9911796707
TMI Blog2022 (9) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... that the application was filed vide Diary No.01243 on 30.12.2020 (refiled on 12.01.2021), whereas the date of default is 31.07.2020, therefore, this Adjudicating Authority finds that this application has been filed within limitation. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP in the case of the corporate debtor, Govind Electrica Private Limited is admitted - moratorium declared. - CP (IB) No.70/Chd/Hry/2021 - - - Dated:- 21-9-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Operational Creditor : Mr. Arjun Kundra , Advocate Respondent proceeded ex - parte JUDGMENT PER : HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) 1. The instant petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred to as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to the operational creditor, vide confirmation of accounts dated 18.09.2019 (Annexure VII). The principal outstanding and the interest on the invoices calculated till 31.07.2020, as mentioned in the petition, is detailed below:- a. CUS000535 (Faridabad) Sr. No. Invoice Date Invoice Number Amount Balance Payment 1. 07.06.2018 DS1-190004790 51,92,389 27,00,000 2. 07.06.2018 DS1-190004792 17,66,393 8,75,513 3. 11.06.2018 DS1-190004999 46,384 46,384 4. 14.06.2018 DS1-190005224 5,93,525 4,93,524 5. 15.06.2018 DS1-190005386 4,50,419 4,50,419 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he goods supplied at the other address/office at Gurgaon is Rs.1,38,85,994/-. Therefore, the respondent/corporate debtor has defaulted in repayment of operational debt to the tune of Rs.2,72,61,664/-. 3. It has been averred on behalf of the petitioner/operational creditor that a legal notice dated 23.09.2019 (Annexure VIII) was sent to the respondent/corporate debtor at is Faridabad and Gurgaon office for the recovery of amount that was obtained after reconciliation and confirmation on 18.09.2019 alongwith interest accrued on it. In response to the legal notice sent by the petitioner/operational creditor, a reply dated 03.10.2019 (Annexure IX) was received wherein respondent/corporate debtor sought six months to clear the outstanding payment. 4. It has been further averred that since the respondent/corporate debtor failed to make the payment, the operational creditor was constrained to issue demand notice dated 21.01.2020 (Annexure I) under Form 3 to the respondent/corporate debtor for recovery of unpaid operational debt of Rs.2,45,98,075/- as on 23.12.2019. In response to the demand notice, the respondent/corporate debtor sent an email dated 26.01.2020 (Annexure X) to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l so that effective proceedings can take place on the next date of hearing. 7. In compliance of order dated 11.04.2022, the petitioner/operational creditor filed affidavit of service vide Diary No.01243/2 dated 19.05.2022, wherein it has been deposed by Mr. Anant Loya, Authorized Signatory of the petitioner/operational creditor that the next date of hearing was intimated to the respondent/corporate debtor through e-mail on 28.04.2022 (Annexure A). Despite intimation to the respondent/corporate debtor, none appeared on its behalf and thereafter, vide order dated 30.06.2022 the respondent/corporate debtor was proceeded ex-parte. The arguments in the case were heard on 02.09.2022 and the matter was reserved. 8. After hearing the learned counsel for the petitioner and going through the records carefully, the first issue for consideration is whether the demand notice in Form 3 dated 21.01.2020 was properly served. As discussed above, demand notice was served to the respondent/corporate debtor and in response to the same only, the respondent/corporate debtor vide its e-mail dated 26.01.2020 requested the petitioner for granting some more time to clear the outstanding amount. 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 of the list provided by the Insolvency and Bankruptcy Board of India, which is valid till 31.12.2022. 14. In the present petition, all the aforesaid requirements have been satisfied. It is seen that the petition preferred by the petitioner is complete in all respects. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP in the case of the corporate debtor, Govind Electrica Private Limited. 15. We also direct moratorium in terms of sub-section (1) of Section 14 of the Code as under:- 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 inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in manag ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
