9911796707
TMI Blog2021 (10) TMI 938X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Process (CIRP) against the Corporate Debtor. 2. From Part-I of the Application, it is seen that the Financial Creditor is a Limited Company incorporated under the provisions of the Companies Act, 1956. From Part-II of the Application, it is seen that the Corporate Debtor is a Limited Company incorporated on 23.12.1992 bearing CIN: U24117PY1992PLC000855. The registered office address of the Corporate Debtor as per the Application is stated to be situated at Peralam Main Road, Thirunallar, Karaikal - 609 607. From Part-III of the Application, it is seen that the Financial Creditor has proposed the name of the Interim Resolution Professional (IRP) viz., Mr. M. Alagar, Reg. No. IBBI/IPA/-002/IP-N00705/2018-19/12320; to act as the IRP. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ured loan for its funding requirements and accordingly, the Financial Creditor had granted unsecured loan to the Corporate Debtor vide an Agreement dated 05.07.2013 upto a maximum of Rs. 2,75,00,000/- at regular intervals whenever there is a request from the Corporate Debtor, which shall be repayable on demand within 14 days from the date of such demand. 6. It was submitted by the Learned Counsel for the Financial Creditor that at the beginning of July 2013, the Corporate Debtor had outstanding dues payable amounting to Rs. 1,63,80,162/- to the Financial Creditor on account of the same having transferred from the books of M/s. Henkel India Limited consequent upon a scheme of Amalgamation and the same was also acknowledged by the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Tribunal on 22.07.2021 and the matter was posted for final arguments on 05.08.2021. 9. Heard the submissions made by the Learned Counsel for the Financial Creditor. It is seen that the Financial Creditor has executed a Loan Agreement on 05.07.2013 and as per the said Loan Agreement, the unsecured loan, which was due and payable to M/s. Henkel Limited was acknowledged by the Corporate Debtor and the Corporate Debtor has admitted that the said amount, pursuant to the amalgamation is payable to the Financial Creditor herein. Also, the Loan Agreement further sanctioned an amount of Rs. 2,75,00,000/- including the existing debt of Rs. 1,63,80,162/- to the Corporate Debtor and in pursuance of the same, the amount was disbursed to the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, it is also seen that the 'default' which is arising in the present Application has happened much before the advent of Covid - 19 and the Corporate Debtor also cannot seek shelter under Section 10A of IBC, 2016. Under these circumstances, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor. 13. The Financial Creditor has proposed the name of MR. M. ALAGAR, Reg. No. IBBI/IPA/-002/IP-N00705/2018-19/12320 (email id:- [email protected]) as the Interim Resolution Professional (IRP) who has also filed his consent in Form - 2 and also upon verification from the IBBI website, it is seen that the Authorization f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency 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. 17. Based on the above terms, the Petition stands admitted in terms of Section 7 of the Code and the Moratorium shall come into 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 shall al ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
