- (1.) M/S. Annapuma Infrastructure Pvt. Ltd. & Ors. - applicants (for brevity 'the applicants) have invoked the provision of Section 9 of Insolvency and Bankruptcy Code 2016 (for brevity 'the Code') with a prayer to trigger Insolvency Process against M/s. SORIL Infra Resources Limited - Respondent (for brevity 'the respondent). The applicants have made the following prayers: 1. To admit the application and pass an order for initiating the Corporate Insolvency Resolution Process under section 9 of the Insolvency and Bankruptcy Code 2016; 2. To appoint an interim resolution professional in terms of section 16 of the Code; 3. To cause a Public announcement of the initiation of Corporate Insolvency Resolution Process and calling for submission of claims under section 15 of the Code; and 4. To declare a moratorium in terms of section 14 of the Code.
(2.) In order to put the controversy in its proper perspective it would first be necessary to notice few material facts. The applicants have some claims against the Respondent and in pursuance of the order passed by Hon'ble High Court of Delhi Justice (Dr.) Mukundakam Sharma (Retd.) was appointed as Sole Arbitrator to adjudicate all disputes arising out of the lease deed dated 23.11.2005 between the applicants and respondents. It is pertinent to mention that respondent have changed their name and is now known as M/s. SORIL Infra Resources Limited-Respondent. The applicants claimed that applicants are 'Operational Creditor' and the Respondent is a 'Corporate Debtor' within the meaning of code.
(3.) The arbitrator passed an award on 9.9.2016 in favour of the applicants granting the following reliefs:- a. Rs. 2,67,52,283/- on account of rend from 1.4.2008 upto 22.3.2010 along with interest @ 12 % per annum w.e.f. 23.3.2010 upto the date of the Award. b. Rs. 1,11,56,145/- on account of damages equivalent to rend for a period of 6 months from 22.3.2010. c. Future interest @ 12% per annum on the amounts, as calculated above, from the date of the award till the date of realization.;