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TMI Blog2019 (10) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay to existence of default. Hon ble Supreme Court in Swiss Ribbons Pvt Ltd another v Union of India others [ 2019 (1) TMI 1508 - SUPREME COURT ]. Therefore, the present petition cannot be decided on the basis of existence of employees, or asset value of the Corporate Debtor or the inventory of stock available. It will have to be decided on the basis of existence of default. The Corporate Debtor has admitted the liability by the letter dated 05.02.2019, at pp.122-123 of the Petition. The Corporate Debtor had sought time till 25.03.2019 to repay all the outstanding dues. However, until the hearing of the petition on 06.09.2019, the Corporate Debtor has not settled the outstanding dues. It clearly shows that the Corporate Debtor is in defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Code, 2016 (IBC) by Ketki Shah Talati ("the Financial Creditor"), an individual, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech (India) Private Limited ("the Corporate Debtor"). 3. The Corporate Debtor is a Private company limited by shares and incorporated on 20.07.2009 under the Companies Act, 1956, with the Registrar of Companies, Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U45202MH2009PTC194229. Its registered office is Shop No.5, Case Blenca Destination Architecture, Plot No.45, Sector 11, CBD-Belapur, Mumbai, Maharashtra 400614. Therefore, this Bench has jurisdiction to deal with this petition. 4. The present petition was filed on 10.06.2019 before thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor and made their submissions. 8. In its reply dated 05.09.2019, the Corporate Debtor has stated that it is financially sound and commercially solvent. It has an asset value of more than ₹39 crore. It also has an inventory of finished and unfinished stock off more than ₹80 crore. It is a going concern that provides employment to more than 100 persons. 9. The Corporate Debtor has further submitted that the petition is against the letter and spirit of the terms of the Debenture Trust cum Mortgage Deed dated 28.03.2016, in terms of which action in case of any default can only be initiated after a decision by the Majority Debenture Holders. The term "Majority Debenture Holders" has been defined at p.55 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor that it is a going concern with over 100 employees, an asset value of more than ₹39 crore, and an inventory of finished and unfinished stock of more than ₹80 crore. However, under the IBC architecture, the shift is from "inability to pay" to "existence of default." Hon'ble Supreme Court in Swiss Ribbons Pvt Ltd & another v Union of India & others [2019 (2) SCALE 5]. Therefore, the present petition cannot be decided on the basis of existence of employees, or asset value of the Corporate Debtor or the inventory of stock available. It will have to be decided on the basis of existence of default. The other argument that action in case of any default can only be initiated after a decision by the Majority Debenture Holders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, hereby ordered as follows: - (a) The petition bearing CP(IB) No.2177/MB-IV/2019 filed by Ketki Shah Talati, the Financial Creditor, under section 7 of the IBC read with rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Kasata Hometech (India) Private Limited [CIN: U45202MH2009PTC194229], the Corporate Debtor, is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr Jugraj Bedi, Registration No.IBBI/IPA-001/IPP00731/2017-18/11208, having address at JSBA House, No.1250, Ground Floor, Dr Mukherjee Nagar, New Delhi, 110009 [email: [email protected], Mobile: +919810272652], is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the IBC. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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