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TMI Blog2022 (4) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... the matter was passed over and was taken up again. During the next hearing on 01.04.2022, the matter was passed over due to non-representation of the Respondent and taken up later, however none represented the Respondent and no IA was filed for setting aside ex-parte order. Further, it is also pertinent to note that the default arising in the present Application is much later to the timeline prescribed under Section 10A of IBC, 2016. Under the said circumstances, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. Application admitted - moratorium declared. - CP/IB/43/CHE/2022 - - - Dated:- 19-4-2022 - Suchar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alingapuram Post Pollachi TN 642002. 4. From Part-III of the Application, it is seen that the Operational Creditor has not proposed the name of the Interim Resolution Professional (IRP). 5. From Part-IV of the Application, it is seen that the Operational Creditor has claimed a sum of ₹ 1,48,95,932/- as on 15.01.2022, comprising of principal sum of ₹ 1,22,91,317 and interest calculated @ 24% per annum amounting to ₹ 12,30,252/, calculated upto 15.01.2022, which is due and payable by the Corporate Debtor. The detailed computations of the debt owned is placed as Annexure II(G) of the Application typeset filed by the Operational Creditor. The date of default as averred in Part-IV of the Application is 22.12.2021. The det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The aggregate amount of such invoices is ₹ 1,22,91,317/-. Proof of receipt of goods by the Corporate Debtor placed on record. 9. It was submitted that the Corporate Debtor failed to pay the outstanding invoices as on 15/01/2022. As per the terms and condition of Sale Invoices, all late payments attract interest @ 24% PA. Such interest aggregates to ₹ 13,74,363/- upto 15/01/2022 and that the total amount outstanding along with interest is ₹ 1,48,95,932/-. 10. The Ld. Counsel for the Operational Creditor submitted that the Demand Notice u/s. 8 of IBC, 2016 dated 27/01/2022 was issued on the Corporate Debtor by the Operational Creditor. The same was received by the Corporate Debtor on 01/02/2022, however the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Interim Resolution Professional (IRP) from the panel of IRP recommended by IBBI for the period 01.01.2022 to 30.06.2022, upon verification from the IBBI website, it is seen that the Authorization for Assignment is granted to the said IRP till 05.12.2022. The proposed IRP who is appointed shall take forward the process of Corporate Insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 19, 18 of the Code and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot 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; 15. However, during the pendency of moratorium period in terms of Section 14(2) and 14(3) as extracted hereunder; (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and manag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 of the IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 19, 18 of the IBC, 2016 and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 19. The IRP shall comply with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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