TMI Blog2021 (8) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... ued by the Government are generally prospective in nature unless specifically expressed, hence the said notification is not applicable to the present case. Furthermore, the debt was acknowledged by the corporate debtor by signing the Settlement agreement dated 29th November 2018 annexed as Annexure A-8 with the petition. Application admitted - moratorium declared. - IB-3478/ND/2019 - - - Dated:- 23-7-2021 - P.S.N. Prasad, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Manoj Kumar and Shweta Bharti, Advocates ORDER Narender Kumar Bhola, Member (T) 1. Under consideration is IB-3478/ND/2019 filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred as 'IBC, 2016') ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd corporate debtor participated in the mediation proceedings before the Delhi High Mediation and Conciliation Centre during the course whereof the corporate debtor made an offer to settle the dispute through payment of ₹ 7.92 lakhs in entirety by 30.05.2019 to the operational creditor. Resultantly, the matter was settled and settlement agreement dated 29.11.2018 was executed. However, Corporate Debtor defaulted in making the payments to the operational creditor as per the settlement agreement and also postdated cheque given by the Corporate Debtor as a security got dishonored. c. It is further submitted by the Petitioner that Operational Creditor requested for payment through email. However, out of ₹ 7.92 Lakh only an amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.11.2018, which bears the signature of the Authorized signatory of Corporate Debtor. Hence, the Petition is within the limitation. It is further submitted that signing of the settlement agreement dated 29.11.2019 is clearly an acknowledgement of debt. 5. The Notification regarding the enhancement of minimum amount of default to Rs. one crore for the purpose of Section 4 was issued by the Ministry of Corporate Affair on 24th March, 2020 and the amount defaulted by the Corporate Debtor as well as the filing of captioned petition is much earlier to the coming into effect of notification dated 24th March, 2020. Since any notifications issued by the Government are generally prospective in nature unless specifically expressed, hence the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. 8. The supply of essential goods or services of the Corporate Debtor shall not be terminated, suspended or interrupted during moratorium period. The provisions of sub-section (1) of section 14 of IBC, 2016 shall not apply to such transactions, as notified by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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