TMI Blog2021 (6) TMI 355X X X X Extracts X X X X X X X X Extracts X X X X ..... other option rather than to initiate Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor. The Petition as filed by the Operational Creditor is required to be admitted under Section 9(5) of the IBC, 2016 - petition admitted - moratorium declared. - CP/1179/IB/2018 - - - Dated:- 4-6-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : E. Senthilkumar, Advocate ORDER R. Varadharajan , Member ( J ) 1. CP/748/IB/2018 is an Application filed by the Operational Creditor viz. M/s. Ostberg India Pvt. Ltd., under Section 9 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) seeking thereof to initiate Corporate Insolvency Resolution Proces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... committed by the Corporate Debtor. The Corporate Debtor was represented by a Counsel and sought time to settle the balance amount within a period of three months and accordingly this Tribunal restored the CP/1179/IB/2018 back on file vide its order dated 22.12.2020 and directed the Corporate Debtor to file a memo in view of the representation being made by them. Thereafter, it is seen that the Corporate Debtor has filed a memo vide Diary No. 333 dated 19.01.2021, to which the Operational Creditor has filed a Reply Memo vide Diary No. 1143 dated 01.03.2021, wherein they have stated that if the Corporate Debtor has failed to give a Demand Draft for a sum of ₹ 7,72,464/- on or before 03.04.2021, this Tribunal may pass order on merits in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 also been filed by the proposed IRP. However, the matter was posted for clarification on 05.05.2021 for the production of Authorization for Assignment by the proposed IRP and in pursuance of the same, the Operational Creditor has filed a memo by way of an e-mail to the Registry of this Tribunal on 31.05.2021 by stating that the said Mr. S. Rajagopal has declined to act as an IRP and has withdrew his consent given in Form - 2 and he is not willing to apply for Authorization for Assignment and under the said circumstances, the Operational Creditor requested to appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect 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. 10. 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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