TMI Blog2021 (7) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... d 04.06.2021 was issued by the Respondent/Operational Creditor to the Appellant/Corporate Debtor, this Tribunal, in furtherance of substantial cause of justice directs the filing of an application for withdrawal of main application in IBA/155/2020 on the file of National Company Law Tribunal, Division Bench I, Chennai, as per 12A of the I B Code, Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (vide Form FA) and in accordance with the Law, by the Applicant/Operational Creditor before the Adjudicating Authority (through the Interim Resolution Professional) within 10 days from today, and in event of filing of said application, the Adjudicating Aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te between the parties which has been raised, before the issuance of the Demand Notice. Only after the issuance of the Demand Notice on 24.10.2019, the Corporate Debtor for the first time has sought to refute the dues which is payable to the Operational Creditor. 13. Further, as per the Memorandum of Understanding dated 22.08.2019 entered into between the parties, whereby the dues of the Operational Creditor had been crystallized and in pursuance of the same the Corporate Debtor has also released an amount of ₹ 50 lakhs to the Operational Creditor. Thus, in order to defeat the claim of the Operational Creditor for the remaining sum of ₹ 80 lakhs, the Corporate Debtor for the first time sought to attribute certain allegation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from ₹ 1 lakh to ₹ 1 crore as on and from 24.03.2020 and as such this Tribunal has got the Pecuniary Jurisdiction to entertain this Petition, as filed by the Operational Creditor. Under the said circumstances, this Tribunal is left with no other option that to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor and finally admitted the Application filed by the Operational Creditor and issued necessary directions. 3. Challenging the Impugned Order of admission dated 31.05.2021 in respect of an application filed under Section 9 application of the I B Code, 2016 the Learned Counsel for the Appellant submits that the Respondent taking advantage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Counsel for the Appellant proceeds to point out that to avoid adverse orders against the Appellant, the Appellant decided to make the payment of entire sum of ₹ 80 lakhs in numerous instalments and filed an application as per Rules 11 and 32 of the National Company Law Tribunal Rules, 2016 seeking to reopen the proceedings in which the orders were reserved by the Adjudicating Authority . 6. The Learned Counsel of the Appellant bring its to the notice of This Tribunal that the reopen petition was filed by the Appellant on 11.03.2021 and that the Adjudicating Authority had not granted permission to the Appellant and further mentioned that the prerogative to file a reopen application vests only with the Respondent/Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in furtherance of substantial cause of justice directs the filing of an application for withdrawal of main application in IBA/155/2020 on the file of National Company Law Tribunal, Division Bench I, Chennai, as per 12A of the I B Code, Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (vide Form FA) and in accordance with the Law, by the Applicant/Operational Creditor before the Adjudicating Authority (through the Interim Resolution Professional) within 10 days from today, and in event of filing of said application, the Adjudicating Authority shall dispose of the said application in accordance with the I B Code and IBBI Regulations as expediti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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