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TMI Blog2022 (3) TMI 816X X X X Extracts X X X X X X X X Extracts X X X X ..... r to initiate the Corporate Insolvency Resolution Process against M/s. Bindal and Bindal Batteries Private Limited (hereinafter, Respondent/Corporate Debtor). 2. As per averments made in the petition that the Corporate Debtor approached the applicant company to supply related to chemicals on credit. The applicant supplied the goods on credit 17.02.2014 till 03.10.2014 which were duly received by the Corporate Debtor. It is stated that the Corporate Debtor made part payments towards the invoices raised and last part payment was made on 14.01.2015. 3. The applicant further stated that the corporate debtor issued three cheques totaling Rs. 25,00,000/- towards part payment but the said cheques got dishonored vide banker's memo dated 20.07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p dated 04.10.2014 to support its claim. The corporate debtor also claimed that the cheques were given only for the purpose of security. The corporate debtor also denies receiving Demand Notice. 7. The petitioner has filed rejoinder to the reply of respondent and submitted as follows: i. The applicant has denied the allegations of corporate debtor and submitted that the corporate debtor is stating wrong rates and has already given cheques as a part payment to discharge its liability. ii. The applicant denied the fact that scrap batteries were supplied by the Corporate Debtor and adjustments is to be made from the operational debt. It has been pointed out that in case some scrap batteries were supplied it should have been made through p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of Section 4 of the Code, the moment default is of Rupees one lakh or more, the application to trigger Corporate Insolvency Resolution Process under the Code is maintainable. The corporate debtor has failed to show that there is no debt or default in existence so as to avoid the provisions of the Code. 11. In view of the aforesaid discussion, since the corporate debtor already issued a cheque in order to clear its liability and also admitted its liability to pay Rs. 3,10,789 which is more than Rs. 1 lac, the claim of applicant deserves to be allowed. 12. The applicant has not proposed the name of an IRP. Therefore, this bench appoints Mr. Anshuj Dhingra as the Interim Resolution Professional of the corporate debtor. The registrat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 14 of the Code. The necessary consequences of imposing the moratorium flows from the provisions of Section 14(1) (a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: "(a) 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; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 Securit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 18. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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