9911796707
TMI Blog2022 (8) TMI 998X X X X Extracts X X X X X X X X Extracts X X X X ..... y having its CIN No.: L22210GJ1995PLC047208, its registered office is at Plot No. 280, Sarkhej-Gandhinagar Highway, Nr. YMCA Club, Makabra, Ahmedabad, Gujarat, India-380051. 2. The Corporate Debtor is a public limited company incorporated under the provisions of the Companies Act, 1956 bearing CIN No.: U4520MP1997PLC012427 and having its registered office at Aakriti House, E-8 Extension, Aakriti Eco City, in front of the Nest Aakriti Eco City, Bawadia, Kalan Bhopal, Madhya Pradesh 462026. The Nominal Share Capital of the Corporate Debtor is Rs. 6,00,00,000 and Paid-Up Share capital of the Corporate Debtor is Rs. 3,90,24,000/-. 3. The averments made by the Operational Creditor in its application and presented/argued by the learned counsel Mr. Praveen N. Surange are summarized hereunder: i. The Corporate Debtor was desirous of conducting extensive advertisement campaign for its various projects and for which the Operational creditor and Corporate Debtor entered into various barter agreements between 29.09.2010 to 13.08.2019. ii. As per those barter agreements it was agreed between the Operational creditor and Corporate Debtor that in lieu of the advertisement services provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ects. ii. The Corporate Debtor faced some wrongful Income Tax recoveries during the year 2014-2017, as the bank accounts of the company were freezed. The Corporate Debtor challenged the recovery raised by the Income Tax Department before the Appellate Tribunal, wherein the Appellate Tribunal after adjudicating the financial documents quashed the recovery raised by the Department. iii. Another unpredicted misfortune faced by the Corporate Debtor was the rollout of the Goods and Services Tax regime (hereinafter referred to as 'GST'), resulting in additional working capital requirements. Further, the Corporate Debtor, being into Real Estate, was derailed from the recovery path by demonetization and sudden slag in the sector. The payments cycle from the customers and further payments to the vendors and laborers were disrupted due to demonetization. iv. Due to the spread of COVID 19, the Corporate Debtor faced huge losses due to the pandemic which initiated a chain reaction leading to loss of new bookings, excessive financial interest burned from the bankers, and shortage of working capital. The Corporate Debtor faces difficulty in commencing the work at the project site d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made innumerable attempts to bring back its business operations but became incapable to repay the debts, loan amounts, rents, salaries, etc. as all the designated accounts of the projects were freezed by the MP Real Estate Regulatory Authority. Even as on date, the Corporate Debtor is ready and has all good intentions to repay the Operational Creditors, Financial Creditors, Vendors, Employees, etc. ix. The Corporate Debtor had a thriving business but certain hardships beyond the control of the Corporate Debtor including the outcome of the Covid pandemic have been highly detrimental, leading to huge loss in business making the Corporate Debtor incapable of timely repayment of the debts owed to its creditors including the applicant. x. The Corporate Debtor is willing to repay the admitted principal amount of Rs. 5,25,89,000/- as and when the company has sufficient funds available to keep the brand of the Corporate Debtor alive but, denying payment of interest over the admitted amount. 5. We heard the Learned Counsels for both sides and perused the material available on record. It is noted that there was a business relationship between the Operational Creditor and Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 2. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under sub-section (1) of Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency & Bankruptcy Code, 2016, as the case may be. 3. The Operational Creditor has not proposed the name of the Interim Resolution Professional (IRP). Therefore, this Adjudicating Authority hereby appoints Mr. Ishwar Lal Kalantri having Registration No. IBBI/PA-001/IP-P01448/2018-2019/12439 to act as an IRP under Section 13(1)(c) of the CODE. 4. The IRP shall perform all his functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with the Corporate Debtor, its Promoter, or any other person associated with the management of the Corporate Debtor are under a legal obligation under Section 19 of the Code to extend every assistance and co-operation to the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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