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TMI Blog2020 (10) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... ettlement. The Corporate Debtor replied vide email of the same date, i.e., 02.03.2020, to the effect that we have reviewed the matter 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Rupees forty-eight lakh seventynine thousand six hundred and fifty-three only) as principal and ₹2,10,976.00 (Rupees two lakh ten thousand nine hundred and seventy-six only) as interest as on 01.11.2018, which is stated to be the date of default. 4. The case of the Operational Creditor is as follows: - (a) The Operational Creditor was appointed as Assistant Vice President [Employee Code: BDF0054] in the Corporate Debtor vide order of Appointment dated 16.01.2015. He continued to work with the Corporate Debtor till 25.06.2019 (AN), when his resignation was accepted. At the time of his resignation, he held the position of Senior Vice President; (b) A communication dated 01.07.2019 placed at Annexure 'E' reveals tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Operational Creditor is ₹50,90,629.00 (Rupees fifty lakh ninety thousand six hundred and twenty-nine only), as mentioned at page 12 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 06.11.2019 to the Corporate Debtor (Annexure 'I', pp.96-99) in terms of section 8 of the IBC. The Corporate Debtor has not replied to the Demand Notice. Necessary affidavit of No Dispute in terms of section 9(3)(b) of the IBC has been annexed at pp.108-111. 7. We have heard the arguments of both sides and perused the records. 8. The Corporate Debtor has unequivocally acknowledged the debt vide its letters dated 01.07.2019, 04.11.2019 and 05.11.2019, as seen from the Petition at pp.13, 23 and 24. Furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etition and orders initiation of CIRP against the Corporate Debtor. 11. The Operational Creditor has proposed the name of Mr Ajay Gupta, Registration No.IBBI/IPA-001/IP-P00192/2017-18/10371, as the Interim Resolution Professional of the Corporate Debtor. He has filed his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 12. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP (IB) No.4304/MB.II/2019 filed by Mr. Salil Shashank Kulkarni, the Operational Creditor (Employee), under section 9 of the IBC read with rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr Ajay Gupta, Registration No.IBBI/IPA-001/IPP00192/ 2017-18/10371, having address at A-701, La Chapelle, Evershine Nagar, Malad (West), Mumbai, 400064 [email: fca.ajaygupta@gmai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WhatsApp immediately, and in any case, not later than two days from the date of this Order. Additionally, the Operational Creditor shall communicate a copy of this order on the Corporate Debtor, the IRP and the Registrar of Companies, Maharashtra, Mumbai, so that they are all put on notice that the Corporate Debtor is under CIRP. These directions shall be carried out immediately, and, in any case, not later than three days from the date of pronouncement of this Order. (k) A copy of this Order be also 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 within seven days from ..... X X X X Extracts X X X X X X X X Extracts X X X X
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