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TMI Blog2022 (5) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... bt' and 'default' on the part of the Corporate Debtor is proved beyond reasonable doubt and under the said circumstances, there are no other option available, than to initiate Corporate Insolvency Resolution Process as against the Corporate Debtor. Since the present Petition is admitted, the restraining order passed against the property situated Arcot Road, comprised in T.S. No. 5/11, stands intact. Application admitted - moratorium declared. - TCP/141/IB/2017, MA/259/2018 in TCP/141/IB/2017 and MA(IBC)/7(CHE)/2022 in TCP/141/IB/2017 - - - Dated:- 28-4-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : Vivek Kohli, Senior Advocate and Sandeep Bhuraria, Advocate For the Responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e: 3. MA(IBC)/7(CHE)/2022 has been filed by the Corporate Debtor seeking relief as follows; a. To raise order of Attachment dated 19.08.2019 over the schedule property on deposit or direct paying JPY 30 million to the Operational Creditor as directed by the Hon'ble Tribunal and to communicate the order to the Sub Registrar of Virugambakkam to record necessary endorsement in its Registers. b. Pass such further orders as this Hon'ble Tribunal may deem fit and proper in the circumstances of the present case 4. It was submitted by the Learned Counsel for the Operational Creditor that as per the Settlement Agreement, the Corporate Debtor is bound to pay an amount of 65 Million Japanese Yen to the Operational Creditor and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by this Tribunal. The revival petition came to be allowed by this Tribunal vide order dated 03.01.2022 and TCP/141/2017 was taken on file by this Tribunal. 7. Heard the submissions made by the Learned Counsel for the Operational Creditor. It is seen from the records that already a Settlement Agreement was entered into between the parties on 25.07.2017 in and by which the Corporate Debtor is liable to pay a sum of 65,000,000 JPY on or before September 2018. There is no dispute in relation to the same. However, it is seen from the record of proceedings that the Corporate Debtor has violated the terms of the said settlement Agreement and seeking time to settle the matter. Hence, the 'debt' and 'default' on the part of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 24.09.2022. 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 relation to the Corporate Debtor in terms of the provisions of IBC, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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; 12. 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 manage the operations of such Corporate Debtor as a going concern, then t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 15. 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. 16. The IRP shall comply with the provisions of Sections 13(2), 15, 19 18 of the Code. The Directors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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