9911796707
TMI Blog2022 (7) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... Road, Prabhadevi, Mumbai- 400025. Its Company Identification Number (CIN) is U45201MH2006PLC166115. Therefore, this Bench has the jurisdiction to entertain this Petition. 3. The excerpts of operational debt as per part IV of form 5 is reproduced hereunder: PARTICULARS OF OPERATIONAL DEBT 2. Amount claimed to be in default and the date on which the default occurred (attached the working for computation of amount and dates of default in tabular form as Annexure "W") As on 01.09.2019, the amount claimed to be in default is INR 57,02,494.33 (Rupees Fifty-Seven Lacs Two Thousand Four Hundred and Ninety-Four Only) along with interest at the rate of 18%. Submissions made by the Ld. Counsel of the Petitioner by the way of Petition: 4. The Respondent is engaged in the hospitality industry. Its business is to provide a vacation ownership product under the name of Magic Holidays (hereinafter referred to as "the Product"). 5. By availing of the product, a customer can book holidays in advance at the price prevalent at the time of booking. In order to carry out its business, the Respondent has affiliations with several hotels where customers of the Respondent book holidays in adva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o payments were received despite following up repeatedly with the Respondent, the Petitioner sent an email dated 26.04.2018 to the Respondent, reminding the Respondent of the understanding arrived at by the parties at the meeting which took place in February 2018 and during the subsequent conference call. 12. The Petitioner by its email dated 26.04.2018 also informed the Respondent that the amount payable to the Petitioner by the Respondent had increased to INR 50,00,000 (Indian Rupees Fifty Lakh only) and called upon the Respondent to clear the same in two tranches i.e. a first tranche of INR 25 lakhs to be paid on or before 30.04.2018 and the second tranche clearing the balance payment to be paid on or before 10.05.2018. 13. The Respondent was also informed that in case the Respondent neglected to make the payment as demanded, the Petitioner will be compelled to initiate insolvency proceedings against the Respondent. A copy of the email dated 26.04.2018 sent by the Petitioner is annexed as Annexure "I" to the Petition. 14. The Respondent replied to the email dated 26.04.2018, on the same day itself, stating that it was aware of the commitment it had made to the Petitioner. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Application to Adjudicating Authority Rules, 2016). A copy of the Demand Notice dated 13.06.2018 is annexed as Annexure "N" to the Petition. 22. Despite receiving aforementioned Demand Notice, the Respondent neglected to clear the outstanding dues within the statutory time frame of 10 days. Therefore, the Petitioner was constrained to file a Petition under section 9 of the Insolvency and Bankruptcy Code, 2016, being Company Petition (IB) No. 3341 of 2018. 23. The said Company Petition was listed before this Tribunal on 04.02.2019. However, due to a technical deficiency in the board resolution, the Petitioner was asked by this Tribunal to withdraw the said Petition with a liberty to file a fresh Petition. A copy of the order dated 04.02.2019 passed by this Tribunal in Company Petition (IB) No. 3341 of 2018 is annexed as Annexure "O" to the Petition. 24. The Petitioner through its advocate issued a fresh Demand Notice in Form-3 dated 27.06.2019 for INR 57,02,494.33 (Indian Rupees Fifty- Seven Lakh Two Thousand Four Hundred and Ninety-Four Only) to the Respondent under Section 8 of the Insolvency and Bankruptcy Code, 2016, read with Rule 5 of the Insolvency and Bankruptcy (Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Demand Notice. Pursuant to the judgment passed by the Hon'ble Supreme Court in the matter of "Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software (P) Limited. (Appeal No. 9405 of 2017)", the existence of the dispute must be pre-existing i.e. it must exist before the issue of the demand notice or invoice. However, in the present case, no dispute of whatsoever nature was raised by the Respondent before the receipt of the demand notice. Hence, it can be construed that there is no dispute existing. The above reply dated 15.07.2019, was rejoined by the Applicant vide its Advocate's rejoinder letter dated 13.08.2019. A copy of the letter in rejoinder dated 13 August 2019 issued by the Petitioner is annexed as Annexure "U" to the Petition. 31. A list of the unpaid invoices under which the debt has fallen due is annexed as Annexure "V". 32. As on 01.09.2019, the amount default claimed to be in default is INR 57,02,494.33 (Rupees Fifty-Seven Lakh Two Thousand Four Hundred and Ninety-Four and Thirty-Three Paise Only) along with interest at the rate of 18 percent per annum from the date of issue of invoice/s till payment or actual realization. 33. The working for computation of amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 44. The petition bearing CP (IB) 3796/MB/2019 filed by Ruptub Solutions Private Limited, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Panoramic Holidays Limited (CIN: U45201MH2006PLC166115) the Corporate Debtor, is admitted. 45. There shall be a moratorium under section 14 of the IBC, in regard to 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 interes ..... X X X X Extracts X X X X X X X X Extracts X X X X
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