2018 (11) TMI 1803 - Tri - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - Corporate Debtor has failed to pay the amount demanded nor has replied to the demand notice raising any dispute - requirement of Section 9(3)(c) of the IBC 2016 complied with or not - HELD THAT - The registered office of corporate debtor is situated in New Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - The present application is complete and the Applicant is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. Application admitted - moratorium declared.

Summary

Issues Involved:
Initiation of Corporate Insolvency Process under Section 9 of IBC, 2016 against a specific company.

Detailed Analysis:

1. Background and Parties Involved:
The Applicant, M/s Concord Infrastructure Pvt. Ltd., sought to initiate Corporate Insolvency process against M/s Shubhkamna Buildtech Private Limited, the Respondent. The Applicant was engaged as a contractor for a residential project by the Respondent.

2. Debt and Default:
The Applicant claimed a total debt of ?2,71,71,296/- from the Respondent, backed by various invoices and agreements. Despite repeated requests and notices, the Respondent failed to pay the outstanding amount, leading to the initiation of the insolvency process.

3. Legal Proceedings:
After issuing a notice under Section 8 of the Insolvency and Bankruptcy Code, the Applicant filed an application before the National Company Law Tribunal. The Corporate Debtor failed to respond or appear, resulting in an ex-parte proceeding.

4. Admission of Application:
The Tribunal found the application complete, establishing the default in payment beyond doubt. The Applicant fulfilled all requirements under Section 9(5) of the Code, leading to the admission of the application.

5. Consequences of Admission:
Upon admission, a moratorium was imposed on the Corporate Debtor as per Section 14(1) of the IBC, 2016. This prohibited various actions against the Debtor, ensuring protection during the insolvency resolution process.

6. Appointment of Interim Resolution Professional:
The Operational Creditor proposed the name of an Interim Resolution Professional (IRP) - Ms. Gurkamal Hora Arora. The Tribunal appointed the IRP to oversee the resolution process, directing compliance with relevant sections of the Code.

7. Communication and Record-Keeping:
The Tribunal ensured communication of the order to all relevant parties, including the Applicant, Corporate Debtor, and the appointed IRP. Additionally, a copy of the order was forwarded to the Insolvency and Bankruptcy Board of India (IBBI) for record-keeping.

In conclusion, the Tribunal admitted the application for Corporate Insolvency against the Respondent, imposing a moratorium and appointing an IRP to facilitate the resolution process effectively.