TaxTMI 
TaxTMI 
2022 (10) TMI 961
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....016 (IBC) by ("the Operational Creditor 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 De....
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....days after issuance of letter dated 20.07.2019. 8. In 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....
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....ke remedies out of the Agreement and it is open for the parties to take 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 Appointme....
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....rgy Private Limited [CIN: U40106MH2011PTC313276], the Corporate Debtor, is admitted. 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 Securit....
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.... under IBC. The IRP shall carry out functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. The fee payable to IRP/RP shall be compliant with Regulations, Circulars and Directions issued by the Insolvency & Bankruptcy Board of India (IBBI) as may be applicable. 24. During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. 25. The Operational Creditor shal....