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TMI Blog2022 (9) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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, and the default is in excess of minimum amount stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. Petition admitted - moratorium declared. - CP (IB) 973/MB/C-I/2019 - - - Dated:- 23-9-2022 - Hon'ble Member (Judicial) : Justice P.N. Deshmukh (Retd.) And Hon'ble Member (Technical) : Mr. Shyam Babu Gautam For the Operational Creditor : Mr. Subhdeep Banerjee, Advocate For the Corporate Debtor : Mr. Kirti H. Syontri, Advocate ORDER Per : Shyam Babu Gautam, Member ( Technical ) 1. The present Company Petition is filed by Mr. Ravindra Hirasingh Rawat, (hereinafter referred to as the Operational Creditor ) under Section 9 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Banckruptcy (Application to Adjudicating Authority) Rules, 2016 seekin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed obligations as per the Clause 1 (a) and 2 (e) of the NDA and the Corporate Debtor, being a defaulting party was liable to pay the Operational Creditor payment of the penalty amount of Rs.40,00,000/- in terms of the Clause 2 (i) of the NDA, aggregating to Rs.43,00,000/- (Rupees Forty Three Lakhs Only). 10. The Corporate Debtor has paid to the Operational Creditor the following amounts: a) Rs.1,23,662/- on 21.02.2018 towards January, 2018 salary b) Rs.1,23,562/- on 15.03.2018 towards February, 2018 salary c) Rs.3,19,219/- on 10.05.2018 salary, Leave salary and LTA; towards March, 2018 d) Rs.3,80,769/- on 15.06.2018 - towards Gratuity amount and e) Rs.24,990/- on 27.10.2018 towards Bonus amount. 11. However, the payment of the above amounts detailed in points (c) and (d) above was not paid on time as per the agreed terms as per Clause 2 (i) of the NDA and the same was a violation of the above agreed terms of the NDA as per Clause 2 (f). 12. The Operational Creditor sent a letter dated 14.07.2018 by R.P.A.D. to the Corporate Debtor and all its Directors and CEO. The Operational Creditor raised a demand for payment of the above aggregate amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts to the Operational Creditor: Date Amount Particulars 21.02.2018 Rs.1,23,662/- Salary for the month of January 2018 (though Operational Creditor worked only for 22 days) 15.03.2018 Rs.1,23,562/- Salary for the month of February 2018 (As notice of Discharge, though he did not attend the work) 10.05.2018 Rs.3,19,219/- Salary for 22 days for the month of March, 2018 (additional one month salary for serving the company for a long time) and other dues. 15.06.2018 Rs.3,80,769/- Gratuity Amount 27.10.2018 Rs.24,990/- Bonus Amount 19. In view of the aforesaid, it can safely be concluded that the Corporate Debtor Company has cleared all the dues of the Operational Creditor. The Operational Creditor is trying to interpret the Non-Disclosure Agreement in his favor so as to suit his cause and extort money from the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company. If the Operational Creditor's alleged claim was genuine, he would have mentioned in at least one of the several emails about the alleged amount due to him as per clause 1(a), 2(e) and 2(f) of the Non-Disclosure agreement before the receipt of his dues. The claim as raised by the Operational Creditor is not an admitted liability. Findings 23. We have heard both the parties and perused the records, the primary defence raised by the Corporate Debtor is that the Corporate Debtor made payments to the Operational Creditor for the months of January 2018, February 2018 and March 2018 (until 21st March) and further paid other dues. Gratuity Amount and Bonus were also paid eventually and thus no liability remains outstanding on the part of the Corporate Debtor. 24. We note that on a plain reading of the Non-Disclosure Agreement, it is clear that the Corporate Debtor had agreed to make two payments as mentioned in Clause 2 (e) and Clause (i). There is nothing to suggest any connection of 2 (e) with Clause (i). Whereas we construe that clause 2 (i) is in reference to clause 1 (a) and thus the same has been discharged with. Hence, the payment made for the months of Feb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Government in consultation with any sectoral regulator; 29. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. 30. Public announcement 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. 31. Mr. Pankaj Ramandas Majithia, Registration No. IBBI/IPA-001/IPP00452/ 2017-2018/10795, Email Id: [email protected], Mob No. 9820122218, 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. 32. During the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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