TMI Blog2019 (9) TMI 1023X X X X Extracts X X X X X X X X Extracts X X X X ..... declared. - C.P. (IB) No. 227/BB/2018 - - - Dated:- 11-3-2019 - SHRI RAJESWARA RAO VITTANALA, MEMBER (J.) AND DR. ASHOK KUMAR MISHRA, MEMBER (T) For The Petitioner : Mr G.K. Jain, PCA For The Respondent : Shri N. Gowtham Rahunath alongwith Ms. Misha Thomas, Ld. Counsels ORDER Per : DR. ASHOK KUMAR MISHRA, MEMBER (TECHNICAL) Heard on: 03.12.2018, 18.12.2018, 23.01.2019 and 08.02.2019 Dr. Ashok Kumar Mishra, Technical Member. - C.P(IB)No. 227/BB/2018 is filed by M/s. Om Industries Corporation, (Petitioner/Operational Creditor), u/s. 9 of the Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of the Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. That the Applicant/Operational Creditor served a Demand Notice dated 22.09.2018 under Section 8 of the Code along with all supporting documents as mentioned therein and demanded: i. Repayment of Operational debt in the form of Remittance of ₹ 66,87,540/- within 10 days from the date of receipt of Demand Notice. ii. To inform about existence of a dispute, if any, and record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice. e. That the Operational Creditor received a reply dated 8.10.2018 from the Corporate Debtor and the Operational Creditor stated that the Corporate Debtor: i. Has not denied the claim of the Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent. 3. Learned Counsel for Respondent/Corporate Debtor has filed Statement of Objections dated 07.02.2019, whereby the Respondent/Corporate Debtor has acknowledged the Debt payable to the Applicant/Operational Creditor the balance of outstanding amount of ₹ 49,08,042/- as on 31.03.2018 against the claim made by the Operational Creditor of ₹ 66,87,540/-. The Corporate Debtor has not accepted the claim of the interest amount of ₹ 17,79,498/-. The Corporate Debtor has also submitted that it does not have any intent to willfully default with respect to the sum payable to the Operational Creditor. The filing of this Petition by the Operational Creditor under the Insolvency Bankruptcy Code has resulted in grea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the Code. The Hon ble Supreme Court in the case of Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. (2018) 1 SCC 353, has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. The Hon ble Supreme Court in B.K. Educational Services (P.) Ltd. v. Parag Gupta Associates (2018) SCC Online SC 1921, has, inter alia, held that provisions of Limitation Act will apply to proceedings or appeals before NCLT/NCLAT. Section 238A of the Code make provisions of Limitation Act would apply to proceedings under the Code. In another latest judgment rendered in Transmission Corpn. of A.P. Ltd. v. Equipment Conductors Cables Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt or raise the existence of any dispute with respect to the goods supplied by the Operational Creditor. Further, it appears that the financial condition of the Corporate Debtor is not healthy, as it is not in a position to release the payment against the admitted liability. Accordingly, this Tribunal while reserving the orders on 08.02.2019, had also advised both the parties with liberty to settle the issue and the parties were given an opportunity to file a Joint Memo, if the parties decided to settle the issue. However, the Operational Creditor has confirmed by e-mail dated 26.02.2019 as follows: This is with reference to the telephonic conversation this morning regarding the cited subject. The cited matter was argued o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by admitted with the following directions: i. Appoint Mr. Addanki Haresh, Insolvency Resolution Professional having office at No. 36/1. 2nd Floor, Munivenkatappa Complex, Bellary Road, Ganganagar, Bangalore - 560032, bearing IP Registration No. IBBI/IPA-001/IP-P-01064/2017-2018/11757, to conduct CIRP. ii. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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