2019 (10) TMI 106

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....Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Atrium Infocomm Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor Mr. Dhirendra Sheth is an employee of the respondent company, having his residence at C/16, Shree Prakash Society, Naroda, Ahmedabad 382 330 and having PAN AGSPS5336B. 3. That, the respondent/corporate debtor M/s. Atrium Infocomm Private Limited is a company incorporated under the Companies Act on 24.07.1997 and having its registered office at 20, First Floor, Super Plaza, Sandesh Press Road, P.O. Bodakdev, Vastrapur, Ahmedabad 380 054, Gujarat State, having identification No. U32100GJ1997PTC032724. That, authorised share capital of....

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....rested on 12.05.2017 in connection with FIR 1/2015 filed by CBI and he was incarcerated and was released on bail on 1.12.2018. It is further stated by the respondent that due to such long period of incarceration, business of the respondent company came to a complete standstill and, therefore, there is no hope felt in reviving the company by the promoters and the management unless some third party takes over the company. On account of the very such reasons salary of the applicant could not be paid by the respondent company and looking to the current financial and business position, the respondent company is not in a position to make payment of the applicant. During the course of hearing, learned lawyer appearing on behalf of the respondent a....

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....facts and circumstances and as discussed above, in the light of the Hon'ble Supreme Court Judgment and the provisions thereof as enshrined in Insolvency & Bankruptcy Code, this adjudicating authority is of the considered view that operational debt is due to the Applicant and in support of that operational creditor has placed copy of chart giving details of salary outstanding. That, the respondent has acknowledged the debt in letter dated 01.01.2019 and has not raised any dispute. In the reply filed by the respondent, the receipt of notice has been acknowledged. Therefore, service is complete. That, Applicant is an Operational Creditor within the meaning of sub-section (5) of Section 20 of the Code. From the aforesaid material on record, pet....

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....ation under Section 9(5)(1) of the Code. 15. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub-section (1) of Section 14 of the Code: - (i) 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; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property in....