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TMI Blog2022 (3) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... egistered office at 9, Ezra Street, Kolkata-700001, through its Director namely Mr. Sovan Sengupta, authorised vide Board Resolution dated 11/03/2019 (Annexurer-A.1), (hereinafter referred as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of Chandni Commercials Private Limited, (CIN: U51909WB2003PTC096775), having its Registered office at 9, Ezra Street, 1st Floor, Room No. 23, Kokata-700001 (hereinafter referred as the Corporate Debtor). 3. It is submitted that the Operational Creditor was providing services to the Corporate Debtor as per the terms and conditions of the contract for service agreement executed between the Operational Creditor and the Corporate Debtor dated 26th March, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has agreed to accept the appointment as IRP if an order admitting the present application is passed by this Adjudicating Authority. He has further submitted that no disciplinary proceedings are pending against him with the Board or Institute of Insolvency Professionals of ICAI. 7. On being served with the notice of the court, the Corporate Debtor has filed its reply affidavit. 8. In the reply affidavit filed on behalf of the Corporate Debtor by one of its Directors namely Pranab Kumar Das, it is submitted that the Corporate Debtor had sought time from the Operational Creditor for making payment of the outstanding amount. It is submitted that the Corporate Debtor is in the business of trading and the Corporate Debtor admitted the service ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay the outstanding amount to the Operational Creditor and sought time to pay the debt. It is stated in the rejoinder that the intention of the Corporate Debtor is clear in their reply affidavit and the Corporate Debtor does not wish to pay the debt of Rs. 4,93,217/- and is seeking time to make the payment again and again, which is the mala fide practice of the Corporate Debtor. It is submitted that due to the failure of the Corporate Debtor in making payment, the financial condition of the Operational Creditor is also becoming very bad and it is suffering from huge financial crises. It is prayed by the Operational Creditor that the petition filed by the Operational Creditor might be admitted. 11. We have seen the pleadings of the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g however, we regret to inform you that due to huge liquidity issue faced by our Company, the payment of outstanding in terms of the Contract for service agreement, 2018 cannot be repaid at this juncture. Therefore, you are kindly requested to consider us certain time and we will make payment at the earliest as we are speaking to our contributories to arrange the due amount and repay as per our agreement. Therefore, we would be highly grateful to you if you could kindly consider the present situation and grant us some time to repay the outstanding amount without taking any action against us. Thanking you, Yours Faithfully, For Chandni Commercial Private Limited Authorised Representative" 15. In view of the correspondence betwee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to production of written consent within one week from the date of receipt of this order. x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective Resolution Applicant within 105 days from the insolvency commencement date. xi) The Operational Creditor/Applicant is directed to deposit Rs. 50,000/- (Rupees Fifty Thousand only) with the IRP appointed hereinabove within three days from this order. IRP can claim the preliminary expenses and fees subject to the approval by the CoC and after constitution of CoC. 18. Registry is hereby directed to communicate the order to the Operational Creditor, the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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