TMI Blog2021 (7) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... ost the CP for admission. However, on that date also none appeared nor any objections were filed to oppose the claim of the Petitioner. The Respondent Corporate Debtor is deliberately not entering appearance and has no defense to offer on the case made out by the Petitioner in the instant Petition. The debt and default as mentioned in the Petition remain undisputed - The instant Petition is filed in accordance with the extant provisions of the Code and the Rules made thereunder. Petition admitted - moratorium declared. - C. P. ( IB ) No. 177/BB/2020 - - - Dated:- 4-3-2021 - Rajeswara Rao Vittanala , Member ( J ) And Ashutosh Chandra , Member ( T ) For the Appellant : Lomesh K. Nidumuri , Adv ORDER Ashutosh Chandra , Member ( T ) 1. C.P.(IB) No. 177/BB/2020 is filed by M/s. Allegis Services (India) Private Limited ('the Petitioner/Operational Creditor') U/s. 9 of the IBC, 2016, R/w Rule 6 of I B (AAA) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Cryptograph Technologies Private Limited ('the Respondent/Corporate Debtor') on the ground that it has committed default for am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ought for time to arrange funds to pay the dues owed by it to Operational Creditor. In the interest of maintaining a good business relationship with the Corporate Debtor, the Operational Creditor decided to grant the Corporate Debtor with additional time to clear its dues and continued to provide the Corporate Debtor with the services as requested by them. Despite several requests both oral and written were made to the Corporate Debtor to dear its dues however, no payments have been forthcoming from the Corporate Debtor. There were several discussions in which the Corporate Debtor agreed to pay the balance amounts, however none of the deadlines set by the Corporate Debtor were adhered to and no further payments were released. 6) The Corporate Debtor shared with the Operational Creditor its ledger of account indicating the past dues up to 10.03.2017 vide an email communication dated 10.03.2017 unequivocally acknowledging that the Corporate Debtor owed a sum of ₹ 21,69,962/- to the Operational Creditor as on 10.03.2017. Furthermore, the Corporate Debtor acknowledged that a debt was due and payable and that the payment had been put on hold vide communication dated 27.03.201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the Corporate Debtor as above amounts to adequate and good service in accordance with Rule 38 of the NCLT Rules, 2016. In the interest of bringing the Corporate Debtor on record for complete and effective adjudication of the Operational Creditor's claim, the Operational Creditor filed I.A. No. 28 of 2021 to carry out substituted service of notice on the Corporate Debtor through Paper Publication of the notice in the 'Hindu' and 'Udayavani' Newspapers. 3) Further, the paper publication was carried out on 16.02.2021 in the said newspapers. The said publication called on the Corporate Debtor to appear before the Tribunal on 04.03.2021, through its duly authorised representative, to defend the said petition. The above said matter was also listed on 18.02.2021 out of turn. The Counsel for the Operational Creditor appeared and clarified that the paper publication has been carried out on 16.02.2021 and as per the paper publication the next date of hearing was indicated as 04.03.2021 for Admission. 4) It is stated that the enquiries were made by the Operational Creditor and it is found that the Corporate Debtor is operating. It is seen from the corresponden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Creditor has substantiated its claim by submitting sufficient evidence in support of the claim of ₹ 43,12,975/-, plus interest @ 18%. The instant Petition is filed in accordance with the extant provisions of the Code and the Rules made thereunder. The Petitioner has also suggested a qualified Resolution Professional namely Mr. Surender Devasani, with Registration No. IBBI/IPA-001/IP-P00775/2017-2018/11348, who has also filed Written Communication in Form-2 dated 24th June, 2020 and necessary declaration. The said IRP is eligible to be appointed as IRP in this case. 8. In view of the above facts and circumstances of the case, by exercising powers conferred on this Adjudicating Authority, U/s. 9(5)(i) and other extant provisions of the IBC, 2016, we hereby admit C.P.(IB) No. 177/BB/2020 by initiating Corporate Insolvency Resolution Process (CIRP) in respect of Respondent/Corporate Debtor with the following consequential directions: 1) Mr. Surender Devasani, bearing Registration No. IBBI/IPA-001/IP-P00775/2017-2018/11348, who is qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of the Respondent/Corporate Debtor name ..... X X X X Extracts X X X X X X X X Extracts X X X X
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