Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 39 - NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH, HYDERABADMaintainability of petition - Initiation of Corporate Insolvency Resolution Process - default in repayment of amount - specific case of Financial Creditor is that the corporate debtor had paid only a sum of ₹ 1,60,00,000/- by way of instalments and there after committed default. If really corporate debtor paid over and above the sum of ₹ 1,60,00,000/- it could be proved through its accounts - HELD THAT:- Financial Creditor relied on letter from M/s. Intercontinental Infrastructure Limited which is party to the MOU stating that corporate debtor has not paid any amount to this company and if payment is not made within 7 days by corporate debtor the MOU stands cancelled. No amount was paid by corporate debtor to Intercontinental Infrastructure Limited in terms of MOU. The said MOU is deemed to have been cancelled. Corporate debtor cannot take any protection under this MOU which was deemed to have been cancelled due to its own default. Mere issue of notice for arbitration which is not constituted then corporate debtor can’t prevent Financial Creditor for initiating CIRP. The Financial Creditor has suggested the name of IRP who has filed consent in Form 2 and there are no disciplinary proceedings pending against proposed IRP - The Financial Creditor is able to establish debt which was due and default by corporate debtor which is ₹ 7, 88,15,181/- which includes interest. Petition admitted - moratorium declared.
|