TMI Blog2021 (6) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to proceed with the matter. Thus, in view of the same, nothing survives in IA/1152/2020 and I A/170/CHE/2021 and accordingly, the same stands closed. It has also been consistently held by the Hon'ble Supreme Court both in Innoventive Industries Ltd. Vs. ICICI Bank and another [ 2017 (9) TMI 58 - SUPREME COURT] as well as Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. [ 2017 (9) TMI 1270 - SUPREME COURT] after going through the Scheme of I B Code, 2016 in depth in relation to an Application under Section 7 filed by a Financial Creditor as compared to the one filed under Section 9 by an Operational Creditor, in relation to a Section 7 Application where there is an existence of a 'financial debt' and its default is in excess of ₹ 1,00,000/- (now increased to ₹ 1 Crore), this Tribunal is bound to admit the Application and as a consequence trigger the Corporate Insolvency Resolution Process (CIRP) and in relation to a Section 7 Application defence of set off or counter claim put forth by the Corporate Debtor cannot be considered as a dispute in relation to the Financial debt and its default. This Application as filed by the Applicant - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h for Loan Account No. TSA20170012 vide Doc. No. 1097 of 2016 iv) Notice issued by the Financial Creditor under Section 13(2) of the SARFAESI Act, 2002 dated 01.08.2018. vi) Statement of Accounts 5. It is submitted by the Learned Counsel for the Financial Creditor that the Financial Creditor and the Corporate Debtor entered into a Loan Agreement dated 17.06.2016, wherein the Financial Creditor sanctioned a sum of ₹ 4,00,00,000/- (Rupees Four Crores Only) to the Corporate Debtor and as per the Loan Agreement, the Corporate Debtor is obliged to pay a sum of ₹ 6,45,340/- (Rupees Six Lakhs Forty Five Thousand Three hundred and Forty Only) per month for a period of 120 months and the rate of interest was fixed at 15% p.a. 6. In pursuance of the same, the Financial Creditor has executed a Deed of Guarantee wherein one Mr. TGS Mahesh stood as a Guarantor to the loan disbursed by the Financial Creditor. Further, the Corporate Debtor has also executed a Memorandum of Deposit of Title Deeds in favour of the Corporate Debtor which document has been registered in the Sub - Registrar office, Kodaikanal, as Document No. 1097 of 2016. The Learned Counsel for the Finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that after hearing the submissions made by both the parties, the matters were reserved for orders on 22.10.2020 and thereafter the Corporate Debtor filed IA/1152/IB/2020 before this Tribunal on 22.10.2020 itself seeking relief to direct the Financial Creditor to accept the One - Time settlement proposal dated 21.10.2020 by accepting the token payment of ₹ 30,00,000/-. Subsequently, it is seen that the Corporate Debtor has filed another IA/170/CHE/2021 before this Tribunal on 28.01.2021 seeking thereof to reopen the matter and take the One - Time Settlement letter issued by the Corporate Debtor and to pass suitable orders. 11. When the aforesaid IA's came up for hearing before this Tribunal on 09.03.2021, it was represented by the Learned Counsel for the Financial Creditor that the OTS proposal as given by the Corporate Debtor is not acceptable to the Financial Creditor and as such they are willing to proceed with the matter. Thus, in view of the same, nothing survives in IA/1152/2020 and I A/170/CHE/2021 and accordingly, the same stands closed. 12. In relation to IBA/1277/2019, from the IA's filed by the Corporate Debtor seeking for OTS proposal with the Financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber IBBI/IPA-002/IP-N00377/2017-2018/11120 as Interim Resolution Professional (IRP) and a written communication in the format prescribed under Form 2 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 has been filed by the proposed IRP who is appointed as the IRP to take forward the process of Corporate Insolvency Resolution of the Corporate Debtor. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the Code and file his report within 20 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIR Process in relation to the Corporate Debtor in terms of the provisions of I B Code, 2016. 17. As a consequence of the Application being admitted in terms of Section 7 of the Code, moratorium as envisaged under provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor; a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther authority; (b) a surety in a contract of guarantee to a corporate debtor. 19. 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 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. 20. Based on the above terms, the Application stands admitted in terms of Section 7(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. A copy of the Order shall be communicated to the Financial Creditor as well as to the Corporate Debtor above named by the Registry. In addition, a copy of the Order shall also be forwarded to IBBI for its records. Further, the Interim Resolution Professional above named be also fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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