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TMI Blog2021 (4) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... e petition, the registered office of the Corporate Debtor is 5 NH/87 NIT, Faridabad, Haryana. Therefore, the jurisdiction lies with this Bench of the Tribunal. 3. It is stated that the corporate debtor has approached the operational creditor in the year 2011 and booked several consignments with the operational creditor through its division office, i.e. M/s. Gale Countrywide Movers, situated at Yerwada, Pune and against all valid and confirmed consignments for delivery at different places such as Delhi, Chennai and Calcutta. It is further stated that the operational creditor has rendered its services from time to time on credit basis, as usually practiced in the due course of business. 4. It is further submitted that the corporate debtor has acknowledged its liability towards operational creditor vide email dated 29.10.2012 and 18.11.2015, but however has failed to make any payment in respect of its liability despite several reminders by the operational creditor. Copy of the email dated 18.11.2015 is marked as Annexure P-8 of this petition. 5. As per Part IV of Form 1, the total amount due from the corporate debtor is Rs. 5,32,61,032 including 24% interest per annum, i.e. Rs. 2,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-mail in his name, nor on behalf of the corporate debtor without his approval. It is further stated that the aforesaid email is not an acknowledgement of liability on the part of the corporate debtor, as the same could not be considered as an acknowledgement of liability under the provisions of the Limitation Act, 1963, in any manner whatsoever. It is further submitted that the claim made in the instant petition is a time barred claim and is not tenable in law. 12. It is contended that the claim made in the instant petition pertains to the period from 30.09.2011 to 15.05.2013 and as far as the amount claimed as on 30.09.2011 is concerned, no invoice/bill number has been mentioned in the petition against the said amount and it has only been mentioned against the said amount as old pending. It is also submitted that the invoices dated 31.10.2012, 31.12.2012 and 15.05.2013 mentioned in the details of the claim in the petition are not reflected nor available in the accounts and the system of the respondent company and hence, are not genuine. 13. It is also submitted that the claims are very much prior to three years from the date of filing this CP i.e. 13.11.2018 and hence, could n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel also submitted that since the petitioner failed to file the CP within the permissible period after the winding up proceedings which were initially filed before the Hon'ble High Court of Punjab and Haryana and later transferred to this Tribunal and numbered as CP No. 236/2016, which were abated vide Annexure R-1 order dated 21.02.2017 of this Tribunal and hence, the instant CP is liable to be dismissed on that ground alone. The learned counsel further submitted that the claim made in the CP pertains to the year 2012 and the same was time barred. 19. The learned counsel for the respondent placed reliance on the following decisions in support of his submissions:- i. V. Padmakumar vs. Stressed Assets Stabilisation Fund (SASF) & Anr., Company Appeal (AT) (Insolvency) No. 57 of 2020, dated 12.03.2020, NCLAT; ii. Invent Assets Securitization and Reconstruction Pvt. Ltd. vs. Xylon Electrotechnic Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 677 of 2020, dated 11.08.2020, NCLAT; iii. Jagdish Prasad Sarada (Suspended Managing Director of the Company) vs. Allahabad Bank, Company Appeal (AT) (Insolvency) No. 183 of 2020, dated 28.08.2020, NCLAT; and iv. Yogeshkumar Jashwant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 2,14,59,536/-. The corporate debtor, except contending that the author of the said Annexure P-8 e-mail dated 18.11.2015 did not have any authority to issue any such e-mail admitting the debt, has not denied the fact that the author of the said e-mail was very much in the employment of the corporate debtor. Therefore, it can be safely concluded that the respondent-corporate debtor admitted the liability on 18.11.2015. Once an admission is made by the corporate debtor with regard to the liability towards the operational creditor, the same is required to be considered as an acknowledgment of debt and accordingly, it can be safely concluded that the instant CP filed on 13.11.2018 is well within the limitation period of three years from 18.11.2015 i.e. date of Annexure P-8 e-mail dated 18.11.2015. None of the decisions on which the learned counsel for the respondent placed reliance stated that the admission of debt made in an e-mail cannot be considered as an admission of debt and does not extend the period of limitation. Further, the Hon'ble NCLAT in MM Ramachandran vs. South Indian Bank Ltd. & others - Company Appeal (AT) (Insolvency) No. 1509/2019, considered an e-mail as an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode, we admit the petition for initiation of CIRP in the case of the corporate debtor M/s. Pawan Cargo Forwards (P) Ltd. and direct moratorium and appointment of Interim Resolution Professional as below. 27. We declare the moratorium in terms of sub-section (1) of Section 14 of the Code, as under:- 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 Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 28. It is further directed that the supply of essential goods or services to the corporate debtor as may be specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t him. In view of the above, we appoint Mr. Khushvinder Singhal, Registration No. IBBI/IPA-002/IP-N00888/2019-2020/12833, Mobile No. 99140-30030, Email: [email protected] as the Interim Resolution Professional with the following directions:- i.) The term of appointment of Mr. Khushvinder Singhal shall be in accordance with the provisions of Section 16(5) of the Code; ii.) In terms of Section 17 of the Code, from the date of this appointment, the powers of the Board of Directors shall stand suspended and the management of the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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