Ch Mohd Sharief Tariq, Member - (1.) Under consideration is the Petition that came to be filed before HonlDle High Court of Madras on 23.07.2013 under Sections 433 (e) & (f) , 434 (i) (a) and 439 (i) & (b) of the Companies Act 1956 for winding up of the Respondent Company. After the enforcement of the Insolvency and Bankruptcy Code, 2016 (I&B Code, 2016, for short) , the same has been transferred to this Bench and renumbered as TCP/233/ (IB) /CB/2017 and treated under Section 7 of the I& B Code, 2016 r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 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) under the Insolvency and Bankruptcy Code, 2016 (I&B Code) .
(2.) We have heard the Counsels for Financial Creditor and the Corporate Debtor, and perused the record.
(3.) The brief facts of the case are that the Financial Creditor has extended loan facility to the Corporate Debtor in the month of January, 2012 for the business purposes. The Financial Creditor has further extended loan facility to the Corporate Debtor in the month of February, 2012, for purchase of machinery and vehicles. After availing the above facilities, the Corporate Debtor failed to settle the outstanding amount as per the agreements. The Financial Creditor has sent statutory notice to the Corporate Debtor on 12.03.2013 giving the details of agreement and the amount due. The Financial Creditor has also resorted to the clause provided for resolution of the disputes in the agreements by filing claims before the Arbitral Tribunal. The Arbitral Tribunal on 20.05.013 and 21.05.2013 passed Awards in both the matters in favour of the Financial Creditor. The Counsel for the Financial Creditor submitted that the total outstanding debt as on date is Rs.3,03,92,383/-.;