TaxTMI 
TaxTMI 
2022 (11) TMI 55
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....y and Bankruptcy Code, 2016 ('Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Pegasus Retail India Private Limited (Corporate Debtor) for the default amount of Rs. 37,17,582/- (Rupees Thirty Seven Lakh Seventeen Thousand Five Hundred Eighty Two) which includes interest up to July 2018. 2. The averments made by the Applicant/Financial Creditor are summarized hereunder: (i) The financial creditor granted inter-corporate deposit to the corporate debtor @ 8% per annum interest, however, no agreement/contract was ever executed in writing between the financial creditor and the corporate de....
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....recorded the same in their balance sheets as an inter-corporate deposit under the heading unsecured loan. (v) The account statement of the financial creditor issued by Yes Bank Limited reflects the payment of Rs. 25,00,000/- to the corporate debtor on 22.03.2013. (vi) Since, the corporate debtor failed to make the payment of outstanding amount along with interest and did not even disputed the claim of the financial creditor, the financial creditor filed a petition on 21.01.2016, under section 433(e) read with section 434 of the Companies Act, 1956 before the Hon'ble High Court of Madhya Pradesh, Bench at Indore, for the winding up of the corporate debtor. However, due to enactment of Insolvency and Bankruptcy Code, 201....
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....im Resolution Professional (IRP) Mr. Navin Khandelwal having registration No. IBBI/IPA-001/IP-P00703/2017-2018/11301 is proposed and the consent of the IRP is also placed on record. 3. The objections raised by the Respondent/Corporate Debtor are summarized hereunder: (i) The corporate debtor is engaged in the business as an authorized dealer of different mobile company including iphones, ipads, ipods and their accessories. On the request of the financial creditor, the corporate debtor supplied said goods to the financial creditor on consignment basis, wherein, the financial creditor was to receive commission @ 10% on the sale generated. (ii) The financial creditor lifted the said goods from the premises of the corporate....
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....ourt, the period of three years as per section 12 of the Limitation Act is expired and the present application is barred by limitation. 4. We have heard the learned counsel for the financial creditor as well as for the corporate debtor and perused the relevant documents available on record. It is an undisputed fact that Rs. 25,00,000/- was given by the financial creditor to the corporate debtor on 22.03.2013. The audited balance sheet and the certificate of Chartered Accountant of the financial creditor certify that the financial creditor was never engaged in the business of trading activities and the purchase or sale of mobile phones and its accessories were never carried out by the financial creditor. 5. It is noted that the corpora....
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....ee 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (iii) The order of moratorium shall have effect from the date of this order till the co....
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.... of initiation of Corporate Insolvency Resolution Process (CIRP) and call for submission of claims under Section 15 as required by Section 13(1)(b) of the Code. (vii) It is further directed that the supply of goods/service to the Corporate Debtor Company, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. (viii) The IRP shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' and manage the operations of the Corporate Debtor as a going concern as a part of obligation imposed by Section 20 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor is directed to pay an advance of Rs. 1,00,000/- (Rupees One Lakh Only) to the I....