Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 1264 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Time limitation - HELD THAT:- There was OTS proposal dated 28.02.2018 (page 389) between the FC and the CD. From the said proposal it appears that the proposal was sent by the CD on 19.02.2018 for one time settlement of the financial debt. It was considered and accepted by the FC with regard to the existing liability subject to the terms and conditions as contained in the Annexure to the said OTS Proposal dated 28.02.2018. This OTS Proposal has been accepted along with all the terms and conditions by the authorised signatory of the CD - Since the Balance Sheets for Financial Year 2017-18 clearly show the secured borrowings from the Financial Creditors, which constitutes acknowledgment of debt, there are no merit in the contention of the CD as regards the point of limitation. Accordingly, the argument that the petition is filed belatedly and it is barred by limitation, is dismissed. Further the Corporate Debtor has signed and acknowledged One Time Settlement dated 28.02.2018 (page 389) along with its Annexure describing the liability of the CD. The said documents have not been controverted by the CD. However, the OTS Proposal was not complied with by the CD and they failed to pay the OTS amount within the stipulated period and thereby committed a default, as a result of which the OTS was revoked by the FC on 07.06.2018. This Adjudicating Authority admits this petition under section 7 of the IBC, 2016 - petition admitted - moratorium declared.
|