9911796707
TMI Blog2018 (2) TMI 2076X X X X Extracts X X X X X X X X Extracts X X X X ..... tional Creditor') against M/s. Surana Power Limited (in short, 'Respondent/Corporate Debtor') under section 9 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB Code 2016') r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, 'IB Rules 2016'). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition. 3. The petitioner/OC is a Private Limited Company incorporated under the Companies Act, 1956, having its registered office at No. 181, Linghi Chetty Street, Chennai-600001. Whereas the Respondent Company, is a Limited Company incorporated under the Companies Act, 1956, having its registered o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - and interest of Rs. 4,17,26,473/- calculated at the rate of 18% p.a for the period 31.08.2014 to 15.07.2017 along with demurrage charges Rs. 37,61,733/- and interest of Rs. 24,17,201/- calculated at the rate of Rs. 18% p.a for the period 20.12.2013 to 15.07.2017 and the Corporate Debtor has received the said notice, but they neither replied to the said notice nor made payments due to the Operational Creditor. Hence, the Operational Creditor have filed two petitions i.e CP. No. 646 of 2017 was filed by M/s. Gimpex Private Limited against M/s. Surana Power Limited and CP. No. 638 of 2017 was filed by M/s. Gimpex Private Limited against M/s. Surana Power Limited on 23.11.2017. The Respondent through their counsel appeared before the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent and in the circumstances, the respondent was proceeded ex-pate vide order dated 06.02.2018. The petitioner has also placed on record proof of sending notices and its deliveries and also filed an affidavit and bank statement under section 9(3)(b) and 9(3)(c) of I & B Code. The Petitioner has complied with all the requirements as stipulated under the provisions of the I&B Code, 2016 for the purpose of initiating Corporate Insolvency Resolution Process. 9. After hearing submissions of the counsel for the petitioner and having perused the record, this Adjudicating Authority is satisfied that the petitioner has proved by placing overwhelming evidence that default has occurred which the Corporate Debtor was responsible to pay. In relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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