TMI Blog2021 (5) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... d Corporate Debtor has committed default in making the payment. Hence the petition is admitted. Petition admitted - moratorium declared. - CP (IB) 283/MB/2021 - - - Dated:- 6-5-2021 - Suchitra Kanuparthi, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Kunal Kanungo, Advocate For the Respondents : Geeta Lundwani, Advocate ORDER Suchitra Kanuparthi, Member (J) 1. This is an application being CP(IB)283/MB/2021 filed by Mrs. Gutta Anuradha, proprietor of MAK Enviro Technologies, Operational Creditor/Petitioner has furnished Form No. 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 in the capacity of Operational Creditor by invoking the provisions of section 9 of Insolvency Bankruptcy Code, 2016 (Code) against Unity Appliances Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). 2. In the requisite Form, under the head Particulars of Operational Debt the total amount in default is stated to be ₹ 1,01,12,793/- (₹ 46,27,984/- as a principal sum + ₹ 54,84,809/- as an interest), The date of default is stated to be 08.06.2018. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor on 15.11.2017, however, still a principal sum of ₹ 46,27,984.40/- was outstanding in the books of MAK Enviro Technologies. Accordingly, a notice dated 30.01.2018 was addressed to the Corporate Debtor calling upon it to immediately clear all the outstanding dues failing which MAK Enviro would be constrained to initiate appropriate legal proceedings against the Corporate Debtor. 13. Upon receipt of said legal notice dated 31.01.2018, the management of Corporate Debtor immediately approached the management of MAK Enviro Technologies seeking an amicable resolution of the above issue. 14. Accordingly, a meeting of both parties was held at the office of MAK Enviro Technologies on 12.03.2018. Wherein, the Corporate Debtor pleaded MAK Enviro Technologies to grant some more time for clearing the outstanding dues since the Corporate Debtor was facing severe financial crunch and was unable to keep the operations of the company going. 15. At the same meeting dated 12.03.2018, the following terms were agreed between the Petitioner and the Corporate Debtor; i. Compound interest @18% to be paid on the outstanding dues as well as delayed payments from 15.09. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usly not only the present Petitioner is suffered but there are various other Creditors to whom the payments are due. 22. The Petitioner is well aware that the Corporate Debtor is mostly deriving its income by supplying goods to various Companies themselves have entered into the insolvency resolution process under the provisions of the IBC as a result of which the business activities of the Corporate Debtor have also taken a hit. It is for this reason that the Corporate Debtor Company has been facing severe financial difficulties. 23. The Petitioner despite the knowledge of the circumstances the Corporate Debtor fell into, has unfairly filed the present Petition against the Corporate Debtor seeking payment of the entire outstanding. It is noteworthy that the Corporate Debtor had assured the Petitioner Company and had informed of every intention to clear the outstanding dues by somehow recovering from its debtors or by selling some assets so that the Petitioner's liability could be cleared, but the Petitioner did not pay any heed to it. 24. During meetings between the director of the Petitioner's and the Corporate Debtor, it was even assured that the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was completed and duly certified by the project department of the Corporate Debtor. 31. The minutes of meeting dated 12.03.2018, further demonstrate that Corporate Debtor agreed to pay the outstanding sum including interest within a definite time frame. The terms that were captured in the Minutes of Meetings are as follows: iii. Compound interest @18% to be paid on the outstanding dues as well as delayed payments from 15.09.2016 until realization. iv. The entire outstanding amount was to be cleared on or before 31.05.2018. 32. Upon perusal of the facts and reply filed by both sides, this bench is of the considered view that the Corporate Debtor is liable to pay the total amount of ₹ 1,01,12,793/- which includes principal of ₹ 46,27,984/- Plus ₹ 54,84,809/- as a compounded interest. 33. The outstanding debt of more than ₹ 1,00,000/- is due and payable against the Corporate Debtor and Corporate Debtor has committed default in making the payment. Hence the petition is admitted. 34. The application filed by the Petitioner is on proper Form 5, as prescribed under the Adjudicating Authority Rules and is complete. 35. The Applicant has prop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of I B Code. VI. That this Bench at this moment appoints Mr. Girish Krishna Hingorani, a registered Insolvency Resolution Professional having Registration Number [IBBI/IPA-002/IP-N00842/2019-20/12695] as Interim Resolution Professional to carry out the functions as mentioned under I B Code. The fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. VII. Having admitted the Petition/Application, the provisions of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of appointment of IRP shall be applicable by prohibiting institution of any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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