TaxTMI 
TaxTMI 
2021 (10) TMI 1079
X X X X Extracts X X X X
X X X X Extracts X X X X
....Pvt. Ltd. (hereinafter called "Corporate Debtor") by invoking the provisions of Section 9 Insolvency and bankruptcy code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a Resolution of Operational Debt 38,36,557/- SUBMISSIONS OF THE OPERATIONAL CREDITOR 2. The Operational Creditor is filed for initiating liquidation process of corporate Debtor viz. the Respondent Company-TMW fintech Pvt. Ltd. 3. The Corporate Debtor has approached the Operational Creditor for the purchase of the goods and material like base Master EMW Cards, EMV personalization etc from the Operational Creditor Company. The Corporate Debtor has issued various purchase orders upon the Op....
X X X X Extracts X X X X
X X X X Extracts X X X X
....al Debt by the Corporate Debtor to the Operational Creditor. 8. The Operational Creditor submits in his additional affidavit that the Demand Notice dated 18.10.2019 was dispatched to the Corporate Debtor Company and the same was received to them by 23.10.2019. The Corporate Debtor Company failed to reply to the Demand Notice within the statutory period of i.e. 10 days from the date of receipt of the Demand Notice. 9. The Operational Creditor further submits in his additional affidavit that vide an email dated 06.11.2019 the Corporate Debtor Company sent their reply to the said demand notice to the Operational Creditor. In the said reply the Respondent Company for the first time raised the objection regarding the quality of the product....
X X X X Extracts X X X X
X X X X Extracts X X X X
....btor thereafter. The Bench further notes that the Bank Certificates have been issued by the Banks i.e. Federal Bank & ICICI Bank confirming that no payment has been made by the Corporate Debtor after 11.06.2019. 15. The Bench further notes that the Corporate Debtor has confirmed the liability to pay the debt amount by an email dated 23.09.2019 and has even agreed and acknowledged to share their plan of making payment. The said email dated 23.09.2019 addressed by Mahesh Toshniwal on behalf of the Corporate Debtor to the Operational Creditor and the subject matter of the email is the "outstanding payment" by the Corporate Debtor. The Operational Creditor has annexed the email with the petition in support of their claim, which is as under: ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd default are clearly established and the debt is also within limitation. Thus, the present Company Petition satisfies all the necessary requirements for admission. 21. Under these circumstances, this tribunal is of the considered opinion that the above company petition is liable to be admitted and accordingly the above Company Petition is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -3978(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against TMW Fintech Pvt. Ltd. b. Since the Operational Creditor has not suggested the name of any person to perform the duties of the Interim Resolution Professional (IRP) in the petition,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ervices to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolu....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....com www.tmwpay.com | From: Rajesh Shetty [mailto:[email protected]] Sent: 13 September 2019 10:51 To: 'trishall.hegde'; Neelanchal Panigrahi Cc: Brijendra Gupta; 'Arogya Rodrigues'; [email protected]; "Deepak Prabhu'; 'Sajani Shirail'; Mahesh Toshniwal; Sunil Patil; Sacheen Neroorkar Subject: TMW - Outstanding payments Dear Mr. Neelanchal, Good Morning. As you are aware and well within your knowledge that- your managements non responsive approach compelled our business team to escalate the issue to Legal Department. As per our legal head's advice to have a final discussion on same before initiating any legal process, we approached your office yesterday. Since your top managements are not available for discus....