TMI Blog2017 (9) TMI 535X X X X Extracts X X X X X X X X Extracts X X X X ..... English Act talks of inability to pay debts if in execution or other process issued on a judgment, decree or order of any Court in favour of a Creditor of the Company is retuned unsatisfied in whole or part then a Company is deemed unable to pay its debts. A seemingly similar expression has been used in Section 3(12) of the Code describing it as default which can be read with Section 6 of the Code. Once there is a default then according to Section 123(1) of the English Act in cases of such like default a Company is deemed unable to pay its debts. The expression default is wider than inability to pay. Therefore, it takes into its sweep the cases where default has occurred irrespective of anything else. Therefore, we find that it is a fit cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Narayana, Additional District Judge, Shahdara District, Karkardooma Court, New Delhi. The total principal amount is ₹ 11,07,954/- and rest of the amount has been calculated @ 18% interest and the cost. 4. It is appropriate to mention that before filing the instant petition the petitioner has filed a petition under Sections 433(e), 434 439 of the erstwhile Companies Act, 1956 before the Hon'ble Delhi High Court. On account of notification No. D.L.- 33004/99 dated 07.12.2016 issued by the Ministry of Corporate Affairs the petition was transferred to this Tribunal and thereafter compliance has been made by the petitioner in accordance with various notification and the provisions of the Code, 2016. 5. In partial fulfilment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount Drawn on 1. 086296 27/05/2014 ₹ 3,00,000/- Mahamedha Cooperative Bank, Ghaziabad 2. 086300 28/05/2014 ₹ 5,00,000/- 3. 087760 29/05/2014 ₹ 4,17,954/- All the aforesaid cheques were dishonoured and returned unpaid for the reasons 'funds insufficient'. The petitioner contacted the respondent to make the payment on one pretext or another. 7. A legal notice dated 10.06.2014 did not evoke any response from the respondent resulting in filing of suit under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the defendant that there are many triable issues which cannot be decided without leading evidence, the fact remains that not a single issue could be demonstrated by the defendant which require leading of evidence. 10. In the entire circumstances, I do not find any merits in the application under Order 37 Rule 3(5) CPC moved on behalf of the defendant. The facts disclosed by the defendant do not indicate any substantial defence available to the defendant. The grounds for seeking leave to defend the suit are frivolous and practically moonshine. The application under Order 37 Rule 3(5) CPC is without any merits and is accordingly dismissed. 11. Accordingly, the suit of the plaintiff is decreed with cost. The defendant is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngland is relevant in this regard. Section 123(1) of the English Act talks of inability to pay debts if in execution or other process issued on a judgment, decree or order of any Court in favour of a Creditor of the Company is retuned unsatisfied in whole or part then a Company is deemed unable to pay its debts. A seemingly similar expression has been used in Section 3(12) of the Code describing it as default which can be read with Section 6 of the Code. Once there is a default then according to Section 123(1) of the English Act in cases of such like default a Company is deemed unable to pay its debts. The expression default is wider than inability to pay. Therefore, it takes into its sweep the cases where default has occurred irrespective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. 13. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 19, 20 21 of the Code. He must follow best practices available in the discipline of Insolvency even borrowing from others jurisdiction provided such practices are suitable to the conditions of this Country. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management ..... X X X X Extracts X X X X X X X X Extracts X X X X
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