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TMI Blog2020 (6) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... on of CIRP against the Corporate Debtor - Petition admitted - moratorium declared. - CP (IB) 2098/MB/C-IV/2019 - - - Dated:- 22-10-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member For the Appellant : Aurup Dasgupta, and Ms. Sonam Ghiya For the Respondent : Gaurav Vadehra ORDER RAJASEKHAR V.K., JUDICIAL MEMBER 1. This is a Company Petition filed under section 7 of the Insolvency Bankruptcy Code, 2016 (IBC) by One Capitall Limited [CIN:U67120MH2008PLC181072] ( the Financial Creditor ), a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Authorised Signatory, Hirendra Kranti, on the basis of a Board Resolution dated 5-4-2018 seeking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was executed on 6-2-2018. The loan amount of ₹ 2.86 crore was to be repaid within a period of sixty months (para 1 of Part IV at page 6 of the Petition); (c) The disbursement was completed on 9-2-2018 by NEFT (para 1 of Part IV at page 3 of the Petition); (d) To secure the loan, the Corporate Debtor executed English mortgage of its Flat No. 9A, 'CENCED', Plot No 318, Pali Hill Road, Union Park, Khar (West), Mumbai 400 052, together with five fully paid-up shares of ₹ 50/- each of Cenced Cooperative Housing Society Limited, comprised in Share Certificate No. 41 dated 1-9-1977 (para 1 of Part V at page 8 of the Petition); (e) The Financial Creditor received the Security Deposit of ₹ 86.00 lakh on 7-2-2018 (p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Petition. The details of the cheques issued by the Corporate Debtor which have bounced on 01-11-2018 and 7-3-2019 are placed on record at pp.379-387. 6. The total debt due and payable to the Financial Creditor is ₹ 2,86,00,000.00 (Rupees two crore eighty-six lakh only), as mentioned at page 5 of the Petition. 7. Mr Gaurav Vadhera, Learned Director appeared on behalf of the Corporate Debtor and made his submissions. 8. In its reply dated 5-9-2019, the Corporate Debtor has set up the following defence:- (a) The Corporate Debtor is a micro-scale manufacturing unit registered under the Micro, Small Medium Enterprises (MSME) Act, 2006. It is a company manufacturing speciality chemicals having high value-addition, mainl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tipulates that the provisions of clauses (c) and (h) of section 29A shall not apply to the resolution applicant in respect of corporate insolvency resolution process of any micro, small and medium enterprises. This applies in a post-admission scenario and cannot be considered at the stage of admission. 12. The application made by the Financial Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority adm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest (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 continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll follow. (h) The Financial Creditor shall deposit a sum of ₹ 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 Financial Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order. (j) A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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