2021 (4) TMI 1178

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....orporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor, namely, M/s. Synergy Cosmetics (Exim) 11,68,165/- (Rupees Eleven Lac Sixty Eight Thousand One Hundred and Sixty Five Only) plus interest thereon. Facts in Brief 2. The Corporate Debtor is a listed company on BSE (earlier known as Bombay Stock Exchange Ltd.) The Stock Exchanges raised invoices for annual listing fees/stock exchange services on 01.04.2015, 30.06.2015, 01.04.2016 and 01.06.2016. The aggregate amount of these invoices is Rs. 11,68,165/-. The date of default has been claimed since 01.04.2015. Submissions of Operational Creditor 3. Learned Counsel for the Operational Creditor appeared and narrated all these facts a....

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....ure & Projects Limited in CP No. 1718/IBC/NCLT/MB/MAH/2017 & MA 216/2018 dated 11.02.2019. 5. Thereafter, it was claimed that application filed by Operational Creditor was in regard to recover the arrears of annual listing fee and for this proposition, he specifically drew our attention at page no. 68 of the paper book wherein authorisation to the application was given to recover arrears of annual listing fee, hence, this application was liable to be dismissed as IBC was not a recovery mechanism. Another plea was taken that debt was barred by limitation. Submissions of Operational Creditor in Rejoinder 6. In the rejoinder, Learned Counsel for the Operational Creditor placed reliance on the decision of Hon'ble NCLAT in the case ....

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.... on B.S.E. It is also not in dispute that it is liable to pay annual listing fees and other charges and, if any, delay occurs in payment thereof, the Corporate Debtor is also liable to pay penalty. Four invoices have been raised. Two invoices pertain to period which is beyond three years and remaining invoices are within the period of limitation. The outstanding amount of invoices which are within the limitation period is more than Rs. 1,00,000/-. We have also perused the relevant Clause 38 of the original agreement as well as Clause 3 of renewal agreement. As per these clauses, the liability of the Corporate Debtor has accrued and remains to be paid. As far as the nature of such dues is concerned, it has been established beyond doubt that ....

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....ded as soon as possible although the legislature has increased the threshold limit of Rs. 1,00,000/- under Section 4 to Rs. 1,00,00,000/-. Further, this application has been filed by B.S.E and due to default of Corporate Debtor, many retail investors have got struck as they cannot exit/trade the shares of the Corporate Debtor held by them, hence, for this reason also application needs to be admitted. 8. The name of the IRP has also been proposed whose consent is on record. No disciplinary proceedings are pending against such person. The application is otherwise complete and defect free. Accordingly, we admit the application and order as under: ORDER 1. The application is admitted and the moratorium is declared for prohi....

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....00134/2017-18/10350, having address at: 201-206, Shiv Smriti Chambers, 2nd Floor, 49/A, Dr. Annie Besant Road, Above Corporation Bank, Worli, Mumbai-400018, e-mail: dipti(a)mehtamehta.com 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 Corporate Debtor, its Promoter or any other person associated with management of the Corporate Debtor are under legal obligation under Section 19 of the Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its Promoter or any other person required t....