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TMI Blog2022 (10) TMI 519X X X X Extracts X X X X X X X X Extracts X X X X ..... 2, the Ld. Counsel for Corporate Debtor has admitted the liability of the Corporate Debtor. Upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect - moratorium declared. - Company Petition (IB) No. 882/ND/2022 - - - Dated:- 29-9-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) For the Appellant : Dhruv Rohatgi and Mritunjay Kumar Singh, Advs. For the Respondents : Nitish Sharma, Adv. ORDER P.S.N. Prasad, Member (J) 1. The present petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 by the Applicant/operational creditor, i.e. M/s. Ahluwali Contracts (India) Ltd. for initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate Debtor Company M/s. Logix Infratech Private Limited . 2. The Operational Creditor is a construction company. The Corporate debtor is a company engaged in the business of real estate development. 3. Brief Facts of the case are as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 4,02,00,000/-. ix. Pursuant to the same, a minute of the meeting held on 05.09.2019 was issued by Synergy to both the Operational Creditor and Corporate Debtor vide email dated 06.09.2019. x. The final bills for the Work Contracts were certified by the PMC, Synergy, on 24.09.2019, for an aggregate amount of Rs. 11,55,93,501/- ( PMC Certified Amount ) and the break-up of the same is explained below: a. The final bill (excluding taxes) in respect of the Main Contract was certified for Rs. 171,95,81,790/- for the total value of work done towards Main Contract with current payable amount of Rs. 9,06,21,824/- which included unpaid previous certified amount of Rs. 1,47,22,832/-, release of retention money of Rs. 4,00,00,000/- and unresolved settled amount of Rs. 2,00,00,000/-. b. The final bill (excluding taxes) in respect of the Work Order was certified for Rs. 5,87,12,200/- for total value of work done towards Work Order with current payable amount of Rs. 2,49,71,677/- which includes unpaid previous certified amounts of Rs. 1,85,67,208/-, release of retention money of Rs. 29,10,079/- and credit for return of reinforcement steel amounting to Rs. 34,94,390/-. x ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 30.09.2019 and requested to pay the first instalment amount within seven days of receipt of the said letter. xvii. Thereafter, the Corporate Debtor vide email dated 15.11.2019 admitted to its failure to honour its commitment as per the Agreement and further blamed the non-payment of first instalment amount on slow down and bad shape of Real Estate market. It is submitted that the contents of the email dated 15.11.2019 proves the undisputed admission of the corporate debtor to pay the amounts of first instalment. xviii. The Operational Creditor vide letter dated 30.11.2019 (sent via email dated 30.11.2019) replied to email dated 15.11.2019 sent by the Corporate Debtor. Under the said letter, the Operational Creditor again reminded the Corporate Debtor of its failure in payment of first as well as second instalment which became due and payable on 25.11.2019 and further mentioned that the payment against the work done by the Operational Creditor had been due since March 2017 and due to the financial difficulties expressed by the Corporate Debtor, the Operational Creditor agreed to enter the Agreement dated 30.09.2019 and did not insist on payment of staggered payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid project would then be utilized towards the payment of the installment amounts to the Operational Creditor as per the Settlement Agreement. ii. However, the delay in payment of installment amounts was caused due to the fact that the construction of the said project was stopped due to the various EPCA/NGT Orders in the month of October 2019 and thereafter unprecedented conditions created due to COVID-19 pandemic. iii. Due to poor air quality and air pollution in the National Capital Region ('NCR'), the Environment Pollution (Prevention Control) Authority ('EPCA') vide its Notification dated 09.10.2019 suggested measures and efforts to be made in order to ensure that the levels of air pollution do not rise further even with adverse weather conditions so that the pollution level in the NCR can be contained. Thereafter vide EPCA Notification dated 25.10.2019, construction activities were banned between 6:00 AM to 6:00 PM during 26th October 2019 to 30th October 2019 in Delhi and satellite towns namely Gurugram, Faridabad, Noida, Greater Noida, Ghaziabad, Sonipat and Bahadurgarh. Similarly, EPCA vide its Notifications dated 01.11.2019, 04.11.2019, 08.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of dismissal of petition passed by this Tribunal before the Hon'ble NCLAT. Vide order dated 08.09.2022, the Hon'ble Appellate Tribunal has set aside the order dated 03.06.2022 with directions to this Tribunal to pass an order of admission and other consequential order. Therefore, this Tribunal, vide order dated 20.09.2022, has restored the captioned petition. 8. In the light of the aforesaid facts, we find that the Letter of Intent dated 06.09.2010 was executed between the Operational Creditor and the Corporate Debtor clearly substantiate the Operational Creditor's claim that the Corporate Debtor has defaulted on repayment which is duly admitted by Corporate Debtor. Vide order dated 20.09.2022, the Ld. Counsel for Corporate Debtor has admitted the liability of the Corporate Debtor. 9. In light of the above discussion, after giving careful consideration to the entire matter, hearing the arguments of the parties and upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. 10. The Applicant has proposed the name of IRP. Accordingly, this Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority, 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, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. 15. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government and the supply of essential goods or services to the Corporate Debtor, as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018, which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14 (3) (b) of the Code. 16. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 21 of the Code and transact proceedings with utmost ded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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