TMI Blog2019 (10) TMI 1339X X X X Extracts X X X X X X X X Extracts X X X X ..... alleged outstanding amount rather to justify to initiate CIRP in respect of the Corporate Debtor. Moreover, the Respondent has also agreed to pay the agreed amount in three instalments and also paid part payment. It is a settled position of law that the provisions of Code cannot be invoked for recovery of outstanding amount but it can be invoked to initiate CIRP for justified reasons as per the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erational Creditor), U/s 9 of the I BC, 2016, R/w Rule 6 of the I B(AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/s.Deccan Charters Pvt. Ltd (Corporate Debtor), on the ground that the Corporate Debtor has committed default of the Principal amount of ₹ 30,56,111/- (Rupees Thirty Lakh Fifty Six Thousand One Hundred Eleven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 10.10.2019, by inter alia stating that the Corporate Debtor has agreed to pay the Operational Creditor the due amount of ₹ 38,37,905/- (in equivalent US Dollars) in three equal monthly instalments of ₹ 12,83,903.72/- each (in equivalent US Dollars). Towards this, the first instalment of ₹ 12,83,903.72/- has been paid on 28.08.2019 by way of electronic transfer. Therefore, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vate Limited Vs. Kirusa Software Private Limited (2018) 1 SCC 353 , has inter alia, held that IBC, 2016 is not intended to be opinion that the Petitioner failed to justify that the instant petition is filed to initiate CIRP in respect of the Corporate Debtor, which is the main object of the Code and thus it is liable to be dismissed. 6. In the result, C.P. (IB) No. 151/BB/2019 is hereby dismiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
