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TMI Blog2020 (3) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... ra (India) Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 09.07.2016 under the Companies Act, 2013, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U74999MH2016PTC283425. Its registered office is at 705/706 Exim Link Commercial Building, Mulund Goregaon Link Road, Nahur (W), Mumbai-400078, as per MCA Company Master Data. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 04.04.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 3,31,580/- (Rupees three lakh thirty-one thousand five hundred and eighty only) as Principal am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor's bankers, the same was again returned unpaid for the reason 'Fund Insufficient' vide its memo dated 25.10.2017 (Annexure 'II' to the petition at p.34). The Operational Creditor further submitted that the Corporate Debtor requested to redeposit the cheque dated 14.10.2017 and same was redeposited on 23.11.2017. the cheque was again dishonoured for the same reason. 7. The Operational Creditor stated that the Corporate Debtor failed to make the payments, the Operational Creditor sent a Legal Notice dated 29.11.2017 (Annexure 'II' to the petition at pp.37-41) under section 138 of the Negotiable Instruments Act, 1881 thereby calling upon the Corporate Debtor to pay the cheque amount of Rs. 3,31,580/- within fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is no provision for interest in the invoice. 13. In our order dated 17.09.2019 we have given further opportunity to the Corporate Debtor to represent before the bench and file the reply. However, despite service of court notice on the Corporate Debtor, no reply has been filed. Therefore, it is held that the Corporate Debtor does not dispute its liability and has defaulted in the payment to the operational creditor. 14. The Operational Creditor has proposed the name of Mr. Rajeev Nandkishore Bhatia, Registration No. IBBI/IPA-001/IP-P01384/2018-19/12158, as Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 dated 12.02.2019 as required under rule 9(1) of the Insolvency & Bankruptcy (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of Rs. 1,00,000/- (Rupees one lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) The Registry is directed to communicate this Order to the Op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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