Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (1) TMI 401 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Existence of dispute between parties - absence of grant of leave by this Tribunal while disposing of IA 1162/2019 - HELD THAT:- Execution of this MOU besides part compliance of the terms of this MOU since not in dispute, the MOU indisputably binds both the parties. When the Corporate Debtor under the above MOU had categorically agreed that in the event of any default in payment of any instalment by the Corporate Debtor, the Operational Creditor is entitled to initiate both civil and criminal proceedings against the Corporate Debtor including the reopening of the CP(IB) No. 463/9/HDB/2018 before the NCLT or filing of the fresh CP as the case may be", the Corporate Debtor is precluded under law from contending that as under the order in IA 1162/2019 this Tribunal did not expressly grant leave to the Operational Creditor, the present application is not maintainable. It may be stated that once the MOU is made a part of the Order it does not matter whether leave, if any, is expressly granted or not. Since the Operational Creditor has satisfied this Tribunal as to the existence of default and has been ensured that the present application is complete and no disciplinary proceedings are pending against the Proposed Interim Resolution Professional (IRP), the application is liable to be admitted. Application admitted - moratorium declared.
|