AI Drafter 
TaxTMI 
TaxTMI 
2019 (9) TMI 1570
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....l Mall Sector-5, Near Ashirwad Chowk, Dwarka, New Delhi-110075. Its authorized Share Capital is Rs. 1,00,000 and the Paid-up Share Capital is Rs. 1,00,000 as per the details given in master data on the official website of Registrar of Companies. Since the registered office of the respondent corporate debtor is in Delhi, this Tribunal being Adjudicating Authority has territorial jurisdiction in respect of Respondent Corporate Debtor as per the provisions of Sub-section (1) of Section 60 of the Code. 3. The 'Financial Creditor'-Petitioners has proposed the name of Resolution Professional, Shri. Yogesh Kumar Gupta having his office at C-17B, Basement, Kalkaji, New Delhi-110019 (email id- [email protected]) with registration No. IBBI/IPA-003/IP-N00078/2017-18/10701. A written communication sent by the petitioner in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has also been placed on record. There is a declaration made by him that no disciplinary proceedings are pending against him in the Insolvency and Bankruptcy Board of India. Additionally, further necessary disclosures have been made by Mr. Yogesh Kumar Gupta,....
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....he Corporate Debtor did not return the above said amount and the assured return. J. That the Corporate Debtor is liable to refund the entire amount paid by the financial creditor to the corporate debtor, alongwith interest @ 25% per annum, as per the details given in the above said calculation sheet. K. That after receiving no clear information from representatives of Corporate Debtor, the Financial Creditor visited the project site and was shocked to see that construction work has been completely stalled. No intimation with regard to refund of the said amount was given to the Financial Creditor. L. That Corporate Debtor has promised the Financial Creditor to pay an amount of Rs. 25,000,00/- and give return of 25% per annum at the end of 24 months which ended on 07.07.2017 but Corporate Debtor have miserably failed and not returned the above said amount. The Corporate Debtor, as stated above, failed to honor the aforesaid Agreement. M. That the Financial Creditor, issued demand notice/email dated 01.02.2019 demanding a sum of Rs. 47,31,164.38/- which included (i) principle amount of Rs. 25,00,000/- + interest @ 25% per ann....
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....Master Data of the Corporate Debtor annexed at Page 25 of the petition that the name of the Corporate Debtor Company has been struck off by the Registrar of Companies. In this context, it is worth referring to the Judgment of the Hon'ble NCLAT in the matter of Elektrans Shipping Pte Ltd. vs. Pierre D'silva and Anr. Company Appeal (AT) (Insolvency) No 754 of 2019 dated 06.09.2019, where it has been held that: "In view of the aforesaid provision, we hold that the Adjudicating Authority who is also the Tribunal is empowered to restore the name of the Company and all other persons in their respective position for the purpose of initiation of 'Corporate Insolvency Resolution Process' under Sections 7 and 9 of the I&B Code based on the application, if filed by the 'Creditor' ('Financial Creditor' or 'Operational Creditor') or workman within twenty years from the date the name of the Company is struck off under sub-section (5) of Section 248. In the present case, application under Section 7 having admitted, the 'Corporate Debtor' and its Directors, Officers, etc. deemed to have been restored in terms of Section 252(3) of the C....
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....l not apply to (a) such transactions which might be notified by the Central Government in consultation with any financial regulator; (b) a surety in a contract of guarantor to a Corporate Debtor. Additionally, the supply of essential goods or services to the Corporate Debtor as may be specified is not to be terminated or suspended or interrupted during the moratorium period. These would include supply of water, electricity and similar other supplies of goods or services as provided by Regulation 32 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 19. The Interim Resolution Professional shall perform all his functions religiously and strictly which are contemplated, inter alia, by Sections 15, 17, 18, 20 & 21 of the Code. He must follow the best practices and principles of fairness, which are to apply at various stages of Corporate Insolvency Resolution Process. His conduct should be above board & independent; and he should work with utmost integrity and honesty. It is further made clear that all the personnel connected with the Corporate Debtor, erstwhile Directors, promoters or any other person associated with the Management of the Corporate Debt....