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TMI Blog2021 (12) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... Since the admission of debt made on part of the Corporate Debtor is for an amount, which is more than ₹ 1,00,000/-, therefore the same is sufficient to trigger CIR Process against the Corporate Debtor. Thus it is concluded that a default has occurred on part of the Corporate Debtor and the same has also been admitted by the Corporate Debtor - application admitted - moratorium declared. - (IB)-461(ND)2019 - - - Dated:- 30-11-2021 - Abni Ranjan Kumar Sinha, Member (J) And L.N. Gupta, Member (T) For the Appellant : Amit Srivastava, Adv. For the Respondents : Arzoo Raj, Adv. ORDER L.N. Gupta, Member (T) 1. The present application is filed by Mr. Mohit Kalkhande (for brevity 'Operational Creditor/Applicant') under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Set Sanayi Elektrik-Tesisat Taahut Ve Ticaret India Private Limited (for brevity 'Corporate Debtor/Respondent'). 2. That the Corporate Debtor namely, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lfilled. 7. In these circumstances, the Applicant had a meeting at the residence of one of the Directors of Corporate Debtor, Sh. Prakash Sinha on 19.03.2017, wherein the Applicant requested him to accept his resignation and relieve him to enable him to move on to a new job. The Director Mr. Prakash Sinha again assured to release some dues immediately and the balance by 20.04.2017. It was also agreed that in case of non fulfillment of the commitment by the Corporate Debtor, the resignation of the Applicant shall be accepted and he will be relieved on 20.04.2017. 8. The Applicant stated that he had been attending office of the Corporate Debtor till 10.04.2017 but due to lack of funds unpaid dues of the Corporate Debtor, he was constrained to work from home. It is further stated that the Corporate Debtor failed to fulfill its promises and make payments of salary and other dues by 20.04.2017. Therefore, the Applicant vide email dated 24.04.2017 again wrote to Corporate Debtor requesting for clearance of dues as agreed and relieving him from the job. The Applicant admits that pursuant to these efforts, the Corporate Debtor released the salary of four months i.e., May 2016, Sept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed praying for setting aside of the Ex-parte Order dated 06.08.2019. The Application was allowed vide Order dated 13.09.2019 and the Corporate Debtor was directed to file the reply. 14. That the Corporate Debtor has filed reply and raised the following objections: a) That the Applicant's professional conduct was not good as he used to come late to the office and several notices towards the same were issued to him via email. A copy of one such notice sent vide email dated 06.11.2016 has been placed on record. That the applicant also failed to fulfill his obligations towards his job, was even unsuccessful in getting client's satisfaction and ensuring progress of various projects. Moreover, to blackmail the corporate debtor, the Applicant demanded an increase in his salary and threatened to leave the project in the middle. Therefore, to avoid further loss, the Corporate Debtor promoted the Applicant and increased his salary. In spite of promotion, the applicant left the job causing damage to the Corporate Debtor, as huge payments on several bills and invoices could not be released. b) The Applicant always acted on his own accord without seeking prior permission fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the admitted amount of ₹ 9 Lakhs by way of demand draft brought with him today. The same is not acceptable to the ld. Counsel for the petitioner, who prays for an adjournment to ascertain his dues. 19. The matter was finally heard on 20.10.2021, wherein, the Bench noticed that the Corporate Debtor vide order dated 27.01.2020 has already admitted the lability to the extent of ₹ 9 Lacs. 20. We have heard the Ld. Counsels for both the parties and perused the averments made in the application, reply and other documents filed on record. We observe that the Corporate Debtor has taken objection regarding some pre-existing dispute between the parties regarding services provided by the Applicant. Further, it is stated by the Corporate Debtor that it had suffered losses due to conduct of the Applicant during his tenure. It is further submitted by the Corporate Debtor that no amount is due towards the Corporate Debtor since a sum of ₹ 15 Lakhs in cash has already been paid to the Applicant. 21. In our considered view, there is no necessity of going into the issues alleged by the Corporate Debtor as there is a specific admission made by the Corporate Debtor as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application is admitted in terms of Section 9(5) of the IBC, 2016. Accordingly, the CIRP is initiated and moratorium is declared in terms of provisions of Section 14 of the Code. As a necessary consequence of declaration of the moratorium in terms of Section 14(1) (a), (b), (c) (d), the following prohibitions are imposed, which must be followed by all and sundry: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor 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 corporate debtor 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 corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. 26. The Applicant has not prop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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