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TMI Blog2018 (11) TMI 1045X X X X Extracts X X X X X X X X Extracts X X X X ..... mm. Plot No. C7/67/P, N.H. No. 8, Near Koparli Road, GIDC, Vapi, Gujarat-396195. 2. Mr. Mrugesh D. Oza, one of the Director of the Financial Creditor has been authorized by the Board Resolution dated 25.01.2018 (Annexure A-2) to sign and submit the petition. 3. The Corporate Debtor-M/s. Soma Network Software Engineering Private Limited was incorporated on 20.05.2006 with authorized share capital of Rs. 10,00,00,000/- and paid up share capital of Rs. 9,93,98,710/- which is based on the details given in master data obtained from the official website of Registrar of Companies (Annexure A-3). The identification number of the Corporate Debtor is U72901DL2006FTC148985 and its registered office is situated at A-133, Niti Bagh, New Delhi-110049. 4. The Financial Creditor has proposed the name of Shri Alok Chandra Singh, G-10, Express Apartments, Sector 4, Vaishali, Ghaziabad, Uttar Pradesh-201010, email id - [email protected]. He has registration No. IBBI/IPA-002/IP-N00381/2017-18/11124. A written communication made by Mr. Chandra in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record (at pgs. 52-53). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor to repay. 9. The Corporate Debtor issued an undertaking in favour of the Financial Creditor on 30.12.2011, accepting the outstanding due amount and promising to pay the same on or before 15.01.2012. The Corporate Debtor again repeated his act of requesting not to deposit the cheques. Thereafter on 23.03.2012, it issued replaced cheques with the earlier one dated 31.05.2012 from its Punjab National Bank Account, requesting to deposit the said cheques on 01.06.2012. Again, it defaulted in adhering to the time-limit and further issued replaced cheques dated 30.08.2012 which were also requested not to be deposited. Thereafter the Corporate Debtor issued fresh cheques dated 30.11.2012 which was presented for clearance on 25.02.2013. The said cheque was dishonoured with a remark of 'insufficient funds'. 10. Feeling aggrieved from the aforesaid act/4 of the Corporate Debtor, a complaint under Section 138 read with Section 142 of the Negotiable Instrument Act bearing Criminal Case No. 714/2016 was filed by the Financial Creditor against Mr. Yatish Pathak, Director of the Corporate Debtor, the Corporate Debtor and Soma Networks Inc. In addition to the recourse under Negotiable Instru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 26.09.2018 neither the cost was paid nor any reply was filed by the Corporate Debtor inspite of direction issued by us on various occasions. Accordingly, we heard the arguments and reserved the order. 14. Now we deal with the submissions made on behalf of the applicant-Financial Creditor. 15. Mr. J.K. Chaudhary, learned Counsel for the petitioner has argued that all requirements of Section 7 of the Code for initiation of Corporate Insolvency Resolution Process by a Financial Creditor stand fulfilled. In that regard, he has submitted that the application is complete as per the requirements of Section 7 (2) of the Code and other conditions prescribed by Rule 4 (1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. He has further submitted that the details of default along with its dates have been clearly stated in part IV along with all the minute details. There is overwhelming evidence to prove default and name of the resolution professional has also been clearly specified. 16. Learned counsel for the Corporate Debtor was given opportunity to address argument on the basis of material on record. However, he made an attempt to address arguments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c announcement immediately with regard to admission of this application under Section 7 of the Code. The expression 'immediately' means within three days as clarified by Explanation to Regulation 6 (1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 21. We also declare moratorium in terms of Section 14 of the Code. A necessary consequence of the moratorium flows from the provisions of Section 14 (1) (a), (b), (c) & (d) and thus the following prohibitions are imposed which must be followed by all and sundry: "(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 legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor-Respondent for filing reply. The aforesaid position would become evident from a series of orders dated 06.06.2018, 10.07.2018, 31.07.2018 & 28.08.2018 which are set out below:- Order dated 06.06.2018 'Learned counsel for respondents seeks and is granted two weeks' time to file reply. Let reply be now filed within two weeks with a copy in advance to the counsel for the appellant. Rejoinder, if any, be filed within a week thereafter with a copy in advance to the counsel opposite. List for arguments on 10th July, 2018. Order dated 10.07.2018 Despite the time of two weeks granted on 6.6.2018 reply has not been filed. A request has been made for further time. One last opportunity is granted to file reply within a week with a copy in advance to the counsel for the petitioner. Rejoinder if any be filed within a week thereafter. List for arguments on 31.7.2018. Order dated 31.07.2018 On the last date of hearing time was granted to file reply and the following order was passed:- "Despite the time of two weeks granted on 6.6.2018 reply has not been filed. A request has been made for further time. One last opportunity is granted to file reply within a week with a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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