Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 610 - AT - Insolvency and BankruptcyInitiation of CIRP - Operational Debt - NCLT admitted the application - Recovery Forum for Unpaid Dues - existstence of a ‘Dispute’ - Appellant contends that the amount, claimed to be in default’, is based on the ‘Memorandum of Compromise’ and further that the ‘Claim’ of the ‘Respondent’, based on the unpaid ‘Instalments’, under the ‘Memorandum of Compromise’, is not to be considered as an ‘Operational Debt’. - HELD THAT:- In the present case, the ‘Defaults’, took place in the year 2018 and later in the year 2019, with a promise to effect payments, by October 2019, prior to the ‘Covid-19 Pandemic’, in March 2020. Apart from that, the ‘Appellant’, in the instant ‘Appeal Memorandum’, had tacitly admitted that, till date, a payment of Rs.2,00,00,000/-, was made in favour of the ‘Respondent’ by the ‘Appellant’ and ‘UDL’ as against the ‘Outstanding Sum’ of Rs.5,25,00,000/-, which was admitted by the Respondent. Therefore, the ‘Balance Outstanding Sum’, payable was Rs.3,25,00,000/-. In the instant ‘Appeal Memorandum’, the ‘Appellant’, has expressed a desire to make payment, but the same is not accepted by the ‘Respondent’, because of the fact that, inspite of ample opportunities and time granted, the ‘Appellant’, has not made payment, in respect of ‘Outstanding Principal Amount’ of Rs.2.05 Crores, barring the ‘Outstanding Interest factor’, as opined by this ‘Tribunal’. There is no material brought on record on the side of the ‘Appellant’, to exhibit, the ‘Existence’ of a ‘Preexisting ‘Dispute’, in regard to the ‘Interest’. In fact, the ‘Memorandum of Compromise’, dated 30.04.2019 is a document, filed in support of the Section 9 ‘Application’, before the ‘Adjudicating Authority’, by the ‘1st Respondent / Operational Creditor’, to establish an ‘Acknowledgement of Debt’, by the ‘Appellant / Corporate Debtor’. The act of ‘Admitting’ the Section 9 ‘Application’, by the ‘Adjudicating Authority’, as per Section 9 (5) of the Code, is free from any ‘Legal Infirmities’. Resultantly, the instant ‘Appeal’ fails.
|