GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
What's New Case Laws Highlights Articles News Forum Short Notes Statutory TMI SMS More ...
Extracts
Home List
← Previous Next →

2017 (5) TMI 854 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI

2017 (5) TMI 854 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI - TMI - Insolvency resolution process - default in making the payment of operational debt - petitioner is an 'Operational Creditor' within the meaning of Section 5(20) - period of limitation - Held that:- A perusal of the paper book shows that the Operational Creditor has placed on record a copy of the demand notice dated 08.01.2017 (P/8). There is an affidavit filed by Mr. Sandeep Gupta that the aforesaid demand notice has no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

not been disputed in view of the facts that the Operational Creditor had received seven post dated cheques in lieu of full and final settlement dated 21.01.2014 (page 57). We are further of the view that the claim is within the period of limitation of three years as the earliest cheque dishonoured is dated 15.03.2014 and the present petition was filed on 01.03.2017. - We are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the inso .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

terms of Section 15, 17 & 18. - INSOVENCY PETITION No. 26 (ND) of 2017 - Dated:- 12-4-2017 - M. M. Kumar, And R. Varadharajan, JJ. For The Petitioner : Santosh Kumar, Rajiv Ranjan Mishra and Anant A. Pavgi ORDER 1. The petitioner, M/s. Prideco Commercial Projects Private Limited have approached this Tribunal under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code'). The prayer made by the petitioner is to trigger insolvency resolution process against the respon .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to the 'Operational Creditor'-petitioner by placing seven work orders to it. The detail of the work orders is as follows: 1. EILE-EPC/2009-10/193, Dt. 17.03.2009 value ₹ 4,06,50,525/- 2. EILE-EPC/2009-10/215A, Dt. 01.04.2009 value ₹ 1,20,000/- 3. EILE-EPC/2009-10/232A, Dt. 20.04.2009 value ₹ 7,84,000/- 4. EILE-EPC/2009-10/304, Dt. 01.06.2009 value ₹ 3,66,240/- 5. EILE-EPC/2009-10/362, Dt. 03.06.2009 value ₹ 1,19,562/- 6. EILE-EPC/2009-10/436, Dt. 01.09.2009 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion of the 'Corporate Debtor'. The 'Corporate Debtor' in order to discharge its liability issued seven post-dated cheques for a sum of ₹ 5,23,016/- each as a full and final settlement. Except one all other cheques were dishonoured on presentation. The details of the same has been provided by the 'Operational Creditor' which is explicit from the following table: S. No. Cheque No. Drawn on Cheque dt. Amount 1. 5586 Union Bank of India, Greater Noida Branch 15.02.2014 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

outstanding amount. It shows that the Corporate Debtor has committed default. Thereafter the Operational Creditor-petitioner served a legal notice on the Corporate Debtor on 10.01.2017 under Section 271 Companies Act, 2013 demanding a sum of ₹ 68,23,328/- (Rupees Sixty Eight Lakhs Twenty Three Thousand Three Hundred and Twenty Eight Only) along with interest thereon @ 24% per annum. The Corporate Debtor has maintained blissful silence by not responding to the legal notice. Therefore, it ha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

#8377; 66,31,99,000/- divided into equity shares of ₹ 2 (Rupees Two Only) each. The Directors of 'Corporate Debtor' company are Mr. Hem Singh Bharana, Mr. Ratanlal, Mr. Mast Ram, Mr. Gaurav Rajoria and Mr. Dilip Kumar Sinha. The name of interim resolution professional has not been proposed. A copy each of the work order issued by the Corporate Debtor to the 'Operational Creditor'-petitioner and the dishonoured cheques issued by it, e-mails sent to the Corporate Debtor and t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion Act, 1963 learned counsel took time on 20.03.2017 and then made submission on 23.03.2017. According to the learned counsel once the post-dated cheques were issued with the dates of 15.03.2014, 15.04.2014, 15.05.2014, 15.06.2014, 15.07.2014 & 15.08.2014 then the claim cannot be considered as barred by limitation. The cheques were dishonoured on presentation although the first cheque with the date 15.02.2014 was replaced and payment was received. According to the learned counsel the issuan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s also been placed on Section 19 of the Limitation Act to argue that issuance of cheques by the Corporate Debtor is part payment of principal amount and it extends the period of limitation by further three years from the date of such payment. In that regard, reliance has also been placed on a judgment of Delhi High Court rendered in the case of Rajesh Kumari v. Prem Chand Jain AIR 1998 Delhi 80. 7. Having heard the learned counsel and on perusal of the record with his able assistance the questio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the unpaid operational debt; (c) a copy of the certificate from the financial institutions maintaining accounts of the Operational Creditor confirming that there is no payment of an unpaid operational debt by the Corporate Debtor; and (d) such other information as may be specified. 8. A perusal of the aforesaid would show that a copy of the invoice demanding payment or demand notice delivered by the Operational Creditor to the Corporate Debtor must be placed on record. An affidavit showing that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

an affidavit filed by Mr. Sandeep Gupta that the aforesaid demand notice has not been responded to. It is further clear that the statement of accounts maintained by the Operational Creditor has also been placed on record along with the master data of the Corporate Debtor. The copies of the post dated cheques and the invoices showing the "funds insufficient" issued by the Bank dated 16.05.2014 (page 51), dated 23.06.2014 (page 53) have also been placed on record. Therefore, we find tha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hat issuance of a cheque amounts acknowledging the liability to pay as per the Division Bench judgment of Kerela High Court in Ramakrishnan's case which has been rightly relied upon by the operational creditor. The reliance of the Operational Creditor on other judgements is equally meritorious. 9. Therefore, we are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ions (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:- (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 le .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Latest Notifications:

    Dated      Category

20-7-2017 Cus (NT)

20-7-2017 GST CESS Rate

19-7-2017 IT

19-7-2017 IT

18-7-2017 IT

18-7-2017 CE (NT)

18-7-2017 CE

18-7-2017 GST CESS Rate

15-7-2017 Kerala SGST

14-7-2017 Andhra Pradesh SGST

14-7-2017 Cus (NT)

14-7-2017 Cus

13-7-2017 Co. Law

13-7-2017 Co. Law

13-7-2017 ADD

13-7-2017 ADD

12-7-2017 Jammu & Kashmir SGST

12-7-2017 Gujarat SGST

12-7-2017 Gujarat SGST

12-7-2017 CGST Rate

More Notifications


Latest Circulars:

20-7-2017 Goods and Services Tax

19-7-2017 Goods and Services Tax

19-7-2017 Income Tax

18-7-2017 Customs

17-7-2017 Customs

14-7-2017 Income Tax

13-7-2017 Central Excise

13-7-2017 Customs

13-7-2017 Central Excise

13-7-2017 Customs

More Circulars



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version