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TMI Blog2020 (5) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... - CP (IB) No. 1735/KB/2019 - - - Dated:- 20-5-2020 - Shri Jinan K.R., Hon ble Member (J) For the Operational Creditor: Mr. Anjan Kumar Roy, FCS For the Corporate Debtor: Mr. Dhirendra Nath Sharma, S. Dutta Majumdar, Ms.Pubali Sinha Choudury ORDER Jinan K.R.,Member (Judicial) The applicant Foseco India Limited, filed this application under Sec. 9 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code) for initiation of corporate insolvency resolution process against the corporate debtor, viz., Om Boseco Rail Products Limited for the alleged default in payment of operational debt to the tune of ₹ 90,00,919.10 (Rupees Ninety lakh nine hundred nineteen and paise ten only). 2. Brief facts of the case, for our consideration of the application are the following:- The Operational Creditor is a company engaged inter alia, in the business of manufacturing and supply of chemicals and allied products related to foundry and steel industries, such as, resins, coating for ferrous and non-ferrous foundries, sleeves, fluxes, metal treatment products of foundries. The corporate debtor regularly purchased various foundry and chemicals generally on creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /8/2019. Copies of the demand notice, speed post receipt and proof of delivery of service are annexed with the application as Annexure 12. 7. In response to the said demand notice, the operational creditor has not received any reply from the corporate debtor. The operational creditor further submits that there is no pre existence of any dispute o rpendency of any suitor arbitration proceedings filed before by the corporate debtor in relation to any such dispute. 8. Corporate Debtor though was called absent and declared ex-parte, vide order dated 17th January, 2020 the application CA (IB) No. 107/KB/2020 was allowed by setting aside and the ex-parte order with a direction to pay cost of Rs. One lakh and submits reply within 10 days from the date of the order. Despite granting time the CD has chosen not to contest this application for the reason not brought to the notice of this bench. This case was again came up for consideration on 3 rd February, 2020. On that day also the CD has not chosen to filereply, but paid cost and prays further time to file reply with out assigning any valid reason and the matter was posted for hearing on 13.03.2020. When this case was taken up for f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k to I crore for initiating CIRP as against small and medium scale industries. So question raised by the Ld. Counsel is that whether Notification u/s 4 of the Code raising the minimum default limit be applicable to the applications pending for admission? It is a well settled law that a statute is presumed to be prospective unless it is held to be retrospective, either expressly or by necessary implication. When the amendment to section 4 of IBC was, inserted a proviso enhancing the pecuniary jurisdiction for filing applications as against small and medium scale industries now here in the notification mentioned that its application will be retrospective. Therefore, it appears to me that the amendment shall be considered as prospective and not retrospective. The facts in the cited decisions are not at all similar to the facts in the case in hand and hence not helpful to strengthen the said submission on the side of the CD. Intheview of the matter, I do not find any illegality in pronouncing the order on today through VC. 9. This is an application filed under Sec. 9 of IB Code for initiation of corporate insolvency resolution process against the company who is dealing with business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of hearing, of her than his request for time to settle the matter. There is no disciplinary proceedings pending against the RP proposed under sub-sec.(4)of Sec.9 of IB Code, 2016 and accordingly this application is complete and therefore, liable to be admitted. 14. In view of what is stated above, this application is admitted upon the following:- ORDER i. The application filed by the Operational Creditor under section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Om Boseco Rail Products Limited is here by admitted. ii. Wehere by declare amoratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii. Moratoriumis declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. iv. Moratorium under Section 14 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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