2022 (9) TMI 542

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....gainst Hooq Digital (India) Private Limited (for short hereinafter referred to as the 'corporate debtor/respondent'). Copy of Board Resolution dated 09.11.2020 authorizing Mr. Rajeev Gupta, has been annexed as Annexure I with the petition. The present petition has been filed in Form 5 as prescribed in Rule 6 (1) of the Rules. The petition is supported by affidavit of Mr. Rajeev Gupta and the same is at page 24B of the petition. 2. The corporate debtor, namely, Hooq Digital (India) Private Limited is a company incorporated on 18.06.2015 under the Companies Act, 2013, having CIN U74140HR2015FTC055810 and its registered office is at Unit -109, 1st Floor, Sec- 30, Park Centra, Build Gurgaon, HR 122002. Therefore, the matter falls within the territorial jurisdiction of this Adjudicating Authority. Copy of master data of the corporate debtor is at 24D of the petition. 3. The brief facts, as stated in the petition, are that the operational creditor provided services of brand performance campaign/corporate image enhancement through display media planning, buying and implementation as per media plans approved by the respondent/corporate debtor and the corporate debtor has been a const....

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....40). Further, there were 5 credit notes raised from time to time and the same have been annexed as Annexure A-36 to A-39) of which due credit were given. Thus, it has been prayed that as on 23.03.2020, after giving credit towards part payment and credit notes, the operational creditor is entitled to balance outstanding sum of Rs.2,20,28,662/- . Hence, it has been submitted by the operational creditor in Form 5, Part IV that the amount claimed to be in default is Rs.2,20,28,662/- (Rupees Two Crores Twenty Lacs Twenty Eight Thousand Six Hundred and Sixty Two only) [inclusive of Principal sum of Rs.2,09,82,771.73 (Rupees Two Crores Nine Lacs Eighty Two Thousand Seven Hundred and Seventy One and Seventy Three Paisa only) with interest @ 1.5% per month] payable as on 23.03.2020. 7. It is averred on behalf of the petitioner/operational creditor that since, the respondent/corporate debtor failed to make the payment, the operational creditor through its counsel had sent a Legal Notice dated 15.06.2020 through e-mail (Annexure F) to the corporate debtor asking the corporate debtor to pay the dues towards all outstanding invoices. After receiving no response, it had sent Demand Notice dat....

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.... Edition on 10.12.2021. Copies of newspaper clippings have been annexed as Annexure C with the affidavit of service. 9. When the matter was listed on 21.12.2021, Mr. Viraj Gandhi, Advocate, appeared on behalf of the respondent/corporate debtor and sought some time for filing the reply. On 24.03.2022, last opportunity was granted to the respondent/corporate debtor for filing the reply. Thereafter, when the matter was listed on 26.05.2022, Mr. Viraj Gandhi, Advocate stated that he had not received any instructions from the corporate debtor to appear despite several communications, therefore, the right to file the reply by the respondent/corporate debtor was forfeited. 10. We have heard the learned counsel for the petitioner and have gone through the records carefully. 11. The first issue for consideration is whether the demand notice in Form 3 dated 15.09.2020 was properly served. As discussed above, demand notice was sent through e-mail (Annexure G) on 17.09.2020 at the registered e-mail address of the corporate debtor as available on the master data of the MCA. 12. The next issue for consideration is whether the operational debt was disputed by the corporate debtor. The....

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....w 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 CIRP in the case of the corporate debtor, Hooq Digital (India) Private Limited. 18. We also direct moratorium in terms of sub-section (1) of Section 14 of the Code as under:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002; and d) the recovery of any property by an owner or lessor where such property is occup....

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....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 the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13 (1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v.) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi.) This Adjudicating Authority further directs the ex-management and promoters of the corporate debtor to specifically comply with the provisions of the Sub Regulation (2) of Regulation 4 ....