9911796707
TMI Blog2020 (1) TMI 1439X X X X Extracts X X X X X X X X Extracts X X X X ..... e, No one has represented on behalf of the Respondent. However, despite service of notice by all modes, none appeared on behalf of the Respondent and as a result the Respondent was proceeded ex-parte on 24.09.2019 - The Respondent was absent even on the hearing on 17.12.2019 and was set ex-parte. The Applicant has established the existence of debt and default on the part of the Respondent and the Respondent has not availed the opportunities provided by this Tribunal to defend the arguments made by the Applicant. In view of the above situation, this Tribunal admits this petition and initiates CIRP on the Respondent with immediate effect. Application admitted - moratorium declared. - IB-1936/(ND)/2019 - - - Dated:- 7-1-2020 - Dr. P.S.N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant, a listing agreement was executed between the applicant and the Respondent dated 13.02.1995, pursuant to which the securities of the Respondent were allowed to be listed and consequently traded on the platform provided by the applicant. The said listing Agreement as per clause 38 provided that the Respondent would pay an Annual Listing Fee on or before 30th April in each year. The said ALF would be computed on the basis of the capital of the company as on 31st March and worked as provided in the schedule II. Section 21 of the SCRA provides for Conditions for Listing- Where securities are listed on the application of any person in any recognized stock exchange such person shall comply with the conditions of the listing agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al debt to the applicant on 01.04.2015 and continues till the issuance of demand notice. vi. The applicant submits that the Respondent had made payments of the ALF till financial year 2014-2015, the last payment was received on 14.03.2018 for an amount of ₹ 2,27,453/- and thereafter the Respondent has failed to pay any further amount. The applicant raised the aforementioned invoice dated 03.04.2018 containing the ALF for the FY 2018-19 along with the arrears upto FY 2018-19. vii. The applicant served a demand notice dated 20.12.2018 under section 8(1) of the Insolvency and Bankruptcy code, 2016 upon the Respondent at its registered office. The notice was returned to the applicant as undelivered with the endorsement ''unc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP on the Respondent with immediate effect. 4. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: (a) the institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the Respondent any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the Respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
