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TMI Blog2020 (10) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) Mr. Mayank Harshad Talati & Anr. (hereinafter referred to as 'Petitioners/Financial Creditors') are Debenture Holders in the Respondent/Corporate Debtor. (2) M/s. Greens Farm Tech Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') is a Private Limited Company incorporated on 02.02.2009 under the provisions of Companies Act, having CIN: U01403KA2009PTC049017, and having its registered office at 325/1, RMV Extension, 5th Cross, 14th Main, Sadashiva Nagar, Bengaluru-560080. The Authorised Share Capital of the Company is Rs. 1,50,00,000/- (Rupees One Crores Fifty Lakhs only) and Paid-up Capital of Rs. 1,29,61,000/- (Rupees One Crores Twenty Nine Lakhs Sixty One Thousand only). The main object of the Company is to be engaged in the business of growing and selling of Agricultural produces. (3) It is stated that in June 2014 the Corporate Debtor, who is engaged in the business of Coffee Production and Development of Housing Societies, issued a Product note inviting interested persons to invest in the Company vide subscription to No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is further stated that as per the terms and conditions of the subscription of the NCDs the Petitioner herein was entitled to an interest on the Principal Amount, as invested, @ 20.5% per annum. The said payment was to be made to the Petitioner herein on a quarterly basis. Furthermore, the Petitioner was also entitled to repayment of Principal Amount in Eleven quarterly instalments starting from the 18th Month. On 12.12.2016, a Letter came to be issued by the Respondent in favour of Karvy Capital Ltd., whereby a request was made by the Respondent to extend the time for repayment of Principal Amount by additional 12 to 18 months starting January 2017 Quarter. The reason for delay in the repayment was stated to be economic conditions and challenges being faced by the Respondent. (8) It is also stated that a letter came to be issued by M/s. Karvy Capital Ltd., in favour of the Petitioners on 03.01.2017, whereby they were informed that after the voting of all the Investors the decision has been taken to extend the repayment schedule and the same was to commence from December 2017. Initially, till 31.10.2016, the payment of Interest was made as per schedule. However, post December 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor before the Ministry of Corporate Affairs for the Financial Year 2017-18, the Total debt as owed by the Company to all its creditors is Rs. 63,34,80,737/-. Out of the said amount Rs. 48,09,60,000/- is the amount owed to debenture holders. (13) In the light of the foregoing the total outstanding amount of INR 1,15,53,882/- in favour of both the Agreements, as per the terms of NCD subscription, is a financial debt under Section 5(8)(c) of the Insolvency and Bankruptcy Code, 2016. 3. Heard Mr. Srijan Sinha, learned Counsel for the Petitioners/Financial Creditors. We have carefully perused the pleadings of the party and extant provisions of the Code and Rules made thereunder. 4. The instant Company Petition was filed on 20.08.2019. On 30.09.2019, Mr.Srijan Sinha, learned Counsel for the Petitioners was heard. Notice was issued to the Respondent. The case was posted for 23.10.2019. On 04.10.2019, Notice was issued to the Respondent to appear in person or through an Authorized Representative before this Tribunal on 23.10.2019. On this date, learned Counsel for Petitioners appeared. Ms. Shashikala Hemanth, learned Counsel for the Respondent appeared and accepted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Corporate Debtor as per schedule. No payments were made after December 2016, and the default has been continuing since then. The Corporate Debtor requested extension of time for repayment by 12 to 18 months. The Petitioners were informed vide letter 03.01.2017 that the repayments schedule had been extended so as to commence from December 2017. No payment commenced even after this date. We may mention here that in seeking such extensions for payment to the Financial Creditors, the Corporate Debtor admitted to the debt. This was further accepted by the Corporate Debtor in its letter of 22.11.2017. Correspondence between the Corporate Debtor and the representatives of the Petitioner also indicates towards the continued default. As a result, the total amount of outstanding debt owed to the two Petitioners was Rs. 38,47,000 in respect of Petitioner No. 1, and Rs. 38,47,000 and Rs. 38,59,882 respectively to Petitioner No. 2 in respect of his two investments. The total debt works out to Rs. 1,15,53,882/-. The same has not been opposed before us and clearly amounts to a debt u/s 5(8)(c) of the Code. 7. The Hon'ble Supreme Court in the case of Innoventive Industries Ltd. Vs. IC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... powers conferred on the Adjudicating Authority, under Section 7(5)(a) and other extant provisions of the Code, Company Petition bearing C.P. (IB) No.304/BB/2019 is hereby admitted by initiating CIRP in respect of Corporate Debtor, M/s. Greens Farm Tech Private Limited, with the following consequential directions: (1) We hereby appoint Mr.Jugraj Singh Bedi with Regn.No.IBBI/IPA-001/IP-P00731/2017-2018/11208 as the Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor namely M/s.Greens Farm Tech Private Limited and to carry out the functions as mentioned under the I&B Code, 2016 and the Rules framed by the IBBI from time to time. (2) The following moratorium is declared, 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 legal right or beneficial interest therein; c. any action to ..... 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