9911796707
TMI Blog2022 (2) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to as 'Financial Creditor') against M/s. Anu Engitech Private Limited (U28112TN2011PTC080250) (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. Part I of the application, sets out the details of the Financial Creditor from which, it is evident that the Financial Creditor is an individual with PAN AMNPM1676P. As per Part II of the application, the Corporate Debtor is a Private Limited Company with Corporate Identification Number U28112TN2011PTC080250 and with registered office at No. 50, Habibullah Road, T. Nagar, Chen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... November 2020 and April 2021. It is further submitted that the respondent having agreed to pay a consolidated amount including principal, interest and penal interest have executed few demand notices along with a Cheque and has requested to present the cheque same intimation. 6. The Learned Counsel for the Financial Creditor submitted that vide letter dated 22.04.2021 the Financial creditor was brought to the notice of the demise of the Managing Director of the Corporate Debtor who was one M.H. Krishnamoorthy. It is further submitted that post the demise of the Managing Director of the Corporate Debtor the company was taken over by Mr. H. Nagarajan, who is the brother of the deceased. Subsequent to which, several attempts were made for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said debt qualifies to be a 'financial debt' as defined under 5(8)(c) of IBC, 2016 and also the Corporate Debtor has defaulted in repayment of the said 'financial debt' which is due and payable to the Financial Creditor. From the letter dated 05.09.2017 and the subsequent letters addressed to the Financial Creditor by the Corporate Debtor placed between pg. Nos. 35-39 along with the application shows that there exists default on the part of the Corporate Debtor. Under the said circumstances, in view of absence of any objections by the Corporate Debtor 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 Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent 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 of by the 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; d. The recovery of any property 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 notw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 14. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: 14(4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the Resolution Plan under sub-Section (1) of Section 31 or passes an order for liquidation o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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