TMI Blog2022 (11) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... ess and business dispute has arisen between the parties. The proprietorship Company i.e. The Mining and Engineering Corporation had carried out various business. The Amounts were pooled by the Family Members including Financial Creditor. This Court had by its Order dated 22nd July, 2022 on the offer made by the Appellant to deposit the entire amount principal and interest as claimed in the Application was permitted to deposit the amount drawn in the Bank Draft in favour of Pay and Accounts Officer Ministry of Corporate Affairs which order has been complied with and when the Case is taken today, the offer made by the Appellant to pay the entire interest up to date by a cheque has also shown the Court. The offer made by the Appellant to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lication filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as The Code ) by the Respondent Financial Creditor-Smt. Vrinda Karnani against the Corporate Debtor-Vindhya Industries Pvt. Ltd. for debt totalling Rs. 15,89,632/- which included interest till the date of 31st August, 2019. 3. Notice was issued. The case of the Financial Creditor was that the disbursement of Rs. 20,00,000/- was made to the Mining and Engineering Corporation which is proprietary concern of the Corporate Debtor. It is submitted that certain payments towards interest were made and on default being committed on 30th September, 2016, an Application was filed under Section 7 of the Code. The Corporate Debtor appeared and raise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... He also submits that in any view of the matter the amount claimed of Rs. 15,89,632/- which he is ready to deposit in the Court subject to outcome of the Appeal. 2. Learned Counsel for the Resolution Professional is present. He submits that the publication of notice has already been issued and he visited the office of the Corporate Debtor. Submission needs scrutiny. 3. Issue notice. Let Reply be filed within two weeks. Rejoinder, if any, may be filed within two weeks thereafter. 4. List the Appeal on 29.08.2022. Subject to Appellant depositing Demand Draft of Rs. 15,89,632/- within one week from today drawn in the name of The Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi in pursuance of the impu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Proprietorship Firms are separate entities as provided under Section 2(f) which has not yet been notified under the IBC. Learned Counsel for the Respondent relying on the Judgement of the Adjudicating Authority where reliance has been placed on the Judgment of the Hon ble Supreme Court in the matter of Amway India Enterprises Pvt. Ltd. Vs. Ravindranath Rao Sindhia Ors. in paragraph 11.2 of the Impugned Order, submits that proprietorship does not have any legal entity and Corporate Debtor could have been proceeded in IBC Proceeding. 11. After having heard Learned Counsel for the parties, we further notice that before the Adjudicating Authority, one of the submissions which was raised by the Corporate Debtor has been noticed in pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it does appear that the family was carrying a business and business dispute has arisen between the parties. The proprietorship Company i.e. The Mining and Engineering Corporation had carried out various business. The Amounts were pooled by the Family Members including Financial Creditor. 15. This Court had by its Order dated 22nd July, 2022 on the offer made by the Appellant to deposit the entire amount principal and interest as claimed in the Application was permitted to deposit the amount drawn in the Bank Draft in favour of Pay and Accounts Officer Ministry of Corporate Affairs which order has been complied with and when the Case is taken today, the offer made by the Appellant to pay the entire interest up to date by a cheque has a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
