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TMI Blog2022 (7) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... and orders initiation of CIRP against the Corporate Debtor. Petition admitted - Moratorium declared. - CP (IB) 3796/MB/2019 - - - Dated:- 22-7-2022 - Hon'ble Member (Judicial) : Justice P.N. Deshmukh (Retd.) And Hon'ble Member (Technical) : Mr. Shyam Babu Gautam For the Operational Creditor : Mr. Ajay Kumar, Counsel For the Corporate Debtor : None ORDER Per: Shyam Babu Gautam, Member (Technical) 1. The present Company Petition is filed by Ruptub Solutions Private Limited, (hereinafter referred to as the Petitioner ) under Section 9 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred to as CIRP ) against Panoramic Holidays Limited (hereinafter referred to as the Respondent ). 2. The Respondent is company incorporated under the Companies Act, 1956 and has its registered office at Aman Chambers, 4th Floor, Opp. New Passport Office, Veer Savarkar Road, Prabhadevi, Mumbai- 400025. Its Company Identification Number (CIN) is U45201MH2006PLC166115. Therefore, this Bench ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tanding amount was INR 47,76,436.81 (Rupees Forty-Seven Lakh Seventy-Six Thousand Four-Hundred and Thirty-Six only). A copy of the email dated 27.02.2018 is annexed as Annexure E to the Petition. 7. A reminder email was sent by the Petitioner on 01.03.2018 to the Respondent calling upon them to revert with respect to reconciliation statement which had been sent to the Respondent on 27.02.2018. A copy of the email dated 01.03.2018 is annexed as Annexure F to the Petition. 8. The Respondent by an email dated 01.03.2018, admitted its liability of INR 47,76,436.81 (Indian Rupees Forty-Seven Lakh Seventy-Six Thousand Four-Hundred and Thirty-Six only). A copy of the said email is annexed as Annexure G to the Petition. 9. Numerous email correspondences were exchanged between the parties pertaining to the debts. However, the Respondent continued to default. Copies of the email correspondences between the parties are annexed as Annexure H-Colly to the Petition. 10. Although the Petitioner continued to provide the services to Respondent throughout this period, the Respondent neglected to fulfil its obligation of clearing the outstanding dues of the Petitioner. 11. As n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereafter to make a payment of INR 5 lakhs every 10 days. In exchange for this offer, the Respondent requested the Petitioner to continue to honour bookings made with the Petitioner for the next 8 days. A copy of the email dated 03.05.2018 sent by the Respondent to the Petitioner is annexed as Annexure M to the Petition. 18. The Petitioner acceded to this request of the Respondent, but the Respondent once again neglected to honour the commitments made by it to the Petitioner. 19. Despite having given such a specific assurance to the Petitioner, the Respondent neglected to make the payments as promised. The Petitioner thus kept reminding the Respondent of its obligations and the Respondent repeatedly disregarded the requests and reminders sent by the Petitioner. 20. The Petitioner, however, out of goodwill, continued to provide services to the Respondent till 31.05.2018, by which time the amount due and payable by the Respondent to the Petitioner was an amount of INR 57,02,494.33 (Indian Rupees Fifty Seven Lakh Two Thousand Four Hundred and Ninety Four Only). 21. On 13.06.2018, the Petitioner issued a Demand Notice in Form-4 to the Respondent under Rule 5 of the Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irty Three Paise only) on the address of the corporate office of the Corporate Debtor situated at Plot no. 410/411, Lower Ground Floor, Khatau House, Mogul lane, Mahim, Mumbai- 400 016, by way of hand delivery. A copy of the office copy of the Demand Notice dated 04.07.2019, bearing the acknowledgment of receipt by the Respondent is annexed as Annexure R to the Petition. 28. After delivery of the Demand Notice, the Respondent by its email dated 12.07.2019, requested the Petitioner to provide them with necessary documents to enable them to reconcile the amounts due and payable by the Respondent. This email sent by the Corporate Debtor is itself an admission of debt due and payable by the Corporate Debtor to the Petitioner. Annexed hereto and marked as Annexure S is a copy of the email dated 12.07.2019. 29. Further, in response to the Demand Notice dated 04.07.2019, the Respondent through its Advocate addressed a reply letter dated 15.07.2019, denying the existence of any liability on the part of the Respondent to pay the Petitioner. A copy of the letter dated 15.07.2019 is annexed as Annexure T to the Petition. 30. The alleged objections/disputes raised by the Respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondent requested the Petitioner for excel file to reconcile extra bills received and crystallise the final amount payable. 39. However, on 15.07.2019, in response to the Demand Notice dated 04.07.2019, the Respondent through its advocate addressed a reply, denying the existence of any liability on the part of the Respondent to pay the Petitioner. This clearly shows that within a span of three days the Respondent contradicted its own statement and is trying to avoid the repayment of its liability. 40. Therefore, it can be construed that defense raised by the Corporate Debtor is moonshine defense in response to the Demand Notice dated 04.07.2019 to shy away from the liability. 41. Upon perusal of records, this Bench is of the considered opinion that there is no dispute regarding the fact that Corporate Debtor owes money to the Financial Creditor. 42. The Corporate Debtor while replying to the demand notice has not brought to light any pre-existing dispute as required under the Code. 43. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnouncement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 49. Mrs. Rashmi Pushpak Gangwal, Registration No. IBBI/IPA-002/IPN01058/ 2020-2021/13401, Email Id: [email protected], (Mobile: 9422214071), is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as mentioned under IBC. The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency Bankruptcy Board of India (IBBI) as may be applicable. 50. During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coerc ..... 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