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TMI Blog2017 (9) TMI 1937X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Bankruptcy (Application to Adjudicating Authority), Rules, 2016 (the Rules, for short), against Inasra Technologies Private Limited, on account of the default made in making payment of the outstanding debt to the tune of Rs. 1,69,36,735/- along with interest @ 18% p.a. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, to declare the moratorium and appoint an Interim Resolution Professional (IRP). 2. The Operational Creditor has submitted that the Corporate Debtor engaged the Operational Creditor for various advertisement campaigns at different geographical locations through baggage tags, billboards and bus shelters (also referred to as "Services"). Therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted to the Corporate Debtor. In view of it, the Corporate Debtor submitted that the issue of the payment of outstanding debt as claimed by the Operational Creditor is involved in the criminal case pending before the trial court. Therefore, the Application of the Operational Creditor cannot be considered till the issue is decided by the trial court. On this base the Corporate Debtor pleaded that there exists a 'dispute' between the parties. In this respect, we may refer to the ruling given by the Hon'ble NCLAT in MCL Global Steel Pritute Limited Vs. Essar Projects India Ltd wherein, under para 25 of the Order, it has been laid down, that disputes in a pending suit or arbitration proceedings are such disputes which satisfy the te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the payment of the outstanding debt to the Corporate Debtor along with interest as claimed by the Operational Creditor. 7. The Operational Creditor has fulfilled all the requirements of law and has also proposed the name of IRP after obtaining the written consent in Form-2. We are satisfied that Corporate Debtor committed default in making payment of the outstanding debt. Therefore, CP/559/(IB)/CB/2017 is admitted and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 8. We appoint Mr. Karthigeyan Srinivasan, as IRP as proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified b the Central Government. 11. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the Code. The directors of the Corporate Debtor, its promoters or any person associated with the management of the Corporate Debtor is expected to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the I&B Code, 2016. Accordingly, the application is disposed of. 12. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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