TaxTMI 
TaxTMI 
2019 (6) TMI 766
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....aimed an amount of Rs. 38,25,992/- as outstanding against the Corporate Debtor which the Corporate Debtor has failed to pay. 4. It has been submitted by the Operational Creditors that the Corporate Debtor has changed its name and a fresh Incorporation Certificate has been issued on 19.12.2012 by which the Corporate Debtor is known as "Aurum Jewels Limited". The notification pertaining to the incorporation/change of name is placed on record. 5. The brief facts of the case are that the Operational Creditors who are family members entered into a Rental Agreement dated 21.04.2012 with the Corporate Debtor viz., Alam Industries (I) Ltd. alias Aurum Jewels Limited, by which the subject property owned jointly by all the three members of the family i.e., two brothers and one sister was rented out on lease basis to the Corporate Debtor for 10 years fixing monthly rent at Rs. 1,15,000/- with yearly enhancement of rent by 8% from the prevailing rent as mentioned above. The agreement placed on file has been signed by both the parties which contain terms and conditions and the description of the property. Based on the said Lease Agreement, the Corporate Debtor has been paying the rent regular....
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....ed by them during the course of hearing should have been accompanied by an Affidavit verifying the same, and should have disclosed as to whether the document tendered in evidence, was not in the lawful custody of the Operational Creditors or the same came into custody after filing of the Application under Section 9 of the I&B Code, 2016 and the relevancy/authenticity thereof. 9. It is noted that on a query of this Authority to the Operational Creditors that as to what was the mode of payment of the rent by the Corporate Debtor, the Operational Creditors have produced the Rent Receipt Book to show that the rent was paid in cash by the Corporate Debtor with effect from 04.06.2012 to 07.05.2015 and the rent receipts used to be obtained by the Corporate Debtor, and the counterfoils were retained as is evidenced by the Rent Receipt Book. Thereafter no payment has been made. In other words, the Operational Creditors have shown that the last date for payment of the rent was on 07.05.2015. The perusal of the Rent Receipt Book brings out the relevant fact pertaining to the mode of payment of the rent by the Corporate Debtor to the Operational Creditors. The Rent Receipt Book contains the c....
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....e Debtor dated 14.02.2018 claiming the rent for the period of two years and nine months w.e.f. 01.05.2015 to 01.02.2018. The notice was sent by all the three Applicants/Operational Creditors to which a reply was given on 27.03.2018 by the Corporate Debtor stating that the rent has already been paid. This argument of the Counsel for the Corporate Debtor is out of pleadings, moreover, the registration of the cross complaints with regard to the altercation between the Corporate Debtor and the Operational Creditors has no relevancy with default committed in making the payment of rental arrears by the corporate debtor. Moreover, if the rental arrears are paid then, there is no question of any dispute. Therefore, the 2nd objection raised by the Counsel for the Corporate Debtor does not hold water. 13. The 3rd objection that has been raised by the Counsel for the Corporate Debtor is that the Rent Agreement dated 21.04.2012 is unregistered and insufficiently stamped. A perusal of the Rent Agreement placed at pages 6 to 11 of the Application, reveals that the Applicants viz., M. Gagan Bothra, M. Sandeep Bothra and M. Karishma Bothra i.e., two brothers and one sister, who are the joint owne....
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....e Corporate Debtor has committed default in making payment of the outstanding debt as claimed by the Operational Creditors. Therefore, Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 16. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is ordered to prohibit all of the following, namely: - (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....