TMI Blog2021 (4) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor themselves regarding the amount of debt outstanding to the Financial Creditor, admitting the existence of a debt. The Applicant having proved the existence of a debt as well as existence of default, as elaborately discussed in the order dated 25.08.2020 admitting the Application, the only course to be adopted here is to admit this application and order Corporate Insolvency Resolution Process against the Corporate Debtor. The I B Code allows the Applicants to withdraw their Application under Sections 7, 9 and 10 of the Code at any time; a) one before the constitution of the CoC b) after constitution of the CoC but before the invitation of the EoI or c) after the invitation of the EoI in exceptional cases, on application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Financial Creditor that financial creditor entered into a share purchase agreement with the Corporate Debtor on 21.11.2012 to purchase 100% shares of the Corporate Debtor for a total consideration of ₹ 33,08,00,000/-. Consequently, on the date of agreement, the financial creditor paid an advance of ₹ 1,00,00,000/- to the Corporate Debtor. The Corporate Debtor acknowledged the debt from time to time vide their letters dated 05.09.2014, 17.03.2015, 28.11.2018 and reply notice dated 31.01.2018 wherein the liability is not denied. Hence, a sum of ₹ 4,25,32,016.405/- (=4,25,32,016.40) along with interest @24% per annum stands due. 3. The above application has been admitted by this Tribunal vide order dated 25.8.2020 ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2020 and that they sought time to make payment for several times. But without making payments they proceeded to sell the assets of the Corporate Debtor, which is a clear case of fraud and cheating. After hearing both sides, this Tribunal on 28.01.2021 passed the following order: - 5. We have heard the learned Senior Counsel Shri. Aravind Pandian appearing for the applicant/financial creditor and the learned counsel for the respondent/Corporate Debtor Shri. P.V George (Puthiyedam). With respect to the contention of the respondent regarding the disqualification of the Director, the learned Senior counsel has stated that the Hon ble Madras High Court vide judgment dated 15.12.2020 in W.P.No.18641 of 2020 and W.M.P.Nos.23123, 23125, 2312 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l settlement of the entire claim between the Corporate Debtor M/s. Sree Bhadra Parks and Resorts Limited on the terms mentioned in the settlement agreement. When a settlement has been arrived between the parties, it is duty bound by the Corporate Debtor to make good the payments proposed in that settlement. They cannot go back making various allegations including maintainability of the IBA after making default in the payment agreed to between the parties. The contention regarding the application is not maintainable as the order stipulates for filing a fresh application cannot be accepted because merely on technicalities the Corporate Debtor cannot wash away their hands from complying with the conditions stipulated in the final order passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Applicant having proved the existence of a debt as well as existence of default, as elaborately discussed in the order dated 25.08.2020 admitting the Application, the only course to be adopted here is to admit this application and order Corporate Insolvency Resolution Process against the Corporate Debtor. 10. The I B Code allows the Applicants to withdraw their Application under Sections 7, 9 and 10 of the Code at any time; a) one before the constitution of the CoC b) after constitution of the CoC but before the invitation of the EoI or c) after the invitation of the EoI in exceptional cases, on application made by the applicant. The present Application has been settled after admission before making the Public Announcement as per Regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Corporate Debtor. 12. Notwithstanding the above, during the period of moratorium, the following are also to be strictly followed: - (v) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (vi) That the provisions of Sub-Section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 13.. That the public announcement of the CIRP shall be made immediately as specified under Section 13 of the Code. 14. After restoration of the matter, the Applicant has not suggested the name of any Insolvency Professional to be ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
