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TMI Blog2022 (3) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor on 30.06.2018. The present Application under Section 9 of IBC, 2016 has been filed by the Operational Creditor before this Tribunal on 16.12.2020 and as such it falls well within the period of limitation. Further, the default arising in the present Application is has happened much before the advent of Covid-19 and hence the Corporate Debtor also cannot seek shelter under Section 10A of IBC, 2016 - this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. Application admitted - moratorium declared. - CP/1(CHE)/2021 - - - Dated:- 8-3-2022 - Sucharitha R. , Member ( J ) And Sameer Kakar , Member ( T ) For the Appellant : Prena Khatri, Advocate for AK Mylsamy Associates LLP ORDER Sucharitha R. , Member ( J ) 1. CP(IB)/1(CHE)/2021 is filed by one M/s. Redington India Limited (hereinafter referred to as 'Operational Creditor') under Section 9 of the Insolvency . Bankruptcy Code 2016 (in short, 'IBC, 2016') r/w Rule 6 of the Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance by the Corporate Debtor is annexed with the typed set filed along with the Application. The present Application is filed before this Tribunal on 16.12.2020. 8. The Learned Counsel for the Operational Creditor submitted that the last payment made by the Corporate Debtor to the Applicant was a sum of ₹ 25,000/- on 30.06.2018. It was submitted that the aforesaid amount was adjusted against the total outstanding debt payable towards each invoice on Revolving Credit Basis. 9. The Learned Counsel for the Operational Creditor further submitted that, in order to discharge the outstanding debt, the Corporate Debtor issued a cheque No. 000031 dated 25.08.2018 drawn on HDFC Bank for a sum of ₹ 3,90,13,461/-, signed by one of the Directors of the Corporate Debtor. It was submitted that the aforesaid cheque was presented for clearance by the Operational Creditor on 27.08.2018 and the same was returned with an endorsement funds insufficient' vide Cheque Advice/Memo dated 29.08.2018. In this regard, it was also submitted that a criminal complaint (STC No. 838 of 2018) was filed by the Operational Creditor on 29.10.2018 before the Judicial Magistrate No. IV, Tiruchir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal. It is also stated that in compliance with the directions issued by this Tribunal, an Affidavit of Service was filed on 09.03.2021 vide SR. No. 1330 and Affidavit of Compliances were filed on 24.03.2021 vide SR. No. 1620 and again on 23.04.2021 vide SR. No. 2253 in the Registry. Various attempts were made by the Petitioner to serve the notice to the Respondent, however, notice(s) issued to the last known three addresses of the Respondent viz., the registered office and branch offices, the same were returned with an endorsement 'unclaimed', 'left' and 'no such office', respectively. Hence, the Petitioner is permitted to take fresh notice by way of speed post to the last known three addresses of the Respondent and file an Affidavit of Service along with an acknowledgement card. The Petitioner is also permitted to take substituted service of notice to the Respondent by way of paper publication in vernacular newspaper Makkal Kural and another newspaper in English Indian Express on or before 15.10.2021, to this effect file an Affidavit before the next date of hearing. List this matter on 09.11.2021 for Affidavit of Service and appearance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d passed in Company Appeal (AT) (Insolvency) No. 608 of 2020 dated 5th February 2021, in para 35 has held as follows; 35. In view of the fact that service of notice under section 8 of the 'The Insolvency and Bankruptcy Code 2016', Respondent/Company at its official e-mail ID as available in the web site portal is a valid service, it is held by this Tribunal to be a valid and proper service upon the Respondent/Corporate Debtor, in the eye of law. 17. In the said circumstances as per the decision of the Hon'ble NCLAT, the service effected by the Operational Creditor has to be considered as to be 'Deemed service' and based on the notice delivered to the Directors of the Company as per the order of this Tribunal dated 30.09.2021, this Tribunal holds that the service of notice in relation to the Corporate Debtor is complete and since there was no representation on behalf of the Corporate Debtor, we are constrained to proceed in this matter in the absence of the Corporate Debtor. 18. In relation to the debt and default, it is seen that the Corporate Debtor already had acknowledged that a sum of ₹ 3,90,38,461/- is outstanding due and payable by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the possession of the respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; 21. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 25. The IRP appointed shall take in this regard such other and further steps as are required under the Statute, more specifically in terms of Section 15, 17, 18 of the IBC, 2016 and file his report within 30 days before this Bench. The powers of the Board of Directors of the Corporate Debtor shall stand superseded as a consequence of the initiation of the CIRP in relation to the Corporate Debtor in terms of the provisions of IBC, 2016. 26. 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 are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 of IBC, 2016 for the purpose of discharging his functions under Section 20 of IBC, 2016. 27. The IRP shall conduct the Corporate Insolvency Resolution Process in respect of the Corporate Debtor as stipulated under Chapter VIII of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 28. The Operational Creditor is directed to pay a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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