9911796707
TMI Blog2022 (5) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1956 seeking winding up of the Respondent/Corporate Debtor in the year 2015 before the Hon'ble High Court of Madras. After the advent of the Insolvency & Bankruptcy Code, 2016 the said Company Petition came to be transferred before this Tribunal and renumbered as TCP/141/2017. During the pendency of the aforesaid Company Petition, it is averred in the Application that the Corporate Debtor has approached the Operational Creditor seeking settlement of disputes between the parties and after several attempts the parties have arrived at a consensus and accordingly a Settlement Agreement dated 25.07.2017 was entered into between the Operational Creditor and the Corporate Debtor. 2. MA/259/2018 has also been filed by the Petitioner/Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther submitted that this Tribunal vide Order dated 10.08.2017 has recorded the said Settlement Agreement entered into between the parties and disposed off the TCP/141/2017 in terms of the Settlement Agreement and it was further submitted while disposing off the said petition, it was recorded that the Settlement Agreement forms part of the order. Further, it was submitted that the liberty was granted to the Operational Creditor to revive the TCP/141/2017 in case Corporate Debtor has committed default. 6. Learned Counsel for the Operational Creditor submitted that the Corporate Debtor has committed default in repayment of the dues as agreed between the parties in terms of the Settlement Agreement and inspite of sending several e-mails, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 02.05.2019 that based upon the details of the list of assets produced by the Director of the Corporate Debtor, has restrained the Corporate Debtor from selling the vacant land situated at Arcot Road, comprised in T.S. No. 5/11 without the permission of this Authority. The said restraining order remains in force till date. Under the said circumstances, the Corporate Debtor has filed MA(IBC)/7(CHE)/2021 to raise the attachment order. Since we are inclined to admit the present Petition, the restraining order passed against the property situated Arcot Road, comprised in T.S. No. 5/11, stands intact. Accordingly, MA(IBC)/7(CHE)/2022 stands dismissed. Let the Resolution Professional take appropriate steps during CIRP stage. 9. In so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntinuation of pending suits or proceedings against the respondent 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 Operational 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 pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any Operational sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 13. The duration of period of moratorium shall be as provided in Section 14(4) of the Code which is reproduced below for ready reference; (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall conduct the Corporate Insolvency Resolution Process in respect of the Corporate Debtor as stipulated under Chapter VIII of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. Based on the above terms, the Petition stands admitted in terms of Section 9 of the Code and the Moratorium shall come into effect as of this date. A copy of the Order shall be communicated to the Operational 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 also be furnished with copy of this Order forthwith by the Registry, who will communicate the initiation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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