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Rajesh Arora Versus MY Agro Pvt. Ltd.

2017 (12) TMI 398 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Corporate insolvency procedures - proof of existing debt - Held that:- From the statement made by the 'Operational Creditor' it is clear that the demand notice issued to the Corporate Debtor at its registered office and to the Director(s) were returned unserved. Notices were served only to the Company Secretary and to one ex-Director, Mr. Shyam Poddar. Though such specific statement has been made by the Operational Creditor in the application under Section 9, the Adjudicating Authority ignoring .....

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tion Professional' or freezing of account, if any, and all other order (s) passed by Adjudicating Authority pursuant to impugned order and action, if any, taken by the 'Interim Resolution Professional', including the advertisement, if any, published in the newspaper calling for applications all such orders and actions are declared illegal and are set aside - Company Appeal (AT) (Insolvency) No. 182 of 2017 - Dated:- 6-11-2017 - Mr. S.J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant .....

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y the respondent (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I & B Code') has been admitted, order of moratorium has been passed, Insolvency Resolution Professional has been appointed and orders have been passed in terms of the I & B code. 2. As the appeal is being decided on a short question of law, it is not necessary to notice all the facts except the relevant one. 3. The respondent (Operational Creditor) .....

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tional Creditor but they bounced; thereafter after negotiation the admitted dues has been paid to a third party as per wish and intimation given by the Operation Creditor. The amount has been paid by R.T.G.S. However, aforesaid plea taken by appellant is disputed by the learned counsel for the respondent (Operational Creditor). According to him no meeting was held and therefore the question of payment of debt to third party does not arise. 5. Learned counsel for the appellant next contended that .....

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for the respondent submits that the returned envelops were produced before the Adjudicating authority which was opened there and found all the documents were enclosed therein. The aforesaid stand taken by respondent makes it clear that the notices sent to the Corporate Debtor was not served and returned unserved. 8. Learned counsel for the appellant submits that Form 3 dated 05.06.2017, whereunder the demand notice under sub-section (1) of Section 8 was issued therein list of documents were ment .....

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which reads as follows: That the notice as served is not complete as there is no enclosure in tabular form enclosed with the notice demonstrating the working for computation of default; although the Enclosure has been referred in the averments of Notice in 2nd Para, 2nd Row and 3rd Column of notice. further in devoid of said enclosure it is incomprehensible on what basis M Y Agro has computed the amount of alleged debt. 10. In the said letter it is also mentioned that against the head 'Compu .....

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. Without prejudice to aforesaid it is further submitted that the exercise of your Client to demand interest on 18% is erroneous as there was no covenant to pay interest. 11. There is nothing on record to suggest that Operational Creditor served the documents alongwith notice under Section 8(1). Therefore, the oral submissions made on behalf of respondents cannot be accepted. 12. It is also curious to notice that in Form 5 filled up by the Operation Creditor which is the format of application un .....

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heir address available on website of Ministry of Corporate Affairs came back as undelivered to Operational Creditor (except two notices issued to - their Company Secretary and ex-director Mr. Shyam Poddar shown as delivered. (Copy of the delivery status of speed post attached as Annexure F). 13. From the statement made by the 'Operational Creditor' it is clear that the demand notice issued to the Corporate Debtor at its registered office and to the Director(s) were returned unserved. Not .....

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