9911796707
TMI Blog2020 (10) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... individual (employee), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Rubique Technologies India Private Limited (Corporate Debtor). 2. The Corporate Debtor is a private company limited by shares and incorporated on 22.10.2014 under the Companies Act, 2013, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U67190MH2014PTC258836. Its registered office is at B1-401, Kanakia Boomerang, Yadav Nagar, Chandivli, Andheri (East), Mumbai 400072, in the State of Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 28.11.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company and therefore needed more time to make the payment. The Corporate Debtor, however, made payment of a sum of Rs.3,06,508/- to be adjusted towards outstanding salary. (e) On 05.11.2019, the Operational Creditor-Employee wrote another letter requesting for release of the outstanding salary. The Corporate Debtor replied on the same date, stating that it is not possible to make any further payment having regard to the financial position of the company. Copies of the four correspondences have been placed as Annexure G (colly) at pp.22-25. 5. This being a case of an employee-Operational Creditor, there are no invoices. Bank statements are attached as Annexure 'H' at pp.27-95. The total debt due and payable to the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... internally but will not be able to give any payment commitment before next eighteen months due to financial constraints." This email has remained uncontroverted. Therefore, there is a liability that is clearly admitted by the Corporate Debtor. 10. The application made by the Operational 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 at the relevant time. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipt of this Order, in default of which coercive steps will follow. (h) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP of the Corporate Debtor. (i) Considering that the Operational Creditor is an employee, he 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). (j) In terms of section 9(5)(i) of the IBC, the Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days ..... X X X X Extracts X X X X X X X X Extracts X X X X
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