9911796707
TMI Blog2019 (4) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... ttlement of the dues raised by the Applicant company, despite opportunities for reconciliation of accounts, it is held that the amount claimed by the Applicant is due by the Respondent to the Applicant. Whether the pendency of winding up petition in the Hon'ble High Court is a bar to initiate CIRP of the Respondent Company? - HELD THAT:- In the instant case the Hon'ble High Court has kept the appointment of an Official Liquidator in abeyance. Hence, we are of the view that there is no bar to initiation of CIRP of the Respondent Company. The application stands admitted in terms of Section 9(5) of IBC, 2016 and the moratorium shall come in to effect as of this date. - IB-433/ND/2018 - - - Dated:- 1-2-2019 - MS MS. INA MALHOT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unpaid vide cheque return memo dated 01.10.2015 with reasons payment stopped by drawer after which notice dated 23.10.2015 was issued by the Applicant after which a criminal complaint was filed which is still pending. v. It is stated that the Applicant on 25.09.2017 issued a demand notice under Section 8 of the Code calling upon the Respondent Company to make the payments within 10 days of receipt of the notice. 2. The Respondent company was proceeded against ex parte, as no one appeared for the Respondent, despite service. However, the orders were set aside in the next hearing and the Respondent Company was allowed to file the reply. Accordingly, the Respondent Company filed reply on 11.06.2018 in which the Respondent Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant, which would be clear from a perusal of the account statements of the account of the Respondent and its joint venture. Further, the Applicant has placed the invoices of ₹ 61,39,102/- and the said amount in the invoices is lesser than the payment made by the Respondent to the Applicant. 3. The Respondent was permitted to file additional details by the Tribunal and the Respondent place on record the statements of its bank account obtained from IDBI and Punjab National Bank. 4. The Applicant was also directed to file details of payments received and accordingly an additional affidavit was filed by the Applicant on 30.07.2018 in which the following contentions were made: i. The Applicant has supplied RMX to the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard from both sides. The issues to be decided in this case are as follows: i. Whether there is a debt and default as outlined in the Code? ii. Whether the pendency of winding up petition in the Hon'ble High Court is a bar to initiate CIRP of the Respondent Company? 8. It is significant to note that despite opportunities given to the parties, they could not reconcile the accounts. The Applicant vide his additional affidavit has furnished the details of the payment made by the JV and it is shown that the payment has been accounted for the purchase orders placed by the JV itself. The Respondent Company has not provided conclusive proof for settlement of the dues raised by the Applicant company, despite opportunities for reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Respondent: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se may be. 13. The Applicant is directed to pay a sum of Rupees two lakhs to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of IBC, 2016 to meet out the expenses to perform the functions assigned to him in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which shall be reimbursed to him upon constitution of the Committee of Creditors ( CoC ) to be recovered as CIRP costs. The interim resolution professional shall submit the accounts to the CoC for the same. 14. Based on the above terms, the application stands admitted in terms of Section 9(5) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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