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TMI Blog2020 (5) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... Dated:- 24-1-2020 - Ajay Kumar Vatsavayi, Judicial Member And Pradeep R. Sethi, Technical Member For the Appearing Parties : V.K. Mahajan, Vishav Bharti Gupta and Piyush Khanna, Advs. JUDGMENT AJAY KUMAR VATSAVAYI, JUDICIAL MEMBER. This petition has been filed by Modi Telecommunications Limited, the Corporate Debtor itself in Form No. 6 as prescribed under sub rule (1) of Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the 'Rules') for initiating Corporate Insolvency Resolution Process under section 10 of Insolvency Bankruptcy Code, 2016 (for short to be referred hereinafter as the 'Code'). The Corporate Debtor also falls within the definition of the term 'Corporate Applicant' as defined in sub-section (5) of section 5 of the Code. 2. The Corporate Debtor's CIN is U64202HR1992PLC034756. It is stated that petitioner company has shifted its registered office from the State of Delhi to Haryana and a fresh certificate of incorporation was issued by the Registrar of Companies, Delhi Haryana on 30.03.1992. Its registered office is at Gurugram in the State of Haryana and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umber of 0% unsecured debentures of ₹ 100/- each aggregating to ₹ 1,31,00,000. Debenture Holder - YKM Holdings Private Limited requested the corporate debtor vide letter dated 11.10.2018 (Annexure A-9) to convert 5,54,000 number debentures of ₹ 100 each aggregating to ₹ 5,54,00,000 0% fully unsecured debentures of ₹ 100 each aggregating to ₹ 5,54,00,000 (Rupees five crores fifty four lakhs only) into 53 Nos. equity shares of ₹ 10 each debenture on the completion of 216 months. Copy of Agreement with Debenture Holder and letter addressed to the corporate debtor for redemption of Debentures by the Debenture Holder is at Annexures A-8 A-9 of the petition. 7. It is submitted that the petitioner company does not have any revenue from operations to meet its obligations towards its creditors. 8. The list of financial creditors and operational creditors is attached at Annexure A-4 and A-5, respectively, which is reproduced below:- LONG TERM BORROWINGS (Financial Creditors) Sl. No. Name address Total debt raised Date when debt incurred Amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed, their right to file the same shall stand forfeited. No reply has been filed by the learned counsel representing the Department of Telecommunication despite granting sufficient opportunity on several occasions. 13. We have heard the learned counsel for the corporate debtor/applicant and learned counsel for the financial/operational creditors and gone through the records. 14. Sub-section (4) of Section 10 of the Code says that the Adjudicating Authority by an order:- (a) admit the application if it is complete (and no disciplinary proceeding is pending against the proposed resolution professional); or (b) reject the application, if it is incomplete (or any disciplinary proceeding is pending against the proposed resolution professional). Provided that Adjudicating Authority shall, before rejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the date of receipt of such notice from the Adjudicating Authority. 15. In order to comply with the requirement of clause (a) of section10(3) of the Code the petitioner has placed on record all the necessary documents to prove the existence of financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As on 31.03.2017 nil As on 31.03.2016 nil 2. NET PROFIT/LOSS OF CORPORATE DEBTOR As on 31.03.2019 (30,13,350) As on 31.03.2018 (40,924) As on 31.03.2017 28,213,250 As on 31.03.2016 26,458 19. The figures extracted above indicate that there is no revenue from operations from the financial year 2015-16 till 2018-19. It could also be observed that the petitioner company went into a loss making concern from financial year 2017-18 to 2018-19. It is clear from the above that the corporate applicant has failed to pay its debt and has thus committed default. It is thus competent to set in motion the insolvency resolution process under the Code to ensure maximum value of assets which is in the interest of all the stakeholders. It could also be seen that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0439/2017-18/10762, email Id: [email protected], Mobile No. 9871830777, address: 174, BALCO Apartments, Plot No. 58, IP Extension, Patparganj, Delhi-110092 as an Interim Resolution Professional, with the following directions:- (i) The term of appointment of Mr. Atul Mittal shall be in accordance with the provisions of section 16(5) of the Code; (ii) In terms of section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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