TMI Blog2019 (8) TMI 431X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency) No. 789 of 2018 - - - Dated:- 14-5-2019 - Mr S. J. Mukhopadhaya, Chairperson, Mr A. I. S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Mr. Kripa Shankar Prasad, Mr. T. Priyadarshini, Mr. Prabodh Kr. Singh, Ms. Vandana Yadav and Mr. A.N. Tiwari, Advocates For The Respondent : Mr. Dharmendra Kumar, Advocate for IRP. And Mr. Parth Kochata and Mr. Rohit Rathi, Advocate JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. The Corporate Insolvency Resolution Process was initiated against M/s. IAP Company Pvt. Ltd. - ( Corporate Debtor ) on 28th February, 2018 and order of Moratorium was pass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ks. 4. The case of the Appellant is as follows: The Corporate Debtor i.e., M/s. IAP Co. Pvt. Ltd. vide application dated 30th January, 2013 approached the Appellant- Canbank Factors Limited for availing factoring facilities for the conduct of its business. The Appellant- Canbank Factors Limited is a Financial Creditor which is engaged in the business of factoring and is governed by the Factoring Regulation Act, 2011 . Pursuant to the aforesaid application, the Appellant after due consideration and execution of various supporting documents including factoring cum pre-payment agreement on 30th May, 2013 as well as letter of guarantee dated 30th May, 2013 backed by power of attorney of the same date in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nless the written communication from the Corporate Debtor and the Financial Creditor jointly received. 6. Learned counsel for the Appellant submitted that the Insolvency Resolution Process in the present case was initiated vide order dated 28th February, 2018 in relation to the Corporate Debtor . Further, the Corporate Debtor had provided the absolute right to the Financial Creditor by executing the POA for recovery of all dues receivable from its customers. 7. It was contended that vide letter dated 23rd November, 2017,15th December, 2017 and 22nd December, 2017, the Appellant holds a statutory right towards the lien amount of ₹ 7,52,63,564/- and the Appellant/ Financial Creditor is enti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 is prepared in a balance sheet and not a Bank account record and thereby, cannot be relied upon. 11. Learned counsel appearing on behalf of the Resolution Professional submitted that despite the fact that the Appellant- Canbank Factors Limited has already filed a claim of ₹ 13.95 crores pursuant to the public announcement of Moratorium , the Appellant- Canbank Factors Limited continues to resort to such coercive measures of individual recovery during the period of Moratorium . 12. The Appellant has not brought on record their Bank Accounts wherein the amount collected were deposited. On the other hand, it has taken specific plea that by letters dated 23rd November, 2017, 15th December, 2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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