TMI Blog2021 (5) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... hik Mohan and Suhrith Parthasarathy, Advocates For the Respondents : Roshan Atiq and Ashwin, Advocates ORDER Sucharitha R., Member (J) 1. This application is filed under Section 9 of the Insolvency Bankruptcy Code, 2016 ( IBC, 2016 ) by the Operational Creditor i.e., M/s. Nangalwala Industries Private Limited, Represented by its Authorized Representative Mr. Subhash Agarwal seeking initiation of Corporate Insolvency Resolution Process ( CIRP ) against the Corporate Debtor i.e., M/s. Fomra Sales Private Limited. By Board Resolution dated 15/07.2019, the Applicant has authorized Mr. Subhash Agarwal to represent the Applicant Company. The Registered Office of the Corporate Debtor Company is at Fomra House, New No. 261, Old N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor sent reply dated 19.06.2019. However, since payment was due and payable, the Applicant/Operational Creditor herein filed this application against the Corporate Debtor demanding a sum of ₹ 50,28,439/- together with further interest at the rate of 18% per annum. 4. In response to this, the Corporate Debtor has filed IA/1141/IB/2020. The Corporate Debtor submits that the Consent Terms dated 10.11.2018 were arrived between the Applicant and the Corporate Debtor. Thereafter, a Memorandum of Compromise dated 02.03.2020 was entered between the Applicant and the Corporate Debtor. Subsequent to the Memorandum of Compromise dated 02.03.2020, a sum of ₹ 5,00,000/- was paid to the Applicant/Operational Creditor on 03.03.2020. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor including execution 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 corporate debtor 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 corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (II) That the supply of essential goo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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