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2018 (3) TMI 1854

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..... n 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/39/(IB)/CB/2018 - Dated:- 12-3-2018 - Ch.Mohd Sharief Tariq, Member (Judicial) For Financial Creditor(s) : Sr. Counsel Mr. 0m Prakash For Corporate Debtor(s) : Sr. Counsel Mr. P.H. Arvind Pandian ORDER CH Mohd Sharief Tariq, Member (J) 1. Under adjudication is an Application that has been filed by M/S. Udhyaman Investments Private Limited (hereinafter referred to as 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 r/ w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/S. Tiffins Barytes Asbestos and Paints Limited (hereinafter referred to as  .....

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..... ate Debtor through their authorised signatory and Managing Director respectively. Under para 1 of the MOU, it has clearly been mentioned that the Financial Creditor has given a loan of ₹ 11,50,00,000/- on the request of the Corporate Debtor, the details of which are set out i the tabulated statement, which is reproduced below:- S.No Date NEFT/RTGS Amount (Rs) 1. 12.12.2012 A02373481 ING Vysya Bank, Bangalore Account No. 165011004229 5,00,00,000.00 2. 21.12.2012 A02373495 ING Vysya Bank, Bangalore Account No. 165011004229 2,00,00,000.00 3. 05.12.2013 ZC2677576 ING Vysya Bank, Bangalore Account No. 165011004229 4,50,00,000.00 Total 11,50,00,000.00 5. It has further been recorded in the said MoU that on reconciliation of accounts between .....

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..... MoU was filed before the Court on 13.08.2016, on the basis of which the accused Nos. 1 to 6 including the Corporate Debtor were acquitted of the offence punishable under Section 138 of the Negotiable Instruments Act, and the file was closed. The copy of the Order of Principal Civil Judge and JMFC, Bellary, is placed at page 142 of the typed filed with the Application. 7. Learned Sr. Counsel for the Financial Creditor has also referred to the communication dated 31.03.2017 which has been sent by the Managing Director Viz., Sriram Vedam to the Financial Creditor under which the balance of ₹ 23,23,58,399/- is shown payable to the Financial Creditor as on 31.03.2017, copy of the said communication is placed at page 90 of the typed set fi .....

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..... ccount and ₹ 4,50,00,000/- on 05.12.2013 through the company's Syndicate Bank Account in Bengaluru. However, the Learned Sr. Counsel for the Corporate Debtor has raised the issue that the MoU dated 16.04.2016 and admission of liability dated 31.03.2017 are fabricated documents. But, the Learned Sr. Counsel for the Corporate Debtor has not substantiated his claim by placing any evidence on record. 12. Learned Sr. Counsel for the Corporate Debtor has merely submitted that the judicial paper used for drawing up the terms and conditions of the said MoU has been purchased from India and was executed on 16.04.2016 at Tampa, Florida, USA and the margin witnesses are shown from Chennai and Bellary which are doubtful. But, he was unable to .....

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..... Suit against the Financial Creditor. In short, the defence that has been projected by the Corporate Debtor appears to be an afterthought, devoid of merits, and stands rejected. 16. Learned Sr. Counsel for the Financial Creditor has placed on record the documents as mentioned in the preceding paragraphs which are evidencing the default on the part of the Corporate Debtor in making the payments of the outstanding debt. The Applicatio filed by the Financial Creditor is complete in all respect. 17. In the light of the discussion made above, the arguments submitted by Learned Sr. Counsels for both the parties and having examined the pleadings, documentary evidence placed on record by both the parties, it has been ascertained that the Corporate .....

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..... ibunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of it assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 20. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium per .....

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