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TMI Blog2022 (4) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... lenged/set aside by the higher courts. Since Corporate Insolvency Resolution Process against the Corporate Debtor vide order dated 11.03.2022 is already initiated, and the Interim Resolution Professional has directed to initiate the proceedings immediately through paper publication to invite claims of all stakeholders, this application is disposed off with a direction to the applicant herein to file his claims before the IRP in the matter of M/s. Savute Textiles Private Limited, without any delay. In the event wherein, the admission order dated 11.03.2022 is set aside by any higher courts, the applicant herein is at liberty to revive this Company Petition. Application admitted. - CP (IB)/42/KOB/2021 - - - Dated:- 31-3-2022 - Ashok Kumar Borah, Member (J) And Anil Kumar B., Member (T) For the Appellant : Joseph Kodiyanthara, Senior Advocate, Abraham Joseph Markos, Issac Thomas, Alexander Jospeh Markos and Sharad Joseph Kodianthara, Advocates For the Respondents : Aswin Gopakumar, Anwin Gopakumar, Aditya Venugopalan, Anant Merathia, Ranghasayee, Dhanisha and Priyanka Varma, Advocates ORDER 1. This application has been filed under Section 7 of IBC by Shri. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uested the Applicant/Financial Creditor to extend further loans and accordingly, further loans were extended under MoUs dated 26.08.2019 and 13.11.2019. MoU dated 26.08.2019 3. It is further stated that the Draft Financial Statement for the year 2019-20 also reflects the amount of personal loan granted to the Corporate Debtor. Bank Statement of the Corporate Debtor also clearly shows deposits made by the Financial Creditor by way of loan granted by MoUs dated 26.08.2019 and 13.11.2019. Since the loan granted under MOU dated 21.10.2016 was a loan granted against fixed deposits of the Financial Creditor, the Corporate Debtor has not paid the interest amount due to the bank, the same was borne by the Financial Creditor totally to the tune of ₹ 1,01,70,066/-. The Financial Creditor was forced to close the account in question with the Bank as well. Therefore, there has been a clear default in payment of interest and any principal and since interest forms a part of the financial debt, there is a clear default on the part of the Corporate Debtor. 4. However, the present IBA was filed on 25.11.2021the defaults mentioned in the IBA are prior to 25.03.2020 and continuing defaults ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e interest. In the matter of Transmission Corporation of Andhra Pradesh Limited vs. Equipment Conductors and Cables Limited, (2019) 12 SCC 697, the Hon'ble Supreme Court referred to its earlier judgement in the case of Mobilox Innovations Private Limited v. Kirusa Software Private Limited, (2018) 1 SCC 353 and held that IBC is not intended to substitute a recovery forum and states that the Insolvency and Bankruptcy Code is not to be appropriated as a recovery mechanism. They have also stated that at no point the Applicant was forced or coerced to grant loans and he was well aware of the situation of the Corporate Debtor and the steps taken by the management to revive out of the financial distress. It is also stated that due to the financial constraints of Corporate Debtor the Applicant even made good the interest paid via assigning the insurance documents to the Applicant. The Respondent herein strives to settle the dispute in almost all possible ways. Further, they also stated that there is independent restructuring discussion with Canara Bank for reviving the Corporate Debtor and make good the loans of the Corporate Debtor. 9. The Respondent further stated that the Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a contract of guarantee to a corporate debtor. a) The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, as the case may be. b) That the public pronouncement of the Corporate Insolvency Resolution Process shall be made immediately as specified under Section 13 of IBC. 15. The Operational Creditor has suggested the name of Mr. Vijay Nirmal Kumar Jain for appointment as the Interim Resolution Professional. However, his name does not appear in the list published by the IBBI in respect of Kochi Bench for the period from 01.01.2022 to 30.06.2022, in case the application is admitted. Hence this Bench appoints Mr. BABU ABRAHAM KALLIVAYALIL, Registration No. IBBI/IPA-001/IP-P-02247/2020-2021/13406, (Email: [email protected]) Office at II FLOOR, MANCHU COMPLEX, P.T. USHA ROAD, KOCHI, Above Bapus Baby Shop, Ernakulam, Kerala, 682011 from the panel of IP's for appointment as IRP for the Kochi Bench for the period from 01.01.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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