TMI Blog2017 (6) TMI 1302X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition admitted - moratorium declared. - CP (IB) NO. 507/CB/2017 IND/1523/CB/2017 - - - Dated:- 6-6-2017 - Anantha Padmanabha Swamy And Ch. Mohd. Sharief Tariq, Judicial Member P.H. Arvindh Pandian and Anant Merathia, Sr. Counsel for the Appellant. A.K. Mylsamy, Sr. Counsel for the Respondent. ORDER Ch. Mohd. Sharief Tariq, This petition has been filed under section 9 of the I B Code, 2016. The applicant is the operational creditor. The notice u/s 8 that has been given to the corporate debtor that is placed at Page 11 Vol-I of the type set to the application, wherein total demand to the tune of ₹ 24,80,33,430/-has been made. Reply to this notice has been given by the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been annexed to the application clearly provides that the person signing the application is well acquainted with the facts of the case and has been authorised to present the application on behalf of the operational creditor. The learned counsel appearing for the applicant has produced a copy of Board resolution dated 15.03.2017 which confirms that due authority has been given to sign the application. In relation to the second objection that the Director has no authority to give the notice to the corporate debtor without any backing of the Board resolution, the counsel for petitioner has drawn our attention to the decision of the Hon'ble High Court of Mumbai, titled Alcon Electronics (P.) Ltd. v. Celem S.A., 2015(1) Mh.L.J. Under pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, relied upon by the applicant are not genuine and they are different from the previous invoices. However, the counsel for respondent fairly admitted that some of the debts are outstanding which requires single sitting of both the parties to settle the same by amicable means, which appear to be an after-thought idea. 4.1 Keeping in view the totality of the circumstances and having been satisfied that all the requirements under law have been fulfilled by the operational creditor for pressing section 9 of I B Code, 2016, we hereby allow the application and 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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