2022 (10) TMI 961

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....hereafter referred to as Petitioner"), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against My Own Eco Energy Private Limited ("the Corporate Debtor hereafter referred to as Respondent"). 2. The Respondent was incorporated on 12.10.2011 under the Companies Act, 1956. Its Corporate Identity Number (CIN) is U40106MH2011PTC313276. Its registered office is at No.1, Madhu Hans Building, 263, Dr. Annie Besant Road, Behind Union Bank of India, Mumbai - 400025. Therefore, this Bench has jurisdiction to entertain and decide the Petition. Brief Facts of the case: 3. The Respondent had taken a refundable security deposit of Rs.15,00,000/- (Rupees Fifteen Lakh Only) for providing Dealership of Retail Outlet at land situated at....

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....n view of the aforesaid circumstances, the Petitioner issued a Demand Notice dated 13.08.2019 under Section 8 of the Code. The Corporate Debtor has not replied to the demand notice. Findings 9. We have heard the submissions of Petitioner and perused the records. No reply has been filed by the Respondent. On numerous occasions there was no representation from the side of Respondent, due to which notice was served on the Respondent vide paper publication. The Petitioner has placed on record Affidavit of service dated 10.03.2022. Despite of the service of notice by way of paper publication none appeared for the Respondent. In view of the above circumstances, the Respondent was set ex-parte vide Order dated 10.05.2022. Thereafter, when the m....

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.... legal proceedings as permitted in law. In view of the fact that the payment made was initially towards the advance license fee it was an operational debt, the Adjudicating Authority has rightly admitted the application under Section 9." 13. Upon perusal of the records, it is evident that the amount was disbursed to the Corporate Debtor. The Corporate Debtor has admitted in paragraph 13 of letter dated 24.09.2016 the fact that he has received an amount of Rs.15,00,000/- (Rupees Fifteen Lakh Only) vide DD No. 751011 drawn on SBBJ Bank. This indicates that the fact that there was a valid disbursal. 14. The Respondent was under an obligation to enter into an Appointment Letter by signing the Retailership Agreement post receipt of security d....

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....d. 19. There shall be a moratorium under section 14 of the IBC, in regard to the following: i. 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; ii. Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; iii. 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002;....