of Registered Letters addressed to M/s. TRK Textiles (I) Pvt. Ltd., requesting to settle the outstanding dues; and q) Original Bank Certificate for non receipt of payment after 30.10.2015. 4. The Learned Counsel for the Petitioner/Operational Creditor submitted that the Operational Creditor is a Company which is engaged in the business Wind Power Generation. The Learned Counsel for the Petitioner further submitted that the Corporate Debtor (CD) opted to purchase such power in captive mode and wheeled through The Tamil Nadu Generation and Distribution Corporation (TANGEDCO). Agreement dated 09.7.2012 was placed on record vide page 169 to 166 of the Petition type set. Page 160 records the captive power user to be the CD. The agreement also permits banking of surplus energy with TANGEDCO and subsequent consumption. The wind generated and supplied is checked through metering arrangement with TANGEDO which is placed on pages 160-164. The Board Resolution of OC opting in the CD as captive power consumer is at page 167. The documents evidencing CD becoming a captive power consumer are at pag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;Pecuniary Jurisdiction' even though the Threshold Limit' has been raised to ₹ 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the present Application has been filed on 24.8.2019, which is well before the Notification effected in increasing the threshold limit from ₹ 1 lakh to ₹ 1 Crore as on and from 24.03.2020 and as such this Tribunal has got the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor. Under the said 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. 14. Taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that the Petition, as filed by the Operational Creditor, is required to be admitted under Section 9(5) of the IBC, 2016. Since the Operational Creditor has not named the Insolvency Resolution Professional, this Tribunal based on the latest list furnished by the Insolvency and Bankruptcy Boar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orce, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 16. However, during the pendency of the moratorium period in terms of Section 14(2)(2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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