TMI Blog2020 (9) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... ission of the CP i.e. prior to the date of initiation of CIRP proceedings against the corporate debtor-company - It is also not in dispute that from the date of initiation of CIRP and appointment of Interim Resolution Professional, the powers of the Board of Directors or the partners of the corporate debtor, as the case may be, shall stand suspended and be exercised by the Interim Resolution Professional. Since, admittedly, the subject transactions were made in respect of the services rendered or goods supplied prior to the initiation of CIRP, the same cannot be allowed to be sustained and the persons responsible for the said violation are liable to be proceeded with under Section 74 of the Code. However, taking a lenient view, we grant time to refund the money involved in the said transactions. Application is allowed with the following directions: - i.) Respondent Nos.1 to 4 are hereby directed to refund the money to the account of the corporate debtor, which has been received by them, within 30 days from the date of lifting of lockdown in the State of Punjab, imposed due to pandemic COVID-19 ii.) If Respondent Nos.1 to 4 failed to refund the money to the account of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a joint written statement and respondent Nos.3 and 4 have filed their respective replies to the instant CA. 4. Respondent Nos.1 and 2, who are the Suspended Directors of the corporate debtor, while not disputing the fact of admission of CP on 27.07.2018 and the effect of moratorium imposed under Section 14 of the Code, however, submit that they were not aware of admission of the CP as on the date of making of the said transactions in their favour and in favour of respondent Nos.3 and 4. They further, submit that even otherwise the said transfers/payments were not in violation of the moratorium, but the same were in accordance with the law. It is their case that with regard to payment of ₹8,50,000/- and ₹8,30,000/- effected on 30.07.2018 in favour of respondent Nos.1 and 2, is pertaining to their salary for the period from 01.03.2018 to 31.07.2018. Similarly, it is stated by them that payment of ₹3,60,000/- paid to respondent No.3, who is a Professional Consultant, was in the usual course of business of the corporate debtor. With regard to payment made to respondent No.4, it is stated that the same was for the purpose of supply of raw material to maintain the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or disposing of by the corporate debtor any of its 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; (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. [Explanation. For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority, constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional. (2) The interim resolution professional vested with the management of the corporate debtor shall- (a) act and execute in the name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any; (b) take such actions, in the manner and subject to such restrictions, as may be specified by the Board; (c) have the authority to access the electronic records of corporate debtor from information utility having financial information of the corporate debtor; (d) have the authority to access the books of account, records and other relevant documents of corporate debtor available with government authorities, statutory auditors, accountants and such other persons as may be specified and (e) be responsible for complying with the requirements under any law for the time being in force on behalf of the corporate debtor. 10. In Tata Motors Finance Limited Versus Jadoun International Pvt. Ltd. and Another; 2019 SCC OnLine NCLAT 754 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
