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TMI Blog2022 (1) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.03.2019, both Operational Creditor and the Corporate Debtor have agreed for interest @ 18% p.a. for payment after due date. Hence, the Bench is of the considered view that the Operational Creditor is entitled to charge interest from Corporate Debtor. The Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of One Crore rupees stipulated amendment made under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Accordingly, this Adjudicating Authority admits the Petition and orders initiation of CIRP against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) No. 292/NCLT/MB-IV/2021 - - - Dated:- 24-12-2021 - Rajesh Sharma, Member (T) And Kishore Vemulapalli, Member (J) For the Appellant : Shyam Kapadia, Advocate For the Respondents : Manoj Kumar Mishra, Advocate ORDER Kishore Vemulapalli, Member (J) 1. This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by M/s. Ventura Metal Alloys, ( the Operational Creditor ), seeking to initiate Corporate Insolvency Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 28.02.2019; b) For the purpose of settling the dues the Operational Creditor and Corporate Debtor entered into the Settlement Deed dated 10.03.2019, wherein the mode of payments was stipulated. The mode of payments mentioned in the Settlement Deed is as follows: a) Pursuant to the said Settlement Deed the Corporate Debtor made payment of ₹ 83,30,000/- (Rupees eighty-three lakh thirty thousand only) and ₹ 30,00,000/- (Rupees thirty lakh only) during the month of November, 2020 and December, 2020. The Principal amount of ₹ 4,75,25,524/- (Rupees four crore seventy-five lakh twenty-five thousand five hundred twenty-four only) is still outstanding. However, the last payment received by the Corporate Debtor was on 09.12.2020. b) The supply of materials was made from 21.03.2018 till 06.03.2019 and the invoices were raised for the above supplied material. The payment was to be made within 30 days as per the terms of Purchase Order issued by the Corporate Debtor. c) The Operational Creditor has made total supply of ₹ 6,33,05,524/- (Rupees six crore thirty-three lakh five thousand five hundred twenty-four only) to the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and payable to the Operational Creditor is ₹ 5,77,43,663/- (Rupees five crore seventy-seven forty-three lakh forty-three thousand six hundred sixty-three only), as mentioned at p. 5 of the Petition. 8. The Operational Creditor had served a Demand Notice in Form 3 dated 22.12.2020 to the Corporate Debtor claiming total outstanding of ₹ 5,77,43,663/- (Rupees five crore seventy-seven forty-three lakh forty-three thousand six hundred sixty-three only) which is at pp 91-100 of the Petition in terms of section 8 of the IBC. The said Demand Notice was served on the Corporate Debtor on 23.12.2020. The Corporate Debtor has not filed replied to the Demand Notice. 9. The Operational Creditor has submitted the Ledger Statement of Corporate Debtor which is placed at pp. 37-40 of the Petition. The Operational Creditor has also submitted the Affidavit under section 9(3) (b) of the code at pp 27-28 of the Petition. Findings: 10. We have heard the arguments of Learned Counsel for Operational Creditor and Corporate Debtor and perused the records. 11. The Bench observed that the Operational Creditor and Corporate Debtor had entered into the Settlement Deed for settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such ..... X X X X Extracts X X X X X X X X Extracts X X X X
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