TaxTMI 
TaxTMI 
2021 (11) TMI 904
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....#39;ble Tribunal may deem fit and proper in the facts and circumstances of the matter." 3. As submitted, the facts of the case in brief are that the Operational Creditor (OC), M/s. Om Logistics Ltd. had filed an application bearing No. IB-1742(ND)/2019 under Section 9 of IBC 2016 in this Tribunal for initiation of CIR Process against the Corporate Debtor M/s. Ryder India Pvt. Ltd. That vide order dated 26.09.2019, this Adjudicating Authority had initiated the CIR Process against the Corporate Debtor and appointed Mr. Bikram Singh Gusain IP, as the Interim Resolution Professional (IRP). 4. That the Applicant in the introductory para of its Application has averred the following: "Further, the Applicant/IRP submits the company has no assets, the company has not filed its financial and statutory returns with the CoC after 31.03.2016. Currently, the company has no business/commercial operations. This Hon'ble Tribunal may consider dissolution of the CD, if found just and reasonable". 5. It is stated by the Applicant that Public Announcement in 'Form A' was made in the newspapers namely, Business Standard (English) and Jansatta (Hindi) in Delhi NCR editions o....
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....fore this Adjudicating Authority, vide order dated 24.01.2020 bailable warrants were issued against the Ex-Directors. That subsequently, the Ex-Directors appeared before this Adjudicating Authority on 10.02.2020 and submitted that the Books of Accounts are lying in a premises, which is under the control of one Mr. Brij Mohan Garg. Accordingly, the Ex-Directors were directed to accompany the IRP to the premises where books of accounts were lying on 11.02.2020 at 11 am. That the IRP, then visited the property and filed the following report: 14. It is stated by the Applicant that he could not recover any record from the premises of the Corporate Debtor and found one notice board of Pentagon Shoe (India) Private Limited displayed with the name of Mr. Brij Mohan Garg (Advocate) on the top of the sign board. 15. It is further stated by the Applicant that the Ex-Director Mr. Rohtash Kumar Rohit handed over to him the Letter No. SARB/DSB/9730/209 dated 19.06.2019 regarding the one-time settlement with the SBI, Najafgarh Road, New Delhi and re-payment thereunder issued to the Corporate Debtor by the State Bank of India, copy of which is reproduced below: 16. It is added by the Appl....
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....e under the IBC 2016. As per the Code, if any person [as defined under Section 3(23) of IBC] initiates the Insolvency Resolution Process fraudulently or with malicious intent for any purpose other than for the resolution of the insolvency, or liquidation, such an act is punishable under Section 65(1) of IBC 2016. Hence, before taking any action under Section 65(1) IBC 2016, we think it proper to issue a show cause notice, under Rule 59 of the National Company Law Tribunal Rules 2016, on the Operational Creditor M/s. Om Logistics Ltd. through its Directors as to why the penalty as stipulated under Section 65(1) of IBC, 2016 shall not be imposed on it. Ld. Registrar NCLT is directed to issue the show cause notice under Section 65(1) of IBC 2016 read with Rule 59 of the National Company Law Tribunal Rules, 2016 on M/s. Om Logistics Ltd. through its Directors giving them fifteen days' time to explain and submit in writing as to why the penalty as stipulated under Section 65(1) of IBC, 2016 shall not be imposed on them. The Registry is directed to allot a Case No. for the proceedings for which the Show Cause Notice is being issued to the Operational Creditor under Section 65(1) of I....
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.... 2016 along with inherent power under Rule 11 of the NCLT Rules, 2016, we hereby terminate the CIR process of the Corporate Debtor with immediate effect and release the Corporate Debtor from the rigors of the CIRP and moratorium. 23. The Application is Allowed in the aforesaid terms. ============= Document 1 From To Excise & Taxation Officer, O/o Dy. Excise & Taxation Commissioner(ST) Jhajjar. Sh. Bikram Singh Gusain, Insolvency Resolution Professional, UGF, 1/15 (Near PNB), Tilak Nagar, New Delhi-110018 No. 2408 JETO-Ward-5/Dated 17-2-2020 Subject: Memo Withdrawal of claim lodged against M/s Ryder India Pvt. Ltd. in C.P. No. IB 1742(ND)2019. The undersigned has filed claims of Rs. 1,41,19,729/- against M/s Ryder India Pvt. Ltd. (Corporate Debtor). After attending few meetings of COC, it has transpired that there is no information as regard availability of any assets of the Company, therefore, in order to avoid burdening the public exchequer, it is hereby intimated that the Department no longe wishes to continue with the CIRP proceedings and is hereby withdrawing the clairis. It expressly clarified that the said....
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.... dunga..". IRP tried to explain the purposes and background of the visit. IRP tried to convey him that the visit on the instruction of the NCLT Court with the purpose of collect the records, if any, of M/s Ryder India Private Limited stored at his premises. He was not ready to listen and continued his insulting and threats. The IRP thereupon excused himself. Thereafter the caller asked the IRP to give phone to Mr. Pankaj Batra and continued his offensive, using abusive language and threats to him too. While at site IRP noticed that one sign board of Pentagon Shoe (India) Private Limited was displayed, with name of Mr. Brij Mohan Garg (Advocate) on the top of the sign board. Photo of the same is attached. Thereupon the team came back empty handed. Bikram Singh Gusain, IRP M/s Ryder India Private Limited (undergoing CIRP) Dated: 12.02.2020 Document 3 à¤à¤¾à¤°à¤¤à¥€à¤¯ सà¥à¤Ÿà¥‡à¤Ÿ बैंक State Bank of India STRESSED ASSETS RECOVERY BRANCH RETAIL 23, NAJAFGARH ROAD, NEW DELHI-110015 Tel: 011-25419177, 25412977, E-mail [email protected] To, M/s Ryder India Private Lim....
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.... Bank reserves the right to cancel the compromise settlement and entire dues of the Bank/consortium as claimed in DRT/Court in the original application with interest and costs will become due for payment. Vill. Other terms and conditions. As applicable as per Bank's Compromise Settlement Policy. We, therefore, advise you to accept the terms and conditions of the above sanction and arrange for payment of compromise settlement amount as per terms mentioned above. A resolution of the Company for acceptance of the compromise settlement terms and authorising a Director to execute/sign necessary documents may also be submitted. The duplicate of this letter signed by the Company and all the guarantors be sent to us indicating your acceptance of above mentioned terms and conditions of compromise settlement. Yours faithfully. Asst. General Manager For Ryder India Pvt. Codo 5169 We accept above mentioned terms and conditions of Compromise Settlement: (Borrower - M/s Ryder India Private Limited) (Guarantor-) Shri Rohtash Kumar Rohit Mrs. Nisha W/o Shri Rohtash Kumar Rohit Mr. Pankaj Batra Mr. Aditya Kumar Sa Agat Ni....