9911796707
TMI Blog2017 (6) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... e, hence deserve admission, we observe and find that there is no repayment of unpaid operational debt despite the invoices for payment were raised by the operational creditors and goods have been delivered to the corporate debtor in terms of its purchase and supply order, thus, the corporate debtor company is in default of making payments of the debts in respect of C.P. No. 13 of 2017, M/S J.R. Agro Industries Private Limited for Rs. 5,08,43,252/- in C.P. No. 14 of 2017 to M/S Abhi Agro Industries Private Limited for Rs. 28,59,514/- in C.P. No. 15 of 2017 to the M/s Jai Lakshmi Solvents Private Limited for Rs. 24,66,392/- in C.P. No. 16 of 2017 to M/s Arohul Foods Private Limited for Rs. and in C.P. No. 17 of 2017 M/s. Rungata Industries Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there is no assent of creditors / supplier concern including the present operational creditors/ and other sundry creditors, whose name are shown in the body Of the above MOU dated 19.05.2016. Under the sound Principle of Indian Contract Act and as per the illustration (C) given in Section 62 of the Act. It is also a settled legal proposition that a company is a legal person, while the definition of Insolvent person is given in under section 2 (8) of that a person is said to be Insolvent who has ceased to pay his debts in ordinary course of business or cannot pay his debts as they become due is declared to be insolvent. Whether he has committed an act of Insolvency and or not. Hence the present corporate debtor being a corporate person fall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision Of Hon'ble Madras High Court decision in the matter of Motorola India Pvt. Ltd. Vs. B P L Cellular Mobile reported in 2002 L. W. 315. It is also held that the present petition filed by the authorised signatory / managing Director of the operational creditor company and has further been ratified by the Board Resolution passed by the operational creditor companies is found to be in order in view of a Larger Bench decision of the NCLT, Kolkata dated 12.04.2017 passed in C.P. NO. 37 of 2017, ICICI Bank Ltd. Vs. Palogix Infrastructure Private Ltd. Further the Hon'ble Apex Court in the matter or National Institute of Technology Vs. Pannalal Chowdhary (reported in 2015 (11) SCC Page 669) has settled the legal position in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 of the I & B Code, 2016. ...6. A copy of this order shall be duly sent by the Registry to both the Corporate Debtor as well as to the 'Operational Creditor' as contemplated under the IBC, 2016. However, moratorium as contemplated under the provisions of Section 14, as extracted herewith shall also follow suit in relation to the Corporate Debtor. (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in nay count of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
