TaxTMI 
TaxTMI 
2021 (7) TMI 55
X X X X Extracts X X X X
X X X X Extracts X X X X
....nitiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Cryptograph Technologies Private Limited ('the Respondent/Corporate Debtor') on the ground that it has committed default for amount of Rs. 43,12,975/- (Rupees Forty Three Lakh Twelve Thousand Nine Hundred and Seventy Five only) including interest @ 18%. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: 1) M/s. Allegis Services (India) Pvt. Ltd. ('the Petitioner/Operational Creditor') is a company incorporated under the provisions of the Companies Act, 1956 vide CIN:U74140KA2005PTC035624. Its registered office is situated at Commerce @ Mantri, Level 3, No. 12/1 and 12/2 (N.S. Palya) Bannerghatta Road, B....
X X X X Extracts X X X X
X X X X Extracts X X X X
....raised. The official of Operational Creditor relentlessly followed up with the Corporate Debtor, its directors and officers for payments. After much pressure, the Corporate Debtor made two bank transfers to the tune of Rs. 12,74,840/- towards partial discharge of the total outstanding that was due and payable. 5) The Corporate Debtor acknowledged its debt and sought for time to arrange funds to pay the dues owed by it to Operational Creditor. In the interest of maintaining a good business relationship with the Corporate Debtor, the Operational Creditor decided to grant the Corporate Debtor with additional time to clear its dues and continued to provide the Corporate Debtor with the services as requested by them. Despite several req....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rational Creditor is a total of Rs. 71,22,642.76/-. 8) Despite numerous reminders from the Operational Creditor to pay the debt, no payments were forthcoming from the Corporate Debtor. Rather, the Corporate Debtor repeatedly made false and illusory promises that the payments would be made shortly. It has become evident that the Corporate Debtor has absolutely no defence to the debt owed by it to the Operational Creditor. The debt is an admitted debt and is due and payable to the Operational Creditor. 9) The Operational Creditor was hence constrained to issue a Demand Notice in Form-3 dated 19.09.2019 to the Corporate Debtor by post, by hand and by email. The Corporate Debtor receive the same by hand and by email and has re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n was carried out on 16.02.2021 in the said newspapers. The said publication called on the Corporate Debtor to appear before the Tribunal on 04.03.2021, through its duly authorised representative, to defend the said petition. The above said matter was also listed on 18.02.2021 out of turn. The Counsel for the Operational Creditor appeared and clarified that the paper publication has been carried out on 16.02.2021 and as per the paper publication the next date of hearing was indicated as 04.03.2021 for Admission. 4) It is stated that the enquiries were made by the Operational Creditor and it is found that the Corporate Debtor is operating. It is seen from the correspondences from the Corporate Debtor as late as 2019 that has been an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed to carry out substituted service of notice on the Corporate Debtor through Paper Publication of the notice in the 'Hindu' and 'Udayavani' newspapers. This IA was disposed of by observing that the service on the Respondent is deemed to have been validly effected, and no further notice is required to be given. The Registry was directed to post the CP for admission. However, on that date also none appeared nor any objections were filed to oppose the claim of the Petitioner. 7. In view of the foregoing we are constrained to come to a conclusion that the Respondent Corporate Debtor is deliberately not entering appearance and has no defense to offer on the case made out by the Petitioner in the instant Petition. The debt and....
X X X X Extracts X X X X
X X X X Extracts X X X X
....atorium is declared prohibiting all of the following, namely: a) the institution of suits or continuation of pending suits or proceedings against the Respondent/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 Assets and Enforcement of Security Interest Act, 2002; d) ....