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TMI Blog2021 (1) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... BHOLA, MEMBER (T) For Appellant : Anannya Nayyar, Manish Kaushik, Dipesh Sharma, Mishal Johrai, Mani Bhandra Jain, Ankit Batra For the Respondent : Deepa Mala, Raksha Kishore and Sonia Sharma, Advocates ORDER (Through Video Conferencing) 1. Ld. Counsels for both sides are present. Under consideration is an Application IB-1018/ND/2020 filed by the Financial Creditor viz., Amit Goel (hereinafter referred as Applicant/Financial Creditor ) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IBC, 2016 ) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayers made are to initiate the Corporate Insolvency Resolution Process (hereinafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reafter, the Corporate Debtor vide Board Resolution dated 10.05.2019 revoked the allotment of shares made in favour of the applicant/FC. 4. The Ld. Counsel for the Applicant/Financial Creditor submits that the Corporate Debtor after passing the Board Resolution dated 10.05.2019 by which allotment of shares was revoked has defaulted and not returned the share application money amounting to ₹ 1, 56, 03, 396/- alongwith 12% interest P.A. to the Applicant as provided under Section 42 (6) of the Companies Act, 2013. The Applicant in Part IV of the application has claimed that as on 17.08.2020 an amount of ₹ 189,17,300/- including interest @12% P.A. is outstanding against the CD. 5. The contention of the Applicant/Financial Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicant/Financial Creditor as invalid and void ab initio and authorized jointly/severally the directors Mr. Chandan Mitra and Mr. Kushan Mitra to approach the RoC for cancellation of the PAS-3. 7. It is worthwhile to mention that one of the Directors Mr. Kushan Mitra filed a complaint with the ROC, who (RoC) vide E-Mail dated 08.01.2020 communicated that the matter stands closed. Under Section 42 of the Companies Act, 2013, a complete procedure is provided for allotment of Shares against the Application Money and in case during time period as prescribed, the allotment is not done, the money has to be returned along with the interest to the Investors. Herein is the Financial Creditor whose money amounting to ₹ 79.68 Lakhs was recog ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted. 10. The Applicant/Financial Creditor has placed on record sufficient documentary evidence, based on which it is ascertained that the Corporate Debtor has committed default in making payment to the Applicant/Financial Creditor. The Applicant/Financial Creditor has fulfilled all the requirements under law and proposed the name of IRP after seeking his consent in Form-2, which is placed on record. Therefore, Application is admitted and the commencement of the CIRP is ordered, which ordinarily shall be completed within 180 days, reckoning from the day this Order is passed. 11. The moratorium is declared which shall have effect from the date of this Order till the completion of CIRP, for the purposes referred to in Section 14 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o directed to cause public announcement as prescribed under Section 15 of IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 14. The IRP shall comply with the provisions of Sections 13(2), 15, 17 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor shall extend all assistance and cooperation to the IRP as stipulated under Section 19 for discharging his functions under Section 20 of the IBC, 2016. 15. The Applicant/Financial Creditor and his counsel are directed to send the copy of this Order to the CD and IRP with immediate effect, so that he ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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