TMI Blog2018 (1) TMI 952X X X X Extracts X X X X X X X X Extracts X X X X ..... ‘Operational Creditor’ which were returned back with the endorsement of ‘insufficient funds’ and at present proceedings under Section 138 of Negotiable Instrument Act are in progress before the learned Metropolitan Magistrate, Mumbai. Suit for recovery of money under Order XXXVII of the Code of Civil Procedure, 1908 is also pending before the Hon’ble High Court of Bombay. Thus, there is default committed on the part of the Corporate Debtor within the meaning of Section 3(12) read with Section 4 and Section 9(1) of the Code, 2016. Operational Creditor has also proposed the name of Interim Insolvency Professional namely Mr. Manoj Kulshrestha, 4th Floor, CS 14, Ansal Plaza, Vaishali (Opp. Dabur), Ghaziabad, UP-201010, who has made declaration in accordance with the provisions of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. This petition is admitted and Mr. Manoj Kulshrestha is appointed as an Interim Resolution Professional. - C.P. NO. 360/2016 - - - Dated:- 11-12-2017 - MR. M. M. KUMAR AND MS. DEEPA KRISHAN, JJ. For The Operational Creditor : Mr. Gourab Banerji, Sr. Advocate, Mr. Harsha Peechara, Mr. Aashish Tiwari, Mr. Aa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of Corporate Affairs the petition was transferred to this Tribunal vide order dated 22.02.2017 passed by Hon ble High Court. Subsequently in pursuance of order dated 22.03.2017 passed by this Tribunal, compliance in accordance with various notifications and the provisions of the Code, 2016 has been made by the petitioner and in this regard appropriate affidavit dated 21.04.2017 filed by him. 6. The case of the Operational Creditor -petitioner is that in year 2004, the petitioner got an exclusive right from the Railways to operate Deccan Oddessy Luxury Train against the payment of haulage and other additional charges as fixed by the Railways from time to time. In year 2009-10, with intent to act as a tour operator to charter the aforesaid luxury train, Managing Director of the respondent company approached the petitioner and expressed his interest to operate the said luxury train by explicating that his group is the largest consolidator GSA for Palace on Wheels, Royal Rajasthan on Wheels based in New Delhi, India. A copy of the EOI submitted by respondent company has been placed on record as Annexure P-3. 7. Consequently, the expression of interest of respondent compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 20,07,53,000/- as on 15.02.2015. 12. After making various attempts to serve the respondent when they were avoiding to accept notice and did not choose to come before this Tribunal, an order for substituted service was passed on 28.08.2017 directing the Operational Creditor to adopt the procedure as laid down under Rule 38(4) of the NCLT Rules, 2016 r/w Order V Rule 20 CPC. Thereafter in compliance of aforesaid order publication in two newspapers was carried but this also all in vain and afterwards vide order dated 13.10.2017 of this Tribunal respondent were proceeded ex partee. 13. We have heard Mr. Gourab Banerji, learned Senior counsel for the petitioner and have perused the pleadings along with various affidavits with his able assistance. As per the agreement and sanction letters Annexure P-4 to P-6 tour operated work was entrusted by the petitioner to the respondent and in pursuance to that respondent was required to pay to the petitioner, agreed amount towards operational cost, profit and other charges. It is proved beyond doubt that job work i.e. services in terms of Section 5(21) of the Code were procured by the Corporate Debtor from the Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Ansal Plaza, Vaishali (Opp. Dabur), Ghaziabad, UP-201010, who has made declaration in accordance with the provisions of Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 16. As a sequel to the above discussion, this petition is admitted and Mr. Manoj Kulshrestha is appointed as an Interim Resolution Professional. His registration number is IBB1/IPA-003/IP-N00005/2016-17/10024. 17. In pursuance of Section 13(2) of Code, we direct that Interim Insolvency Resolution Professional shall immediately make public announcement with regard to admission of this application under Section 7 of the Code. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of imposition of the moratorium resulting from the provisions of Section 14(1)(a), (b), (c) (d) would thus be that the following prohibitions come in operation: (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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
