TaxTMI 
TaxTMI 
2021 (12) TMI 741
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....nal Creditor) is a Company incorporated under the provisions of the Companies Act, 1956 and is a recognized stock exchange duly recognised by the Central Government/Securities and Exchange Board of India ("SEBI") under the provisions of the Securities Contracts (Regulations) Act, 1956 ("SCRA"). The appellant is constituted for the purpose of assisting the business of buying, selling or dealing in securities of the companies which have been granted listing permission by the Appellant. ii) The Appellant as well as the companies listed on the Appellant and the constituents/investors dealing in the said listed companies through member brokers are governed by Securities Contracts (Regulation) Rules, 1957, SERI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR Regulations"), the Rules, Bye-laws and Regulations, 1957 of the Appellant ("Exchange") (as amended from time to time) and circulars/notices issued by SEBI/the Exchange from time to time. iii) Further case is that as per Section 21 of the SCRA and as per the requirements of the Appellant, a Listing Agreement was executed between the Appellant and the Respondent (who was earlier known as "Adeshwar Cotton In....
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.... arrears and such invoices that were duly served upon the Respondent. The Respondent despite receiving such invoices, wilfully neglected to remit the pending ALF and arrears thereof to the Appellant whilst continuing to avail the listing services on the trading platform of the Appellant. x) Further case is that the continuing and recurring defaults committed by the Respondent in payment of the operation debt of Rs. 11,33,922/- [Rs. 10,37,470/- (amounting to principal due and payable as on 23.04.2018) + 96,452/- (computed as interest payable as on March, 2019)], the Appellant issued a Demand Notice dated 15.03.2019 to Respondent under Rule 5 of the IBC, 2016 calling upon the Respondent to make good the said operational debt and in the event of existence of dispute with respect to the amount of the unpaid operational debt, required the Respondent within 10 days of receipt thereof, to intimate the Appellant regarding pendency of any proceedings in relation to such dispute filed before the receipt of the Demand Notice failing which Corporate Insolvency Resolution Process would be initiated. xi) The aforesaid Demand Notice dated 15.03.2019 was dispatched vide speed post service and ad....
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....avail the listing service on continuous basis which stands undisputed before the Adjudicating Authority. 7. It is further submitted that the Ld. Adjudicating Authority has wrongly cast doubts on the correctness of the information contained in Form-5 as also on the documents filed therewith. 8. It is further submitted that the Ld. Adjudicating Authority has while observing that date of default in Form-5, Part IV in clause 2 is not reflected making the Form-5 incomplete, proceeded to calculate due date as per the said Form to be 01.04.2015, thereby ignoring the categorical mention of the same under date of default as 01.04.2015 till as of date in the Form 3 as also in Part IV of the Petition. However, the Ld. Adjudicating Authority has further cast doubts on the Listing Agreement entered into between the Appellant and Respondent on account of change of name of the Respondent from Adeshwar Cotton Industries Ltd. to ACIL Cotton Industries Limited in the year 2009 and held it not to be a valid agreement without appreciating the fact that Adeshwar Cotton Industries Ltd. and ACIL Cotton Industries Limited were undoubtedly the same entity and Respondent continued to make payments Towards....
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....pellate Tribunal nor filed any reply, as such, paper publication was also effected. Since the service is complete, the matter has been heard in absence of the Respondent (Corporate Debtor) and judgment was reserved. 12. After hearing the Learned Counsel for the Appellant and going through the pleadings of the case and from the perusal of the impugned order, the Respondent (Corporate Debtor) also not appeared before the Ld. Adjudicating Authority. 13. The Ld. Adjudicating Authority has taken note of the fact that the Demand Notice issued under Section 8 of the IBC on 15.03.2019 which was sent through Registered post on 19.03.2019. However, the same was returned with a postal remark "addressee moved". The Appellant has also issued Demand Notice through email on the same date demanding the arrears of the Annual Listing Fee. However, no dispute is raised by the Respondent. 14. Further, impugned order it transpires that admittedly, the Appellant received the last payment on 28.06.2013 amounting to Rs. 67,416/- for the Financial Year 2013-2014. However, the Appellant in Form -5 has stated that debt fell due on 01.04.2015. Further, the Ld. Adjudicating Authority has also perused page 1....