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• 2022 (7) TMI 51
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Financial Creditor has completely failed to prove any financial debt due and payable by the Corporate Debtor. Whatever documents have been placed on record by the Financial Creditor, do not prove any financial debt against the Corporate Debtor. The petition and documents placed on record by the Financial Creditor are not at all satisfying - there is no substance in this petition for initiation of CIRP against the Corporate Debtor. Petition dismissed.

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• 2022 (7) TMI 50
  
  Joint and severable liability of respondent to make good the losses suffered by the applicant - losses as suffered by the applicant to be considered as part of the CIRP cost and be accordingly disbursed to the applicant or not - delivery of stainless steel flat in terms of the purchase orders immediately - seeking to set apart a sum of Rs. 5,70,90,760/- from the fund allocated for CIRP Cost till disposal of this instant application - HELD THAT:- Admittedly the applicant in the present IA under consideration was not applicant before this Adjudicating Authority when the plan was filed by the Resolution Professional and was considered - It is an admitted position that the present applicant never approached the Adjudicating Authority when the Resolution Plan was pending approval. It is not understood in what capacity Resolution Professional c....... + More

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• 2022 (7) TMI 49
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - privity of contract - existence of debt and dispute or not - HELD THAT:- There was no acceptance by the Operational Creditor of the purported assignment done by the Corporate Debtor. Therefore, the plea of the Corporate Debtor is untenable and the same is hereby rejected. It is an admitted position that the tender was floated by Corporate Debtor and the work was executed by the Operational Creditor. The Operational Creditor is not a party to the assignment sought to be made by Corporate Debtor to Barnopraichay Book Mall Pvt. Ltd. Therefore, the privity of contract between Corporate Debtor and the Operational Creditor never came to an end and accordingly, the payment of outstanding dues continues to remain t....... + More

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• 2022 (7) TMI 48
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- The Financial Creditor has indicated the last date of payment as 21st August 2020. Further, the table showing the computation of the amount claimed to be in default and days of default annexed to the Petition as “Exhibit D” clearly displays the date of default as 31st December 2020. It is pertinent to note that vide IBC (Second Amendment) Act 17 of 2020, the Insolvency and Bankruptcy Code, 2016 was amended and Section 10A was inserted to the Code where provisions regarding Suspension of initiation of corporate insolvency resolution process are detailed - This suspension was further extended by subsequent Notifications issued by t....... + More

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• 2022 (7) TMI 14
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - Time Limitation - HELD THAT:- In terms of the order dated 21.11.2019 and to remove the defects pointed out, the learned counsel for the petitioner filed compliance affidavit vide Diary no.6652 dated 27.11.2019 stating that the date of default mentioned in Form No.5 is unintentional and by mistake, and in fact the date of occurrence of default is 02.03.2013 and acknowledgement of the same was made on 07.03.2015 and again on 01.09.2017 as shown in the relevant balance sheets and hence, the CP is within limitation. Whether there is default in payment or not? - HELD THAT:- It is observed from the record that in the present case, the occurrence of default is evidenced by the ....... + More

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• 2022 (7) TMI 13
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - service of notice - whether the demand notice in Form 3 dated 31.07.2018 was properly served? - HELD THAT:- The service through publication has been done to that effect. Whether the operational debt was disputed by the corporate debtor? - HELD THAT:- It is to be noted that none appeared on behalf of corporate debtor despite repeated service and has been set ex parte vide order dated 09.08.2021. Moreover, petitioner has appended affidavit u/s 9(3)(b) stating that corporate debtor has not issued any notice or raised any dispute regarding the debt for which the present petition has been filed by the operational creditor. Whether this application is filed....... + More

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• 2022 (6) TMI 1222
  
  Violation of principles of natural justice - Non-speaking order - grievance of the Appellant is that the Impugned order suffers from serious infirmity in the eye of law because of the fact that the said order is bereft and devoid of reasons, for want of material particulars in explaining necessary qualitative and quantitative reasons, for arriving at the just conclusion - HELD THAT:- Considering the fact that the Impugned Order suffers from infirmity in the eye of law, therefore, it cannot stand a moment scrutiny in law, especially, for want of qualitative and quantitative reasons being ascribed thereto in the said Order and especially the said order is a cryptic and unreasoned one, which necessitates an inevitable conclusion to be arrived at, by this Tribunal, that the same is not valid in law. This Tribunal is inclined to interfere to t....... + More

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• 2022 (6) TMI 1221
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- It can be seen from the records of the proceedings placed, that since the Corporate Debtor's account has been classified as fraudulent transaction by the banker and the Corporate Debtor is unable to infuse more funds and submit better proposal for OTS. However, CIRP to be initiated on the Corporate Debtor and it is proved that there is a debt and default on the part of the Corporate Debtor. In view of the 'financial debt' which is proved by the Financial Creditor and the 'default' being committed on the part of the Corporate Debtor, this Tribunal is left with no other option than to proceed with the present case and initiate the Corporate Insolvency Resolution Process in relation to the Corporate Debtor - Application admitted - moratorium declared.

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• 2022 (6) TMI 1220
  
  Maintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- Upon perusal of the records and documents annexed with the Petition, it is observed that the amount was disbursed to the Corporate Debtor and the default subsists. Thus, the amount is legally due and payable to the Corporate Debtor. The application made by the Financial 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 debt and 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.

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• 2022 (6) TMI 1219
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - exisence of debt and dispute or not - HELD THAT:- It is evident from the documents on record that the advance was availed from the Financial Creditor by the Corporate Debtor and that amount was duly disbursed to the Corporate Debtor from time to time. The balance confirmation statement which has also been signed by the Corporate Debtor evidences the fact that the amount was disbursed and the same is an acknowlegement of liability. In addition to the balance confirmation statement the liability of the Corporate Debtor is clearly reflected in the balance sheet of the Corporate Debtor. It is abundantly clear that the Corporate Debtor owes a financial debt to the Financial Creditor. There is Balance confirmation ....... + More

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• 2022 (6) TMI 1218
  
  Seeking dissolution of the company - Section 59 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- A bare perusal of the material available on record shows that the Board of Directors of the Company has taken a conscious decision for closing down the company, because the company has no significant business operations from last two years. Thus, the Board of Directors of the company have unanimously proposed to liquidate the company by invoking the provisions of voluntary liquidation under Section 59 of the Code - It has been mentioned in the petition that the liquidator has not received any claims, therefore, no prejudice and loss will be caused to anyone, if the company is dissolved. In support of the same, the company has duly passed the requisite Special Resolution in its Extra Ordinary General Meeting on 06.08.2020 by confirming....... + More

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• 2022 (6) TMI 1217
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- As per the direction of this Tribunal, the learned PCS for the applicant filed the record of default of NeSL website, from which it is clear that the Corporate Debtor has committed default in repayment of its credit facilities availed from the Financial Creditor by way of various credit facilities sanctioned, granted and disbursed by the Applicant. The record produced by the applicant received from the Information Utility shows as “Deemed to be Authenticated”. The status of authentication as “Deemed to be Authenticated” is prima facie evidence for smooth admission under Section 7 of the IBC. It is relevant to note that Hon’ble Su....... + More

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• 2022 (6) TMI 1216
  
  Seeking handover possession of four Apartments during the period when CIRP was going on - whether during the period of CIRP, the relief sought by the applicant to handover possession of four Apartments to the applicant can be allowed? - HELD THAT:- A reading of Section 43(2)(b) of the IBC, 2016, would make it clear that if the prayer of the applicant is allowed which will be in the nature of transferring/alienating or disposing off the Corporate Debtor any of its assets or any legal rights or beneficial interest therein. This will result in change in the status of the assets of the Corporate Debtor after the commencement of Insolvency Resolution Process. The transfer has the effect of putting such Creditor or surety or a guarantor in a beneficial position than it would have been in the event of a distribution of assets being made in accor....... + More

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• 2022 (6) TMI 1215
  
  Seeking direction to respondents to provide the books of accounts and all the relevant information in respect of the Corporate Debtor - seeking direction to assist the IRP to identify the company assets - handing over the Keys of the factory gate and extension of all the support and cooperation to complete the CIR Process - HELD THAT:- Independent of all the legal proceedings pending, the respondent preferred a proposal for One Time Settlement (OTS) before the Financial Creditor and also the Interim Resolution Professional appointed by this Tribunal. While the proposal for OTS preferred by the respondent was pending consideration with the Financial Creditor, the WP No. 15804 of 2022 was disposed off with a direction to the Resolution Professional to place the proposal before the Committee of Creditors (CoC) at the next meeting. Thereupon,....... + More

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• 2022 (6) TMI 1214
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The Counsel for the Corporate Debtor, during the course of hearing of the matter, on 13.04.2022 has admitted the liability and claim filed by the Operational Creditor. The Counsel for the Corporate Debtor further submitted that the admission is made as per the instructions of her client and, as on date, the Corporate Debtor is unable to pay the amount claimed in the section 9 application - It is clear from the order of Tribunal that the Counsel for the Corporate Debtor has specifically admitted the debt and submitted to the Tribunal to pass appropriate orders. The counsel for the Corporate Debtor, on instructions of her client, has therefore admitted the de....... + More

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• 2022 (6) TMI 1187
  
  Seeking direction to conduct a forensic & legal audit by a professionally qualified expert and appointment of the same - seeking direction on the Respondent No. 1 & Respondent No. 2 to cooperate with the Applicant and to hand over him all the books of accounts, documents, legal papers concerning the past and present affairs of the Corporate Debtor - seeking unhindered and unobstructed access of all the properties of the Corporate Debtor by the Applicant - verification of whole process of Appraisal, Sanction, Documentation, Disbursement and monitoring of the Credit Facilities granted to the Corporate Debtor - HELD THAT:- Since there has been no co-operation from the directors in spite of various orders dated 04 March, 2020, 18 November, 2021, 17 December, 2021 and 09 February, 2022 and bailable warrant dated 11 March, 2022 and 28 M....... + More

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• 2022 (6) TMI 1186
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- The applicant has claimed the default on part of the Respondent for amount of Rs. 13,98,035 (Rupees Thirteen Lakhs Ninety Eight Thousand and Thirty Five), including 18% interest - In compliance of Section 9(3)(b) of the Insolvency and Bankruptcy Code, 2016, the Operational Creditor has filed affidavit dated 25.07.2019 stating that no notice of any preexisting dispute has been received by the Applicant from the Corporate Debtor relating to the dispute of the un-paid Operational Debt. This Tribunal vide order dated 21.09.2021 directed the counsel of Operational Creditor (Operational Creditor is subjected to CIRP) to file an affidavit cum undertaking to pay an....... + More

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• 2022 (6) TMI 1185
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - threshold limit applicable on debt arising post 24.03.2020 - Section 4 of the IBC, 2016 - HELD THAT:- On perusal of records it is seen that the present IB/1424/ND/2019 had been revived vide order dated 31.03.2022 in IA 1399/ND/2022 and the amount of debt claimed by the Applicant in the said application was Rs. 4,97,902/- as on 31.03.2022. Therefore, the notification of MCA dated 24.3.2020, shall be applicable on the present application. As per notification of MCA dated 24.3.2020, the threshold limit to be considered for application filed u/s. 7 or 9 will be Rs. 1 Crore. This threshold limit will be applicable for applications filed on or after 24.3.3020 even if the deb....... + More

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• 2022 (6) TMI 1184
  
  Liquidation of Corporate Debtor - appointment of liquidator for undertaking liquidation process - section 33(2) of I&B Code - HELD THAT:- Since this Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30 of the I & B Code, 2016, this Adjudicating Authority deems it proper to allow the Application. This Adjudicating Authority hereby order for Liquidation of M/s. Sesha Saila Power and Engineering Private Limited which shall be conducted in the manner as laid down in Chapter III of part II of the I & B Code, 2016 - This Adjudicating Authority hereby appoint Mr. Anil Seetaram Vaidya as Liquidator as resolved by CoC. Application allowed.

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• 2022 (6) TMI 1183
  
  Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - petition filed by Corporate Applicant for initiation of Corporate Insolvency Resolution Process (CIRP) against itself - section 10 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- There is no dispute from any quarter towards the fact that the debt is due and payable by the Corporate Applicant to various creditors and that the Corporate Applicant is unable to pay the same. The application is free from defects and complete in all aspects as required under the law. The Application shows that the Corporate Debtor is in default of a debt that is due and payable, and the default is more than the threshold amount as stipulated under section 4(1) of the Code at the relevant time. The default stands established and there is no rea....... + More

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