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TMI Blog2019 (9) TMI 1638X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor M/s. Vejas Power Project Limited against the Corporate Debtor Vaayu Infrastructure LLP. for a total debt of rupees 268, 88,44,690, which was admitted vide an order dated 30.08.2019. On "Admission" Insolvency proceedings commenced. 2. A praecipe was mentioned on 5.09.2019 werein referred a Miscellaneous Application 2984 /2019 dated 03.09.2019.An urgency was expressed that the order of the Tribunal be reserved . This application was put up for hearing on 12.09.2019. On this date the following order was passed:- 1. "The learned Representatives for Applicant and Corporate Debtor are present. 2. MA-2984/2019 in C.P No. 1951/2019 has been filed by the Applicant. The Registry was directed to put up this Application on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that MA-2984/2019 in C.P. No. 1951/2019 was filed by this very Applicant (Corporate Debtor) which was put for immediate hearing on 16.09.2019. While granting urgent hearing vide Order dated 12.09.2019 the directions issued were as under:- "1. The Learned Representatives for Applicant and Corporate Debtor are present. 2. MA-2984/2019 in CP No. 1951/2019 has been filed by the Applicant. The Registry was directed to put up this Application on 24.09.2019, however, the Learned Counsel expressed an emergency for early hearing. Directed to communicate to the Learned Counsel of the Petitioner to be present on Monday 16.09.2019 so that according to the convenience of both the sides the date can be fixed to hear MA-2984/2019 on priority basis. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent Debtor/Applicant is that the respondent debtor was not the 'principal borrower' but only a 'Guarantor'. On this issue he has submitted voluminous compilation containing Memorandum of Understanding and certain loan agreements to establish that the Corporate Debtor was not the 'principal borrower'. Hence, the proceedings under section 7 of the Code have wrongly been initiated against the Vaayu Infrastructure LLP. 5. Learned Senior advocate representing the corporate debtor has also pleaded that the ex-parte order 30.08.2019 was bad in law because the proper and reasonable opportunity of hearing was not granted. According to the argument the impugned petition was filed on 27.05.2019 which was never communicated or served upon the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esponse also non-attendance. 5. On 31.07.2019 the second letter addressed by Financial Creditor along with Company Petition to the Partners of the Corporate Debtor as well as the Corporate Debtor. 6. On 02.08.2019 the copy of the second letter and the Company Petition was duly received by all the partners of the corporate debtor. 7. On 06.08.2019 the copy of the second letter the Company Petition was received by the Corporate Debtor. 8. On 27.08.2019 the affidavit proving service filed by the Financial Creditor. 9. On 28.08.2019 the matter listed for hearing when the Advocate for Corporate Debtor sought to file reply/vakalatnama ( After 3 months) 10. On 30.08.2019 an order was passed by the Hon'ble Tribunal "Admitting" the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on on the next date of hearing, otherwise strict legal action will be taken against the defaulters. 4. Due compliance of serving to be reported to this Bench along with evidences on 28.08.2019." 8. When the matter was called on 28.08.2019 neither the Respondent (Corporate Debtor) nor a duly authorized representative was present. Under the circumstances when the respondent debtor remained absent; although opportunities were granted, the Bench had no option but to proceed as per the provision of Insolvency Code. Section 7 (4) the Insolvency Code has prescribed a time limit of 14 days. The Adjudicating Authority on receipt of application shall ascertain the existence of 'default' within 14 days and under Section 7 (5) on satisfaction that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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