TMI Blog2020 (9) TMI 1114X X X X Extracts X X X X X X X X Extracts X X X X ..... rlier debts. Thus there is a running account between the two and the Corporate Debtor has given an undertaking that it has made arrangements for paying the debt and only requires some more time to settle the debt. The Corporate Debtor's plea that it be given some more time to repay the debt needs to be accepted, and the Respondent/Corporate Debtor be directed to settle the debt at the earliest in consultation with the Petitioner/Financial Creditor - Petition disposed off. - C. P. (IB) No. 412/BB/2019 - - - Dated:- 9-6-2020 - Rajeswara Rao Vittanala, Member (J) And Ashutosh Chandra, Member (T) For the Appellant : Saji P. John, Advocate Shashi Kiran Shetty, Sr. Advocate For the Respondent : Samarth Shreedhar, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Forty One Thousand Nine Hundred and Seventy Two only). 4. The Respondent through its Managing Director, Mr. S. Chandrashekar has filed Affidavit dated 28.01.2020, stating that the Company is a leading renewable energy developer in Karnataka, employing over 200 employees across its 21 power generation projects and having total revenue of ₹ 177.50 Crore. 5. It is submitted that various State Electricity Distributors owe ₹ 98,66,82,995/- to the Respondent. Copy of Sundry Debtors of the Company as on 20.01.2020 is annexed to the Petition. 6. It is admitted by the Respondent that the ICD has not been repaid within the stipulated period. However, the major secured creditor, L T Finance, is providing working capital funds to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oviding working capital funds, out of which its debts shall be repaid. It has already settled debts worth ₹ 36,81,38,388/- to several creditors who have approached this Tribunal. 12. It is also relevant to note that the Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited v. Kirusa Software Private Limited 2018 (1) SCC 353 has inter alia held that I B Code, 2016 is not intended to be a substitute to a recovery forum and cannot be used to jeopardise the financial health of an otherwise solvent company by pushing it into insolvency. The Corporate Debtor is a leading renewable energy developer in Karnataka, and employs over 200 employees across its 21 power generation projects, with a total revenue of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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