TaxTMI 
TaxTMI 
2021 (10) TMI 769
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.... on 11.12.2009 under the provisions of Companies Act 1996 CIN being U93000DL2009PTC196817 having its registered office at A-432, 4th Floor, Logix Technova, Plot No. 4 Sector 132 Near Expressway, Noida 201301. It is involved in the business of travel & tourism services across the Indian sub-continent. 3. The Respondent IYOGI Technical Services Private Limited is a company incorporated on 28.02.2007 under the Companies Act, 2013 having its registered office at 178, Golf Links New Delhi-110003 and CIN U72900DL2007PTC159882 and is engaged in computer related activities for maintenance of websites of other firms/creation of multimedia presentations for other firms etc. 4. As per the averments made by the applicant, the Corporate Debtor entered into service agreement dated 23.04.2012 with the Applicant for seeking various travel related services for their employees across world. The travel services included issuing Domestic tickets, international tickets, hotels/apartments, guest house booking, car rentals, passport services etc, against payments within 7 days of receipt of invoices at agreed consideration of commissions payable to the Applicant. Though the agreement was valid for ....
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....e Corporate debtor filed the copy of Scheme of arrangement and it was apprised to the Adjudicating Authority that the Hon'ble Delhi High Court has reserved the orders as on 01.11.2018 and the claim of the present applicant has already been considered under the said scheme. The order of the Adjudicating Authority has been produces here: Order dated: 04.10.2018 The Learned Counsel for the Corporate Debtor states that the scheme of arrangement of the Corporate Debtor under the Section 391 of the Companies Act, 1956 is heard by the Hon'ble High Court o Delhi and order is reserved. Learned counsel further states that the claim of the present applicant has already been considered under the said scheme. The matter is deferred till the order of the Hon'ble Delhi High Court is received. 9. Further the Corporate Debtor apprised the Adjudicating Authority that in the judgment passed by the Hon'ble High Court of Delhi on 23.08.2019, certain directions have been issued in relation to the unsecured creditors of the Corporate Debtor in relation to convening of a meeting of the unsecured creditors and the Applicant also falls in the category of the unsecured cr....
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....plicant before the Hon'ble High Court of Delhi. The above mentioned orders are reproduced here as: ORDER 30.08.2018 Some of the unsecured creditors have appeared in court stating that they were not served with notice for the meeting. Learned senior counsel appearing for the petitioners has refined this contention stating that all the creditors have been served. If any of the unsecured creditors desire to have a copy of the scheme, they may approach Ms. Aakanksha Kaul, Advocate for copy of the scheme. Objections, if any, may be filed within one week from today. List for arguments on 20.09.2018. It has been pointed out that My Kind Vacations has filed proceedings under section 8 of Insolvency and Bankruptcy Code, 2016 before the NCLT. Learned counsel appearing for My Kind Vacations submits that alongwith the respondent they will jointly request for an adjournment before the NCLT on the next date of hearing since this court is hearing the present petitions. In the meantime the petitioners will take instructions regarding the claims of My Kind Vacations. Interim order to continue till then. CCP(Co.) 17/2018 and CA 979/2018 be also listed on that date. A copy of th....
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....rim order to continue. 12. The date of default is 01.04.2016 as per Form V and the present application is filed on 01.09.2017 Hence, the application is not time barred and filed within the period of limitation. 13. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 14. It is pertinent to mention that the Corporate Debtor had filed an application IA 2302/ND/2021 before the adjudicating authority, seeking to place on record the order passed by the Hon'ble Delhi High Court dated 02.02.2021 in CO.APPL.53/2021. The Corporate Debtor in CO.APPL.53/2021 had sought a stay of the proceedings in present petition No. IB-351/PB/2017 and prayed for keeping abeyance any final order/judgment passed by the Adjudicating Authority. The Corporate Debtor has submitted that subsequent development before the Hon'ble Delhi High Court and the order passed by the Hon'ble Delhi High Court will have a bearing while deciding the application. The relevant part of order of the Hon'ble Delhi High Court is reproduced as: "As a matter of judicial discipline, this Court would be loath to ....
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....efore the learned NCLT, which has reserved orders thereafter. When orders are reserved by learned NCLT, I do not deem it appropriate to restrain the NCLT from passing orders in the matter in which it has already heard arguments, including the objections raised by the present petitioner. Nevertheless, in view of the contentions of the petitioner, including, inter din, the submissions noted hereinabove, I deem it appropriate to direct that, while the learned NCLT would be at liberty to pass its orders on petition No. (IB)-351/PB/2017 filed by MKV before it, consequent to having reserved orders on 14th January, 2021, any such order if passed, would remain in abeyance till the expiry of one week from the communication of such order to the petitioner, within which period the petitioner would be at liberty to place the said order before this Court and seek appropriate directions. The merit of any such request, if made, would be considered at that stage." 15. On perusal of the documents placed on record and by analyzing the timeline of the proceedings in the present matter, We have observed that the Corporate Debtor has neither denied its liability nor has rebutted the claim o....
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....ing Authority initiates CIRP of the Corporate Debtor. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: "(a) the institution of suits or continuation of pending suits or proceedings against the Respondent 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 Respondent 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 Respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as ....