9911796707
TMI Blog2019 (4) TMI 1938X X X X Extracts X X X X X X X X Extracts X X X X ..... he has been attending the other Court, and therefore, prayed to set aside the ex parte order dated 20.03.2019. Accordingly, the ex parte order dated 20.03.2019 stands set aside. 3. Heard the representative for the Operational Creditor, Counsel for the Corporate Debtor and perused the record placed on file. 4. The Operational Creditor has claimed Rs. 26,09,064/- as outstanding as on 28.03.2011, which the Corporate Debtor failed to pay. 5. The brief facts of the case are that the Operational Creditor had supplied cork sheets and strips to the Corporate Debtor based on the Purchase Orders issued by the Corporate Debtor. Copies of the Purchase Orders are placed at paged 54 and 55 of the typed set filed with the Application. The Operational Creditor had raised Invoices on the Corporate Debtor for the supplies made, totaling Rs. 7,74,740/-, out of which the Corporate Debtor had made a part payment of Rs. 50,000/- and the remaining amount of Rs. 7,24,740/- is outstanding. The Invoices are placed at pages 14 to 17 of the typed set filed with the Application. No dispute was raised by the Corporate Debtor at any point of time with respect to the goods supplied. 6. The Operational Credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... &B Code, 2016 by the Operational Creditor to the Corporate Debtor, which was dismissed vide Order dated 30.07.2018. As against the order of the Ill Additional District Judge, the Corporate Debtor approached the Hon 'ble High Court of Madras by filing Civil Revision Petition NPD.No.2499/2018 on the side of the Civil Appellate Jurisdiction. The representative for the Operational Creditor has submitted that the time period has been spent in litigation and though the matter is pending but no stay has been granted by the Hon 'ble High Court of Madras. The interim order dated 18.12.2018 passed by the Hon 'ble High Court of Madras reads as follows: "it is made clear that the pendency of the present Civil Revision Petition will not amount to an order of Interim stay and that if any execution Petition is pending, Execution Court is at liberty to proceed with the same without reference to the pendency of the present Civil Revision Petition". 10. The Reply Statement has been filed by the Corporate Debtor wherein it has been stated that the Application is not maintainable in law, it is barred by limitation and the claim is vexatious and frivolous. The Corporate Debtor has denied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udicating Authority has to make an assessment and then to pass an appropriate order accepting or rejecting the Application. In the case on hand, a Decree has been passed by the Civil Court which has been contested by the Corporate Debtor, and thereafter an IA has been filed before the Additional District Judge which was dismissed and a Civil Revision Petition filed before the Hon'ble High Court of Madras, though pending, but no stay has been granted. In the facts and circumstances of the case, there does not appear any dispute in relation to the amount claimed by the Operational Creditor. The issue(s) stand adjudicated by the Civil Court based on which a Decree has been passed. Therefore, there does not appear existence of a dispute in relation to the amount claimed by the Operational Creditor. Hence, the contention of the Corporate Debtor stands rejected. 15. In order to strengthen the case, the representative for the Operational Creditor has referred to the Order dated 27.04.2018 passed in CP/670/1B/2017 titled Stanbic Bank Ghana Limited -vs- Rajkumar Impex Private Limited, wherein it has been observed by the Coordinate Bench that there is no bar in taking cognizance of fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tifaceted defence that has been projected by the Corporate Debtor is inconsistent and a mere bluster. Therefore, the pleas taken by the Corporate Debtor including the plea about existing of dispute, stand rejected. 19. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Bench is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 20. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is ordered to prohibit all of the following, namely:- (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transfer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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