2021 (12) TMI 964

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....10.2018, issued by Partnership firm 'Raj Pal Theatre' authorising Jagjit Singh to file the petition is attached as Annexure A-4 of the petition. There is an affidavit in support of the contents of the petition which is at page no. 17 of the petition. The petition has been filed in Form 5 as prescribed in Rule 6(1) of the Rules. 2. Corporate Debtor is a company incorporated under the provisions of Companies Act, 2013 with authorized share capital of Rs. 30,00,00,000/- and paid up share capital of Rs. 26,66,00,000 The CIN of the corporate debtor is U92490HR2014PLC053358 and its registered office is situated in Faridabad which lies in the State of Haryana and therefore, the matter falls within the territorial jurisdiction of this Tribunal. Copy of the master data of the corporate debtor is Annexure A-2 available in the petition. 3. The facts of the case, briefly, as stated in the petition, are that the petitioner owns a theatre in the name of Raj Pal Theatre and the same was given on lease to the corporate debtor. A lease deed was executed between the petitioner and the corporate debtor on 05.01.2015 and the lease period started w.e.f. 01.04.2015 for a period of 10 years. As per the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....has proposed Mr. Anil Arora, bearing Registration No. IBBI/IPA-001/IP-P00729/2017- 2018/11224 as Interim Resolution Professional. The consent of Mr. Anil Arora (proposed Interim Resolution Professional) is furnished in Form 2 and the same is placed at Annexure A-6 of aforesaid petition. It has been stated in Form 2 that no disciplinary proceedings are pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI Agency. 9. Notice of this petition was issued to the Corporate Debtor on 27.02.2019 to show cause as to why this petition shall not be admitted. The Corporate Debtor has filed a reply vide Diary No. 4922 dated 19.09.2019. 10. The Corporate Debtor in its reply has stated that the footfall of the cinema at the Muktsar location is very low due to which cinema is not earning positive return for the Respondent-Company and a revise return was mutually agreed between the petitioner and Corporate debtor @ Rs. 6,75,000/- and since January 2016 to August 2018, the petitioner has never objected. 11. The petitioner has filed a rejoinder vide a diary no. 6997 dated 10.12.2019. It is stated that the corporate debtor has defaulted in paying the lease rent f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the adjudicating authority, when examining an application under Section 9 of the Act will have to determine: (i) Whether there is an "operational debt" as defined exceeding Rs. 1 lakh? (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute?" 18. In the present petition all the aforesaid requirements have been satisfied. It is seen that the petition preferred by petitioner is complete in all respect. The material on record clearly goes to show that the respondent committed default in payment of the claimed operational debt even after demand made by the petitioner. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIR Process in the case of the Corporate Debtor, M/s SRS Entertainment India Limited and also direct moratorium to take effect....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the affairs shall vest with the Interim Resolution Professional and the officers and the managers of the Corporate Debtor shall report to the Interim Resolution Professional, who shall be enjoined to exercise all the powers as are vested with Interim Resolution Professional and strictly perform all the duties as are enjoined on the Interim Resolution Professional under Section 18 and other relevant provisions of the Code, including taking control and custody of the assets over which the Corporate Debtor has ownership rights recorded in the balance sheet of the Corporate Debtor etc. as provided in Section 18 (1) (f) of the Code. The Interim Resolution Professional is directed to prepare a complete list of inventory of assets of the Corporate Debtor; iii.) The Interim Resolution Professional shall strictly act in accordance with the Code, all the rules framed thereunder by the Board or the Central Government and in accordance with the Code of Conduct governing his profession and as an Insolvency Professional with high standards of ethics and moral; iv.) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of t....