9911796707
TMI Blog2021 (12) TMI 341X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor") seeking thereof to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor. It is noted that the Application was filed before this Tribunal on 24/08/2018. 2. From Part I of this Application, it is seen that the Operational Creditor is a Private Limited Company under the provisions of the Companies Act. From Part II, it is seen that the Corporate Debtor is a Private Limited Company incorporated on 9.8.2005 bearing CIN: U17111TZ2005PTC012048 and the Registered Office address of the Corporate Debtor as per the Application is stated to be situated at No. 11, CBC Building, M.R. Nagar, KNP colony Post, Dharpuram Road, Tirupur-641608. From Part III of the Application, it is seen that the Operational Creditor ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived from 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal that the CD repeatedly admitted to the amount due and prayed time for submitting schedule of payment and also kept making part payments all of which is duly recorded in the interim orders of this Tribunal passed from time to time. 9. Ld. Advocate for the Applicant conceded during the hearing that there is no clause in the agreement for payment of interest @ 12% as claimed in the petition, however it was submitted that without even taking into consideration the interest as claimed, the amount of default is above the pecuniary limit. 10. During the arguments before this bench, the Corporate Debtor did not bring out any pre-existing dispute. It was submitted that the claim is premature, unsubstantiated, spurious and inflated. 11. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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, appoints Mr. Varun Agarwal having registration number IBBI/IPA-001/IP-P-02179/2020-2021/13340 (email id:- [email protected]) as the "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 withi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion (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. 18. The Operational Creditor is directed to pay a sum of Rs. 1,50,000/- (Rupees One Lakh Fifty Thousand Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to him in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 19. Based on the above terms, the Application stand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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