9911796707
TMI Blog2018 (2) TMI 2076X X X X Extracts X X X X X X X X Extracts X X X X ..... ed - the said objection is not a valid ground of rejection of the instant petition. Application admitted - moratorium declared. - CP/646/(IB)/CB/2017 - - - Dated:- 19-2-2018 - K. Anantha Padmanabha Swamy, Member (Judicial) And S. Vijayaraghavan, Member (Technical) For the Petitioner/OC : Shri K. Raja, Advocate Shri K. Arun Pradeesh, Advocate for AVV Partners, /OC For the Respondent/CD : Shri P. Krishnan, Advocate Smt. P.V. Preeja, Advocate/CD. ORDER K. Anantha Padmanabha Swamy, Member (Judicial) 1. Under Consideration is a Company Petition filed by M/s. Gimpex Private Limited (in short, Petitioner/Operational Creditor ) against M/s. Surana Power Limited (in short, Respondent/Corporate Debtor ) under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,68,423/- on 01.12.2014 and Rs. 1,62,18,977/- on 17.12.2014 totalling to Rs. 3,14,87,400/- to the Operational Creditor. In the course of the business the petitioner has maintained a running account for the respondent. 6. It is further submitted that the petitioner after making several requests for settling the dues with the respondent and having waited for a long period of time for his legitimate dues, sent a Demand Notice dated 16.09.2017 as per the provisions under section 8 of the IB Code 2016 r/w Rule 5 of the IB Rules 2016 calling upon the respondent to make the payment of the unpaid operational debt of Principal Amount of Rs. 6,39,93,165/- and interest of Rs. 4,17,26,473/- calculated at the rate of 18% p.a for the period 31.08.2014 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stated that the above petition has to be dismissed in limine. It was contended that the information declared in Application in Form- 5, Part-1 to Part V is not correct and it is false. Further submitted that the quality of the imported Coal sold by the applicant was substandard and not the superior quality contracted for. 8. Before proceeding with the matter, it is necessary to mention that the respondent after Filing the counter have taken several adjournments saying that they intending to settle the matter but after some time the respondent failed to appear before the Adjudicating Authority. When there is no representation on behalf of the respondent and in the circumstances, the respondent was proceeded ex-pate vide order dated 06.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... website. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date the copy of this order is received, and call for submissions of claim in the manner as prescribed. 12. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process for the purposes referred to in Section 14 of the I B Code, 2016. It is hereby ordered to prohibit all of the following, namely: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ligation imposed under section 20 of the IB Code 2016 and perform all his duties strictly in accordance with the provisions of the IB Code 2016. 16. The Petitioner/OC as well as the Registry is directed to send the copy of this Order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of I B Code, 2016. 17. The Registry is also directed to communicate this Order to the Operational Creditor and the Corporate Debtor. 18. The address details of the IRP are as follows:- Shri. Ebenezar Inbaraj, Reg. No. IBBI/IPA-001/IP-P00754/2017-2018/11286 4D/4 Zam Palm Avenue, Alagiri Nagar 6 Strret, Vadapali, Chennai-600026 E-Mail: ebiad ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
