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TMI Blog2022 (10) TMI 925X X X X Extracts X X X X X X X X Extracts X X X X ..... king admission of the application, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon against the Corporate Debtor, alleging that the Corporate Debtor had failed in discharging the debt of an amount of Rs. 5,60,088/- (Rupees Five Lakhs Sixty Thousand Eighty Eight only) which includes Principal of Rs. 3,58,143/- and MSME interest of Rs. 2,01,945/- as on 10.01.2020 i.e. the date of Demand Notice. The principal and interest calculation sheet is filed at page No. 32 of the application; and also praying to pass order for cost of Rs. 2,00,000/- since the Corporate Debtor accepted a settlement in 2019 but has not released a sin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Meeting held on 30.07.2019 admitted the liability towards its debt of Rs. 4,83,025/-, which includes principal amount of Rs. 3,58,143/- and interest of Rs. 1,24,882/-. The Corporate Debtor issued two post dated cheques, vide Cheque No. 000889, dated 31.10.2019, for Rs. 3,58,143/- towards principal amount and Cheque No. 000891 dated 31.12.2019 for Rs. 50,000/- towards lumpsum interest as agreed by both the parties. A copy of the Minutes of the Meeting dated 30.07.2019 enclosing the copies of the above post-dated cheques were filed at page Nos. 45 to 47 of the application. 7. Settlement agreement was not submitted by the Corporate Debtor even when agreed. Due to no one being present, C.P. No. 328/9/HDB/2019 was dismissed by the Hon'b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... above Company Petition CP(IB) No. 301/9/HDB/2020 has been reserved for orders. 11. In the above undeniable factual backdrop, where Form-3 demand notice dated 10.01.2020 issued by the Operational Creditor demanding the Corporate Debtor to pay the total outstanding debt amount of Rs. 5,60,088/- has not been responded despite receipt, coupled with the undisputed fact of glaring breach of the agreed terms in the minutes of the meeting held on 30.07.2019 where under the Corporate Debtor has unconditionally accepted to discharge the operational debt of the Operational Creditor herein in parts, unlike in other matters filed under section 9 of I & B Code, enquiry as to the existence of an operational debt and its default by the Corporate Debtor in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute?" "If any one of the aforesaid conditions is lacking, the application would have to be rejected." (Emphasis is ours). 15. In so far as the prayer for costs claimed by the Operational Creditor on the plea that the operational creditor was put to hardship and inconvenience by the Corporate Debtor besides the travelling cost incurred by the Operational Creditor for traveling from Mumbai to Hyderabad for attending the physical hearings before the NCLT, Hyderabad is concerned, liberty is given to the Operational Creditor to make a claim before the IRP and IRP to consider the same as per the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st him. He shall file his written communication and all relevant papers immediately before the Registrar of this Adjudicating Authority but not later than three days. 19. Hence, the Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with the following directions:- i. Corporate Debtor, M/s. Lotus Poly Packs (India) Private Limited. is admitted in Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency & Bankruptcy Code, 2016. ii. The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vi. That the order of moratorium shall have effect from the date 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, whichever is earlier. vii. The Petitioner is directed to deposit a sum of Rs. 2,00,000/- (Rupees Two Lakhs Only) with the Interim Resolution Professional within three days from the date of this Order to meet out the expenses and his fee to perform the functions assigned to him in accordance with Regulation 6 of IB ..... X X X X Extracts X X X X X X X X Extracts X X X X
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