TMI Blog2020 (4) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... is situated within the State of Tamilnadu, amenable to its territorial jurisdiction, this Authority deem it fit to admit the instant Application and to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. The Application as filed by the Operational Creditor is required to be admitted under section 9(5) of the IBC, 2016 - application admitted - moratorium declared. - IBA/1052/IB/2019 - - - Dated:- 11-2-2020 - R. Varadharajan, Judicial Member And Anil Kumar B, Technical Member For the Applicant : C.T. Murugappan, Counsel For the Respondent : Keerthikiran Murali, Counsel ORDER R. VARADHARAJAN, JUDICIAL MEMBER. 1. This Application has been filed invoking the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... across various press, TVs and Radios for the brand 'Abirami Rice'. Part V of the said Application discloses the documents on which the Applicant seeks to rely its claim as made in Part IV of the Application. 3. Perusal of record of proceedings as available shows that upon notice, the Corporate Debtor has duly entered appearance through its Counsel and no reply has been filed as on date by the Corporate Debtor, and in the said circumstance, the matter was heard by this Tribunal and upon representation by the Learned Counsel for the Corporate Debtor who has submitted that even though efforts were made by the Corporate Debtor to settle the matter as between the Corporate Debtor and the Operational Creditor and with other creditors s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor defaulted the payment of a sum of ₹ 2,74,86,933/- in terms of the Letter of Agreement dated 8-7-2016, a Notice of Termination dated 17-4-2019 was issued by the Operational Creditor to the Corporate Debtor terminating the Agreement dated 8-7-2016 with immediate effect, the copy of which is placed at page 50 of the typed set filed with the Application. Despite the termination of the said Agreement dated 8-7-2016 and calling the Corporate Debtor to settle the outstanding amount due to the Operational Creditor along with the interest, no amount was forthcoming. 7. In the said circumstance, the Demand Notice under section 8 of the I B Code, 2016 dated 5-6-2019 was issued to the Corporate Debtor to the address as given in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is evident that the claim as made by the Operational Creditor is within the prescribed period of limitation of 3 years. The claim amount as made in the Application is also in excess of ₹ 1,00,000/- being the statutory minimum amount fixed under section 4 of the I B Code, 2016 for approaching this Tribunal by the creditors, in the instant case by Operational Creditor and further in relation to the Corporate Debtor the registered office of which is situated within the State of Tamilnadu, amenable to its territorial jurisdiction, this Authority deem it fit to admit the instant Application and to initiate the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. 11. Thus taking into consideration the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 12. However, during the pendency of the moratorium period in terms of section 14(2) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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