TMI Blog2021 (4) TMI 1001X X X X Extracts X X X X X X X X Extracts X X X X ..... also been filed by the Operational Creditor showing the principal sum as outstanding. Further, it is also seen that the Corporate Debtor has not replied to the Demand Notice sent by the Operational Creditor and has also not brought to the notice of the Operational Creditor any dispute which is pending in relation to the said transaction. The Operational Creditor has proved the existence of an 'Operational debt' and its 'default' on the part of the Corporate Debtor and in the absence of any objection being raised by the Corporate Debtor, the Corporate Debtor has committed 'default' in the repayment of the 'Operational debt' to the Operational Creditor and in the said circumstances we are constrained to ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be situated at No. 2, Kasthuri Industrial Estate, Ponniamman Koil Street, Ponniamman Nagar, Ayanambakkam, Chennai 600 095, Tamil Nadu. Part III of the Application discloses the fact that the Operational Creditor has not proposed the name of the IRP and left it to the discretion of this Tribunal to appoint the same. 3. From Part IV of the Application, it is seen that the Operational Creditor has claimed a principal sum of ₹ 1,23,651/- along with the interest of ₹ 65,871/- and in total a sum of ₹ 1,89,522/- which is due and payable by the Corporate Debtor to the Operational Creditor. 4. The Learned Counsel for the Operational Creditor submitted that the Operational Creditor has supplied namely, Sheets facia exterior ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebt' to the Operational Creditor and as such prayed for the initiation of the Corporate Insolvency Resolution Process against the Corporate Debtor. 7. In relation to the Corporate Debtor, it is seen that the matter first came up for hearing on 09.03.2020 and this Tribunal noted that despite notice to the Corporate Debtor none was present and hence directed the Registry of this Tribunal to intimate to the Registered Office address of the Corporate Debtor about the next date of hearing. 8. Subsequently, when the matter came up for hearing on 17.09.2020, it is seen that there was no appearance on the part of the Corporate Debtor. Thereafter, it is seen that when the matter was posted before this Tribunal, there was no representation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as committed 'default' in the repayment of the 'Operational debt' to the Operational Creditor and in the said circumstances we are constrained to initiate the CIRP in relation to the Corporate Debtor. 11. Further in relation to the pecuniary jurisdiction enhanced from ₹ 1 lakh to ₹ 1 crore on and from 24.03.2020, it is seen the present Application was filed before this Tribunal on 16.12.2019 and as such this Tribunal has got pecuniary jurisdiction to entertain the present Application. 12. Thus, taking into consideration the facts and circumstances of the case as well as the position of Law, we are of the view that the Petition, as filed by the Operational Creditor, is required to be admitted under Section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 respondent. 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 licence, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or Liquidation Order, as the case may be. 15. The Operational Creditor is directed to pay a sum of ₹ 2,00,000/- (Rupees Two Lakhs Only) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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