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TMI Blog2020 (8) TMI 878X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 (in short, I&B Code), read with Rule 11 of the National Company Law Tribunal Rules, 2016, against M/s. Sarga Hotel Private Limited, the Corporate Debtor (in short CD) for not making the payment of $324,021.71 (Three Hundred Twenty Four Thousand and Twenty One Dollars And Seventy One Cents Only), which has become due and payable by the Corporate Debtor to the Operational Creditor, which is equivalent to Rs. 2,30,06, 458.39 (Rupees Two Crore Thirty Lakhs Six Thousand Four Hundred and Fifty Eight and Thirty Nine Paise Only). Pending the application the OC has filed an interim application I.A. (IB) No. 602/KB/2020 for an early hearing apprehending encumbering the assets of the CD so as to defeat the relief if any may be granted in favour o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplied along with supporting documents annexed to the application as Annexure - A to H. He submitted that in and around 2014, as requested by the Corporate Debtor, the Operational Creditor supplied marble slabs of certain dimension for use by the Corporate Debtor in its 5 Star hotel project in Rajarhat, Kolkata and the price was settled through negotiation, which was accepted by the Corporate Debtor. Thereafter, the Corporate Debtor had issued a Purchase Order to the Operational Creditor. Pursuant to which, the Operational Creditor had supplied the aforesaid marbles to the Corporate Debtor and the same supplies were accepted by the corporate debtor without any dispute regarding the materials supplied. 4. He further submitted that the Opera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 8 of IBC issued to the Corporate Debtor for payment of outstanding dues, which is received by the corporate debtor on 20th December, 2019 as is evident from the reply letter dated 8th January, 2020. In reply to the demand notice, the corporate debtor replied that they are not in a position to pay the outstanding dues and need some more time. He also takes me to the demand notice annexed with the application as Annexure "F". 7. The Ld. Sr.Counsel further submitted that the Corporate Debtor is trying to sell and/or transfer and/or encumber its assets and create third party rights in order to pay off some of its elected creditors, to the exclusion of payment of the debt payable by it to the Operational Creditor and the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal should not entertain the petition as this is not a recovery proceeding. 9. Having heard the Ld.Counsel on both sides and upon perusal of the application and the documents, I am satisfied that the OC has succeeded in placing all the relevant documents so as to comply with the requirements to be meted out u/s.9 (3) of the Code. Pressing for an order of injunction in a case of this nature does not by itself indicate that this application was filed by the OC for recovery of money found admittedly due to the OC. Therefore the submission that the intention on the side of the OC is not to initiate CIRP but to initiate recovery proceedings is devoid of any merit. The application therefore is perfectly maintainable u/s. 9 of the Code. 10. Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R i. The application filed by the Operational Creditor under Section 8 and 9 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Resolution Process against Sarga Hotel Private Limited,(Previously named and styled as "Shristi Hotel Private Limited"). ii. I hereby declare a Moratorium and public announcement in accordance with Sections 13 and 15 of the Insolvency & Bankruptcy Code, 2016. iii. The moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The Interim Resolution Professional shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Resolution Process. viii. Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for Liquidation of Corporate Debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Ms. Savita Agarwal (Mob. No. 9831634214) of 16A, Shakespeare Sarani, New B.K. Market, 5th floor, Kolkata- 700 001, Email no. [email protected] is appointed as Interim Resolution Professional registered with the ICSI Insolvency Professionals Agency having Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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