TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 543
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....porate Insolvency Resolution Process against the Corporate Debtor Company, i.e. M/s. Yogi Infrastructure Pvt. Ltd. (ii) To declare a moratorium against the Corporate Debtor Company under Section 13(1) read with Section 14 of the I.B. Code, 2016. (iii) To order for "Cause Public Announcement" of the initiation of the Corporate Insolvency Resolution Process against M/s. Yogi Infrastructure Pvt. Ltd. and to call for submission of claim under Sec. 13(1) r.w. Section 15 of the I.B. Code, 2016. (iv) To appoint Mr. Shalabh Kumar Daga as an Interim Resolution Professional under Section 13(1) r.w. Section 16 of the I.B. Code, 2016. (v) To provide for the cost of this application. 3. The Respondent/Corporate-Debtor-Company, namely M/s. Yogi Infrastructure Pvt. Ltd. was incorporated under the provisions of the Companies Act, 1956 on 01.02.2005 with CIN: U45201GJ2005PTC045396. As submitted, the authorised share capital of the company is Rs. 1,00,000/- (Rupees One Lakh only). The issued, subscribed and paid up share capital is Rs. 1,00,000/- (Rupees One Lakh only). It is stated that the Respondent Company is engaged in the business of construction and developers. The registered address....
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....ome commercially insolvent and is in poor financial status. For the aforesaid reasons, the Petitioner herein has demanded to initiate insolvency proceedings in respect of Corporate Debtor Company. 11. The Petitioner, in support of its contention has relied on the information placed by the Ministry of Corporate Affairs as on March 2018 that the Respondent Company filed its last annual return in the financial year ended on March 31, 2016. 12. In the present matter, the Petitioner Bank has suggested the name of an Interim Resolution Professional, Mr. Shalabh Kumar Daga, who, vide his letter dated 09.05.2018 has given his affirmative consent to act as an Interim Resolution Professional in the present matter. He also certified himself for not having any disciplinary proceedings pending against him with the Board or ICSI, Insolvency Professional Agency. 13. In response to the present I.B. Petition, the Corporate Debtor has filed its reply/objection by denying the allegations made therein and thus has opposed the initiation of C.I.R.P. in respect of it. The Respondent further contended that the present petition is not filed in prescribed proforma in law and original documents are not p....
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....te Debtor in its reply objection so as to examine the merits and on admissibility or otherwise of the present Petition. We also perused the documents annexed with their respective pleadings filed by both of the parties. 18. A careful perusal of the reply filed by the respondent shows that it has not denied the procuring of the material/steel goods (i.e. Ms. Angle) from the Petitioner and which were properly delivered to and have been utilised by the Corporate Debtor. The Corporate Debtor did not produce any document to show that it raised some objection in respect of lower quality of goods supplied to it or on price/rate of material supplied. Contrary to this, the Petitioner made such declaration about the tax invoices wherein, TDS is stated to have been deducted on the invoices raised by the petitioner. It is also a matter of record that the Corporate Debtor has made a part payment and amount of Rs. 17,74,977/-. Thus, there is remaining balance of Rs. 9,42,841/- as on 22.09.2017. The Petitioner, by filing rebuttal document has refuted the allegation of the Corporate Debtor in respect of low quality of goods and defective material and produced copies of communication through email....
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....fault has been occurred. Provided that the IB Petition be found to be complete as per the provisions of the I&B Code. As in this matter, the remaining amount is of Rs. 9,42,841/- as against balance due as on 22.09.2017 and the present IB Petition is filed in the year of 2018. Hence, it is found to be filed well within the limitation. In addition, to this, the petitioner has proposed the name of an Insolvency Professional, Mr. Shalabh Kumar Daga, to be appointed as IRP, who also given his consent and filed a declaration to this effect that there is no disciplinary proceedings is against him. 22. For the aforesaid reasons, the present IB Petition is found complete and deserves admission by placing reliance on Honourable Supreme Court's decision in the matter of Innoventive Industries vs. ICICI Bank Ltd. and Mobilox Innovations Put. Ltd. vs. Kirusa Software Private Limited. 23. For the aforesaid reasons, and on the basis of above given facts, this Adjudicating Authority hereby admits the present IB Petition with following directions/observations: 24. Hence, this Adjudicating Authority hereby appoints, as proposed, Mr. Shalabh Kumar Daga, having Insolvency Professional Registrat....