9911796707
TMI Blog2022 (11) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication is filed within limitation and is defect free. Application admitted - moratorium delcared. - TP 104 of 2019 [(MP) CP(IB) 613 of 2018] - - - Dated:- 14-10-2022 - Dr. M. B. Gosavi , Member ( J ) And Kaushalendra Kumar Singh , Member ( T ) For the Appellant : Manoj Munshi and Chiranjeev Saboo , Ld. Advs For the Respondents : Jatin Sehgal , Ld. Adv ORDER 1. The instant Application is filed by M/s. VRR Financial Services Private Limited ('Applicant') through its director Mr. Rajesh Vyas, under section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and in the absence of such registration the financial creditor cannot enter into trading activity. (iv) The audited balance sheets of the financial creditor for the year 2014-15 to 2018-19 clearly depicts that the financial creditor was never engaged in trading activity and that there was no purchase or sale of mobile phones, its accessories or any other commodity or products by the financial creditors. Further, the corporate debtor has borrowed the inter-corporate deposit of Rs. 25,00,000/- from the financial creditor and has recorded the same in their balance sheets as an inter-corporate deposit under the heading unsecured loan. (v) The account statement of the financial creditor issued by Yes Bank Limited reflects the pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies. The company has never been engaged in the trading of mobile phones and its accessories or any other goods/commodity in any of these years. The company is not a registered dealer with Sales Tax/Commercial Tax/VAT/GST Authorities to enable it to engage in any trading activity of goods/commodities. A summary of Trading Account of the company is annexed herewith. The figures and the amount stated in the summary reconciles with the audited balance sheet of the respective years. (viii) The name of the Interim Resolution Professional (IRP) Mr. Navin Khandelwal having registration No. IBBI/IPA-001/IP-P00703/2017-2018/11301 is proposed and the consent of the IRP is also placed on record. 3. The objections raised by the Respondent/C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted against the sale amount recovered by the financial creditor against the goods supplied by the corporate debtor. (v) The financial creditor filed a petition before the Hon'ble High Court after 2 years and 10 months from the date of the deposit. Further, after withdrawing the said petition from High Court, the financial creditor filed the present application after 1 year 3 months. Therefore, after excluding the time exhausted for availing alternate remedy before the Hon'ble High Court, the period of three years as per section 12 of the Limitation Act is expired and the present application is barred by limitation. 4. We have heard the learned counsel for the financial creditor as well as for the corporate debtor and peruse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor M/s. Pegasus Retail India Private Limited is admitted in Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016. (ii) The moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is declared for prohibiting all of the following in terms of Section 14(1) of the Code. 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 fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Code extending every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required to assist or co-operate with IRP, do not assist or co-operate the IRP is at liberty to make appropriate application to this Adjudicating Authority with a prayer for passing an appropriate order. (vi) This Adjudicating Authority directs the IRP to make a public announcement of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. (vii) It is further directed that the supply of goods/service to the Corporate Debtor Company, if continuing, shall not be t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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