TaxTMI 
TaxTMI 
2022 (9) TMI 437
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr. AbdealiArviwala, Manager, Cosmos Lifters and Technical Services Private Limited duly authorised vide Board Resolution dated 29 November, 2019 Annexure P-3, page 38 of the Petition ('Operational Creditor')for initiation of Corporate Insolvency Resolution Process ('CIRP') against Hindusthan Facing Industry Private Limited('Corporate Debtor'). 3. The present Petition was filed on 08 January, 2020 before this Adjudicating Authority. The total amount claimed in default is Rs.77,52,944/- (Rupees Seventy Seven Lakh Fifty Two Thousand Nine Hundred Forty Four only) [Principal - Rs.53,46,858; Interest - Rs.24,06,086], including interest @18% with effect from 04 may, 2017 to 31 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....will raise its bills upon the Corporate Debtor and the Corporate Debtor shall clear the due by maintaining running and current accounts. 5.5 Accordingly, for the aforesaid 3 work orders, from FY 2011-2012 to FY 2015- 2016, Operational Creditor duly raised their value bills at agreed rates and terms, and the Corporate Debtor duly accepted the same and used to pay part of the dues from time to time by maintaining running and current accounts thereof. However, the last payment was made on 04 May 2017. 5.6 Thereafter, various demands were made to the Corporate Debtor to pay the dues of the Operational Creditor but the Corporate Debtor failed to clear the bills of the Operational Creditor. 5.7 However, by letter dated 08 April, 2016 the Corpo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....btor after keeping the same on hold from 09 November, 2019 till 25 November, 2019. 6. Issue 6.1 Whether the notice under section 8 of the Code when returned with the endorsement 'Unclaimed' is a good service or not? 6.2 Is there any default by the Corporate Debtor? Is the same is being acknowledged by the Corporate Debtor within the limitation period? Analysis & Findings 7. We have heard the Ld. Counsel appearing on behalf of the Operational Creditor and perused the record. 8. With respect to the first issues, we rely on Crown Worldwide Holding Limited & Another v. Crown Relocations Movers and Packers 2016 SCC OnLine Bom 15503 decided on 22 November, 2016 by the Hon'ble High Court at Bombay, where the court held that this is s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....come to this conclusion even or principle. Any other view would permit a dishonest company to avoid service of a notice in a variety of ways by refusing to claim the same from the postal authorities despite intimation of the delivery thereof. Take a simple example. Companies are known to have their registered office in premises where they do not carry on any significant manufacturing, trading or administrative activities. The premises are used as a registered office only for the purpose of convenience and for complying with statutory provisions. In such a case, the company could well avoid service of notices and then refuse to claim the same despite notification from the postal authority to do so." 9. We also rely on the judgment of Castl....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., the matter was set exparte on 12 may, 2022. 12. With respect to the limitation period, it is pertinent to mention that the last bill dated 05 October, 2015 fell due on 05 November, 2015. Technically, the limitation period would end on 05 November, 2018 but since, the minutes of meeting between the parties was on 31 October, 2018, where the Corporate Debtor acknowledged the debt and assured to make the payment in four instalments. This acknowledgement of the Corporate Debtor is within the limitation period, hence, attracting section 18 of the Limitation Act, 1963. 13. In view of the above facts and circumstances, we are satisfied that the present petition made by the Operational Creditor is complete in all respects as required by law. Th....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., is hereby appointed as Interim Resolution Professional (IRP) of the Corporate Debtor to carry out the functions as per the Code subject to submission of a valid Authorisation of Assignment in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016. The fee payable to IRP or the RP, as the case may be, shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency & Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17....