9911796707
TMI Blog2024 (10) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... been narrated in part-I of the Application. Part-II contains the particulars of the Corporate Debtor M/s. Adaptio Facility Management Private Limited, having CIN: U74999TN2016PTC111722 and registered office at No. 1/12, 6th cross street, Venkateshwara Nagar, Ramapuram, Chennai - 600089. It was incorporated on 29.07.2016. 3. In Part III of the application, the Financial Creditor has proposed one Mrs. Satyadevi Alamuri with Registration No: IBBI/IPA-002/IP- N00071/2017-2018/10205 as the "Interim Resolution Professional" of the Corporate Debtor. 4. In Part-IV of the Application, it is stated that the Financial Creditors had cumulatively advanced a total sum of Rs. 1,08,83,596.95 to the Corporate Debtor as the amount which is due and payable by the Corporate Debtor. 5. It is stated that there are 11 financial creditors who advanced the amount to the Corporate Debtor as part of a bill discounting arrangement through an online bill discounting portal called "KredX" operated by 'Minions Ventures Pvt. Ltd' through various Agreements for Transfer of Rights. The Agreement for Transfer of Rights ('Agreement') is a tripartite agreement between each of the Creditors herein, Minion Ventures ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement of Transfer of Rights and following the recourse method on the Corporate Debtor, the Corporate Debtor is liable to refund the consideration to the Purchaser, i.e. the Creditors. It is stated that the Corporate Debtor in order to effect the restitution had provided cheques. It is stated that the cheques when presented for collection, returned by the Corporate Debtor's bankers with the endorsement "stopped by drawer". The Creditors submit that though the Corporate Debtor was served with a notice under Section 138 of the Negotiable Instruments Act, 1881, the same was neither complied with nor did the Corporate Debtor reply to the same. Thus, the Financial Debts due to the Creditors by the Corporate Debtor is undisputed and acknowledged. It is stated that the above are not only the financial debts due to the creditors borne by the said agreements, but the subsequent dishonour of the said cheques makes it abundantly clear that the Corporate Debtor is insolvent. It is stated that on a perusal of the data related to the Corporate Debtor on the Ministry of Corporate Affairs website, it is seen that the Corporate Debtor has massive liabilities and doesn't appear to have suf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istered office at No.1/12,6th Cross Street Venkateshwara Nagar, Ramapuram, Chennai, Tamil Nadu, INDIA, Pincode: 600089 (hereinafter referred to as the "Seller", which expression shall, unless repugnant to the context or meaning there of, mean and include its successors-in-interest and permitted assigns); 2. APURVA JAIN, aged 33, holding PAN card ARBPJ0401G residing at D/O B K Jain, 84 MAHAVEER COLONY, PUR ROAD, Bhilwara, Bhilwara, Rajasthan, 311001, Bhilwara, Rajasthan, Pincode: 311001 (hereinafter referred to as the "Purchaser", which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors-in-interest and assigns); and 3. MINIONS VENTURES PRIVATE LIMITED, a private limited company incorporated under the provisions of the Companies Act, 2013 and having its registered office at Wing 'A', Ground Floor, Office-1 Block-'A', Salarpuria Softzone, Bellandur Village, Varthur Hobli, Bangalore South Taluk, Outer Ring Road, Bangalore - 560103, India (here in after referred to as "KredX", which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors-in-interest and permitted assigns). The Sell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sation for the benefit and payment of Late Payment Fee shall together conclude the restitution of the Purchaser, and the Seller shall pay such amounts into the Settlement Escrow/Nodal Account. 6.3. In order to effect the restitution in terms hereof ("Restitution"), the Seller has deposited with KredX, Cheques ("Cheques") drawable on the Seller's bank account in favour of the Settlement Escrow/Nodal Account, for the Consideration plus the Late Payment Fee (together, the "Restitution Amount"). It is hereby expressly clarified that the Cheque shall be deposited by the Seller to KredX, for the benefit of the Purchaser as the acknowledgment of debt/liability. The obligation of the Seller under the Cheque shall be independent and exclusive of the obligation of the Seller to ensure Restitution of the Purchaser. In the event the Cheques is unable to be encashed / exercised by KredX, the obligation of the Seller to undertake the Restitution shall survive. 13. On perusal of the above clauses in the Transfer of Rights Agreement, we find that there is a disbursement against the consideration for time value of money and there is a clause for payment of interest. Further, the documents fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor is required to be initiated. 17. Under these said circumstances, we admit this application and order for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. 18. The Financial Creditor has proposed the name of Ms. Satyadevi Alamuri, having Reg. No. IBBI/IPA-002/IP-N00071/2017-18/10205 e- mail Id: [email protected] as the Interim Resolution Professional (IRP) who has also filed her consent in Form - 2 at page No.369 (Annexure-42) of the Application and also upon verification from the IBBI website, it is seen that the said person holds valid Authorization for Assignment till 29.11.2024. Ms. Satyadevi Alamuri is appointed as the IRP is directed to take charge of the Corporate Debtor's management immediately. The IRP is also directed to cause public announcement as prescribed under Section 15 of the IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed under Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP who is appointed shall take forward the process of Corporate Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate debtor. 21. The duration of the period of moratorium shall be as provided in Section 14(4) of the Code and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process: Provided that where at any ti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this rule, the expression "electronic mode" includes "electronic form" as defined in clause (r) of sub-section (1) of section 2 of Information Technology Act, 2000 (21 of 2000) and also includes an electronic record as defined in clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000 (21 of 2000) and "books of account " shall have the meaning assigned to it under the Act. 23. Statutory Auditor of the Corporate Debtor is directed to share with the resolution professional the audit documentation and Audit Trials which they are mandated to retain pursuant to SA 230 (Audit Documentation) prescribed by the Auditing and Assurance Standards Board ICAI. 24. The Financial Creditors are directed to pay a sum of Rs. 5,00,000 /- (Rupees Five lakhs only ) to the Interim Resolution Professional upon the Interim Resolution Professional filing the necessary declaration form as required under the provisions of the Code to meet out the expenses to perform the functions assigned to her in accordance to Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 25. Based on the above terms, the Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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