9911796707
TMI Blog2022 (1) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... Thrissur, Kerala-680 020 and the matter falls within the territorial jurisdiction of this Tribunal. 1. The Operational Creditor is involved in the business of providing comprehensive support to global commercial transaction in the form of Insurance. The Operational Creditor has filed application in Form No. 5 as prescribed in Rule 6(1) of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 furnishing necessary particulars. In the requisite form, under the head "Particulars of Operational Debt" the total amount of Debt is shown as USD 2,162,701.26/- (Two Million and One Hundred Sixty-Two Thousand Seven Hundred and One Dollars and Twenty-Six Cents Only) which is approximately INR 15,99,31,758.18 (Rupees Fifteen Crores Ninety-Nine Lakhs Thirty-One Thousand Seven Hundred and Fifty-Eight Only) as on 28.11.2020. Submissions by the Operational Creditor: 2. The Operational Creditor stated that the Corporate Debtor is involved in the business of manufacture and supply of roofing structures and Construction materials, steel products, paper and paper products, etc. There is a Sales Contract between the Samsung C & T Corporation and Tenny Jose L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the Sales Contracts were entered into between Samsung C & T Corporation and the Corporate Debtor herein whereunder Samsung was required to supply goods to the Corporate Debtor. It is also stated that a part of goods of value amounting to Rs. 41,01,174/- (Rupees Forty-One Lakh One Thousand One Hundred and Seventy-Four Only) supplied by Samsung were defective which was duly communicated to Samsung C & T Corporation vide the Respondent's email dated 02.06.2020. The Corporate Debtor has also incurred Rs. 15,39,895/- (Rupees Fifteen Lakh Thirty-Nine Thousand Eight Hundred and Ninety-Five Only) by way of detention charges paid to Aissa Maritime Pvt. Ltd. owing to the defect in Goods supplied by Samsung C & T Corporation. The Applicant has claimed that Samsung C & T Corporation has assigned all the right and claims arising from the transaction between Samsung C & T Corporation and the Corporate Debtor to the Applicant vide Letter of Assignment dated 08.09.2020. However, the respondent was not privy to this transaction and denied the transaction. 6. It is also stated that Section 5(20) of the Code defines Operational Creditor as a person to whom an operational Debt is owed and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties, the same is not seen reflected in the assignment. Therefore, in view of the debt being subject to prior dispute, the application under Section 9 of the Code is not maintainable. 8. It is also stated that the Applicant seeks to claim interest in the proceedings initiated under Section 9 of the Code. A claim of interest cannot be raised under the Code while initiating proceedings in the capacity of an operational debtor. In this regard, it is stated that in contrast to the definition of Financial Debt' under the Code, the definition of "Operational Debt" under the Code does not contemplate interest component. 9. The learned counsel for the Corporate Debtor stated that the issues were being informed to the Operational Creditor, from time to time. It is further submitted that this matter was specifically informed to the Operational Creditor, and had raised a dispute as well. Hence, the demand for the amounts allegedly due in respect of the invoices raised on the supply of defective materials is a matter to be adjudicated upon by this bench. Therefore, the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is liable to be dismissed with cost ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing off by the corporate debtor 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 corporate debtor in respect of its property including any action under the Securitisation and 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 corporate debtor. 16. It is further directed that the services to the corporate-debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. The moratorium shall however not apply to such transactions as may be notified by the Central Government in consultation with any financial regulator and to a surety in a contract of guarantee to a corporate debtor. a) The order of moratorium shall have effect from the date of this order till the completion of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
