9911796707
TMI Blog2022 (7) TMI 771X X X X Extracts X X X X X X X X Extracts X X X X ..... paid amount of Rs. 32,72,03,256/-. The Corporate Debtor further in its written submissions dated 24.03.2022 have raised an issue that rental dues or dues under a leave and license agreement cannot be considered as an operational debt. In view of the above facts and circumstances and breach of the settlement agreement by the Corporate Debtor further the existence of debt and default has been proved by the Operational Creditor and at the very outset the Corporate Debtor has accepted it s liability in view of its Settlement Agreement thereby acknowledging its liability which is due and payable against the facilities extended by the Operational Creditor - Further the Corporate Debtor has also nothing stated on the merits of the case nor has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to approach the Tribunal in case of breach of the settlement terms. 3. Thereafter, the Operational Creditor filed MA 2649 of 2019 seeking revival of the Company Petition. Pursuant to the said MA this Tribunal vide Order dated 18.10.2019 passed stern observations and held that : Learned Counsel appearing on behalf of the Operational Creditor has informed that the consent was recorded Vide Order of 13.04.2019 however there was default in payment as agreed upon. Therefore, the defaulter be punished under the provisions of the Code. All the directors of defaulter I.e. the Corporate Debtor is to be present in person on the next date of hearing so that the next course of consequence of default be communicated to them. Directed to be prese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oring. Findings : 7. It is seen from the records that the Company Petition 2430/2018 was disposed of as withdrawn vide Order dated 30.04.2019 in view of the settlement terms as entered between the parties. The said Order also granted liberty to the Operational Creditor to mention the said CP in case of breach of the settlement terms. Further the Operational Creditor had sent demand notice dated 25.05.2018 under section 8 of the Code for unpaid amount of Rs. 32,72,03,256/-. The Corporate Debtor further in its written submissions dated 24.03.2022 have raised an issue that rental dues or dues under a leave and license agreement cannot be considered as an operational debt. A similar set of issue fell for consideration before Hon ble N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce it is clear that the liability to repay falls on the Corporate Debtor. 10. For the foregoing reasons, the above Company Petition is liable to be admitted, and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -2430 (MB)/2018 is hereby admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Sahara Hospitality Limited. b. In view of the above IA 2417/2020 is allowed and disposed of. Further it is seen from the records similar IA No. 2649 of 2019 was filed by the Operational Creditor praying to revive the Company Petition and initiation of CIRP against the Corporate. Since the Company Petition is revived and admitted, IA No. 2649 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. g. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. h. That the order of moratorium shall have effect from the date of pronouncement 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. i. That the public announcement of the corporate i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
