Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2018 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 1958 - AT - Insolvency and BankruptcyCIRP Process - Application for clarification as to how the period of 180 days to be computed of completing the ‘Resolution process’ - common Appellant has taken the plea that as per agreement reached between the parties, they have agreed to be governed by English law and, therefore, the Respondent was barred from initiating the proceeding under ‘I&B Code’ - HELD THAT:- Such plea cannot be accepted in view of substantive provisions of ‘I&B Code’ as it is always open to the Respondent to file application under Section 9 of “I&B Code’, if there is debt and default. Merely because there is a provision of arbitration in the agreement, cannot be ground to hold that there is an existence of dispute. The other ground taken by the Appellant is that the Respondent was to prove the payment. A plea has been taken that all the transactions entered between the parties within the credit cycle of 180 days which is still substantive in view of invoices and, therefore, no amount is due as on date - HELD THAT:- Such plea cannot be accepted in view of the fact that there is an admitted debt in pursuance of invoices raised by Respondent, the Appellant has not paid the amount and defaulted. The Corporate Insolvency Resolution Process initiated stands restored - Time consumed because of pendency of appeals before this Appellate Tribunal and the Hon’ble Supreme Court be excluded for the purposes of counting the period of 180 days/270 days. The Resolution Profession will continue from the stage it was stopped due to order of this Appellate Tribunal.
|