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M/s. Consolidated Construction consortium Limited Versus M/s. VA Tech Wabag Limited

2017 (11) TMI 689 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAI

Corporate Insolvency Resolution Process - Held that:- We order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. - We appoint Mr. Pathukasahasram Raghunathan Raman, as IRP, who has been proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take ch .....

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the I&B Code, 2016. - The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. - The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporat .....

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his is in continuation to the Order dated 14.09.2017 passed by this Bench in CP/539/(IB)/CB/2017 titled M/s. Consolidated Construction Consortium Ltd. v. VA Tech Wabag Ltd.. 2. On 11.09.2017, after hearing the Counsels for the Operational Creditor and Corporate Debtor, the matter was reserved for orders. On 14.09.2017, a detailed Order was passed. The operative portion of which reads as follows :- The Operational Creditor has fulfilled all the requirements of law and this Bench is of the view th .....

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rtunity should be given to the Corporate Debtor to settle the dues. The principal amount claimed by the Operational Creditor is ₹ 1,50,13,529/-. The above mentioned amount along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor in the instant case, may be paid. Accordingly, the Corporate Debtor is given an opportunity to settle the outstanding amount within 15 days from the date of receipt of copy of this Order failin .....

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amount to the tune of ₹ 1,50,13,529/- along with interest, if any, as provided for in the agreement entered into between the Operational Creditor and Corporate Debtor. Accordingly, the matter was directed to be posted to 03.10.2017 for reporting settlement or for passing necessary order. 4. However, the matter was listed on 05.10.2017 before this Bench whereon both the Counsels for the parties were present and prayed for adjournment. Accordingly, the matter was adjourned for further hearin .....

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ich appears to be contrary to what he had submitted during final hearing on 11.09.2017 i.e. in case this Bench proposes to admit the Application, the Corporate Debtor may he given an opportunity to settle the amount in dispute . However, the Counsel for the Operational Creditor did not agree to the submissions made by the Sr. Counsel for the Corporate Debtor, and submitted that the principal amount along with interest, which may be fixed by this Bench should be paid by the Corporate Debtor. But, .....

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its, which is patently feeble legal arguments and assertion of fact unsupported by evidence. It was established that the Corporate Debtor has committed default in making payment of outstanding debt to the Operational Creditor which further has been fortified by the admission of 50% of the principal amount, which the Sr. Counsel for the Corporate Debtor wanted to pay during the hearing held today, but the other side did not agree. 7. In the light of the above, CP/539/(IB)/CB/2017 is admitted and .....

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P is also directed to cause public announcement as prescribed under Section 15 of the I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 9. We declare the moratorium which shall have effect from the date of this Order till the completion of corporate insolvency resolution process, for the purposes referred to in Section 14 of the I&B Code, 2016. We order to prohibit all of the .....

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