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TMI Blog2021 (5) TMI 1047X X X X Extracts X X X X X X X X Extracts X X X X ..... SH KUMAR, HON'BLE ACTG. PRESIDENT AND HEMANT KUMAR SARANGI, HON'BLE MEMBER (TECHNICAL) For the Financial Creditor/Applicant: Mr. Harsh Upadhyay, Advocate For the Corporate Debtor/Respondent: Ms. Priya Soni, Advocate ORDER It is an Insolvency and Bankruptcy Application filed u/s 7 of the Insolvency & Bankruptcy Code, 2016 ("the Code") by the Financial Creditor namely M/s. National Agri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jasthan admeasuring 8444 sq. mts consisting of building and vacant land was given to Corporate Debtor for its business purpose (i.e. production of wide width PE Film, rigid PVC pipe, etc.) for 5 years and the Corporate Debtor was liable to pay the Applicant/Financial Creditor a monthly license fee of Rs.50,000/- for the covered area and Rs.0.50/- per sq. ft. for the open area subject to increase o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enforceable on expiry of a period of 90 days thereafter, the Corporate Debtor has failed to make the payment in terms of award and has thus committed default in terms of Section 7 of Insolvency and Bankruptcy Code, 2016. 3. In response to this, the corporate debtor has filed reply and raised some preliminary objections and as such sought for dismissal of the present application. The preliminary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oth the parties. In the present case, the Applicant has submitted that the award was passed on 10.07.2019 and the same becoming enforceable on expiry of a period of 90 days thereafter and since the Corporate Debtor has failed to make the payment in terms of award, has committed default in terms of Section 7 of Insolvency and Bankruptcy Code, 2016. Further, it must be noted that the arbitral award ..... X X X X Extracts X X X X X X X X Extracts X X X X
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