9911796707
Advanced Search 
TMI Blog2018 (6) TMI 1703X X X X Extracts X X X X X X X X Extracts X X X X ..... y operational creditor namely Randstand India Private Limited has filed this Petition stating that the Corporate Debtor Company M/s. Camson Bio technologies Limited has defaulted in repaying a sum of Rs. 36,83,660.30/- (Rupees thirty Six Lakhs eighty three thousand six hundred and sixty) and hence this petition under Section 9 of the insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking for admission of this petition, declaring moratorium on the Corporate Debtor Company, direction for public announcement of initiation of corporate insolvency process and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther stated that Corporate Debtor has made part payment of Rs. 42,16,364/- to the Operational Creditor.The Operational Creditor stated that the Corporate Debtor has released further payment of Rs. 1,98,071.42. The Operational Creditor has further stated that on 27th December, 2016 the corporate debtor released further amount of Rs. 10,624.95/- towards part payment. The total amount due by the Corporate Debtor is Rs. 36,83,660.30/-. 7. The operational creditor has issued a Demand Notice under Rule 5 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 dated 27th May, 2017. The operational creditor stated that the corporate debtor did not comply with the demand made under the notice nor disputed the demand made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtors could not provide company role due to internal company policy and also they are not meeting the HR criteria of corporate debtor. Taking the advantage of the same, operational creditor have appointed them to fulfil the requirements which were completely withdrawn including corporate debtors staff and some of them were terminated on the grounds of services with immediate effect. 12. The Corporate debtor submits that one of the employee recruited by the operational creditor till now was found that without the knowledge of corporate debtor, by cheating the company they have opened a bank account and the funds collected from the authorized distributors of corporate debtors was mis-handled and the same was unearthed and also they have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor. 15. The Corporate Debtor further submits that corporate debtor has not admitted the debt claimed by the operational creditor as there is dispute with regard to the pending issues of misappropriation of funds and many unsettled issues with corporate debtor's authorised distributors leading to sale loss and discontinue of operations of corporate debtor in out sourced employees operated region. 16. The Operational Creditor has filed rejoinder dated 8th November, 2017 to the statement of objections filed by the corporate debtor and vehemently refuted the false allegations made against the Applicant and also produced e-mails wherein the Corporate Debtor admitted its liability to pay the outstanding amount and sought for extension ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l in her letter has expressed her willingness for the appointment and also certified that there are no disciplinary proceedings pending against her. 19. This Bench admits this Petition under Section 9 of the code declaring moratorium for the purposes referred to in Section 14 of the Code with the following directions:- i. That this Bench hereby prohibits 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 other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to forec ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
