TMI Blog2021 (5) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances we are constrained to initiate the CIRP in relation to the Corporate Debtor - Further in relation to the 'Pecuniary Jurisdiction' even though the 'Threshold Limit' has been raised to ₹ 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the present Application has been filed on 23.01.2020, which is well before the Notification effected in increasing the threshold limit from ₹ 1 lakh to ₹ 1 Crore as on and from 24.03.2020 and as such this Tribunal has got the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor. The Petition, as filed by the Operation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication it is seen that the Operational Creditor has claimed a sum of ₹ 9,13,186/- and interest at the rate of 24% p.a. which comes to the tune of ₹ 5,94,446/- as due and payable by the Corporate Debtor. 4. Part V of the Application discloses the list of Invoices, Debit notes raised by the Operational Creditor against the Corporate Debtor along with the Statement of Accounts. 5. The Learned Counsel for the Operational Creditor submitted that the Operational Creditor provide Air Sea Export Import shipments services to the Corporate Debtor for transporting consignment from Chennai to Bangkok and to other places since the year 2014. It was submitted that the total value of the services rendered by the Operational Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Operational Creditor, that inspite of serving the Demand Notice, the Corporate Debtor has not paid the balance outstanding nor raised any dispute in relation to the amounts being paid to the Operational Creditor. In the circumstances, Learned Counsel for the Operational Creditor has submitted that debt and default on the part of the Corporate Debtor are proved and as such prayed for initiation of the CIRP against the Corporate Debtor. 8. In relation to the Corporate Debtor it is seen from the records that the matter first came up for hearing on 18.01.2021 before this Tribunal. Thereafter, it is seen that this Tribunal had ordered notice to be issued to the Corporate Debtor and accordingly, the Operational Creditor issued notice to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor and in the said circumstances we are constrained to initiate the CIRP in relation to the Corporate Debtor. 12. Further in relation to the 'Pecuniary Jurisdiction' even though the 'Threshold Limit' has been raised to ₹ 1 Crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the present Application has been filed on 23.01.2020, which is well before the Notification effected in increasing the threshold limit from ₹ 1 lakh to ₹ 1 Crore as on and from 24.03.2020 and as such this Tribunal has got the 'Pecuniary Jurisdiction' to entertain this Petition, as filed by the Operational Creditor. Under the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 15. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the 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 liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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