TMI Blog2020 (5) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... cial Member And Anil Kumar B, Technical Member For the Appellant : C. Kathir, Adv. For the Respondent : C.P. Hem Kumar, Adv. ORDER R. VARADHARAJAN, JUDICIAL MEMBER This Application has been filed under section 9 of the Insolvency Bankruptcy Code, 2016 ( hereinafter referred to as IBC, 2016 ) by M/s. Tradex Shipping Co (P) Ltd. (hereinafter called as Operational Creditor ) for the purpose of initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Meru Shipping Lines Pvt. Ltd. (hereinafter called as Corporate Debtor ). 2. Part-I, of the Application discloses the fact that the Petition has been filed by a Private Limited Company. Part-II of the Application gives all the particulars of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Corporate Debtor is the owner and party interest in the Vessel M.V. Jai Vekkali Meenakshi (now named as M.V. Shakthi). It is submitted that the Operational Creditor has entered into a Technical and Crew management agreement dated 28-09-2009 with the Corporate Debtor for providing technical and crew supply to the personnel management and arising out the said Agreement, a sum of ₹ 81,88,793/- became due and payable to the Operational Creditor and consequent thereto, the Operational Creditor has filed C.S. No. 440 of 2011 before the Hon'ble High Court of Madras and obtained an order of arrest of the Vessel, M.V. Shakthi. 6. The Learned Counsel for the Operational Creditor submitted that the Corporate Debtor entered into a M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d under these circumstances, the Operational Creditor has filed the present petition to initiate the CIRP against the Corporate Debtor. 8. The Learned Counsel for the Corporate Debtor submitted that the present petition filed by the Operational Creditor claiming a sum of ₹ 57,88,773/- is due and payable by the Corporate Debtor is not supported by any document. It was submitted that the amount was crystallized through the Compromise Memo, wherein a sum of ₹ 40 Lakhs was arrived at full and final settlement and out of the said sum, a sum of ₹ 24 Lakhs was paid to the Operational Creditor by adjusting the deposit which was held with the Bank of Baroda and for the remaining sum of ₹ 16 Lakhs post dated cheques were is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that in the event of a failure to honour the compromise terms then only a suit can be filed and not otherwise. 11. Heard both sides and perused the documents including the pleading placed on record. A bare perusal of the Petition filed by the Operational Creditor would show that the Operational Creditor has filed the present petition with a sole purpose to execute the decree passed by the Hon'ble High Court of Madras in C.S. No. 440 of 2011. Apart from the decree obtained from the Hon'ble High Court of Madras, the Operational Creditor has not placed reliance on any other documents. This Authority is required to take serious note of these type of petitions being filed by the Operational Creditor for the sole purpose of the execu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing paid to the Operational Creditor by the Corporate Debtor by adjusting the deposit lying with the Bank of Baroda and for the remaining sum of ₹ 16 Lakhs, it is of one Mr. A. R. Krishnamurthy who has given six post dated cheques and it is evidently clear that cheques were not issued in the name of the Corporate Debtor. Further, in case of non payment, it was agreed between the parties, that the Plaintiff is at liberty and leave to file a fresh suit as against the Defendant for the balance amount payable. 14. It may not be out of place to mention here that, the cause of action for the Operational Creditor appears to be breach of the Memo of Compromise entered into between the parties and if such is the case, there is no justificat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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