2024 (10) TMI 1353

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.... The details of the Financial Creditors have been narrated in part-I of the Application. Part-II contains the particulars of the Corporate Debtor M/s. Adaptio Facility Management Private Limited, having CIN: U74999TN2016PTC111722 and registered office at No. 1/12, 6^th cross street, Venkateshwara Nagar, Ramapuram, Chennai - 600089. It was incorporated on 29.07.2016. 3. In Part III of the application, the Financial Creditor has proposed one Mrs. Satyadevi Alamuri with Registration No: IBBI/IPA-002/IP- N00071/2017-2018/10205 as the "Interim Resolution Professional" of the Corporate Debtor. 4. In Part-IV of the Application, it is stated that the Financial Creditors had cumulatively advanced a total sum of Rs. 1,08,83,596.95 to the Corporate Debtor as the amount which is due and payable by the Corporate Debtor. 5. It is stated that there are 11 financial creditors who advanced the amount to the Corporate Debtor as part of a bill discounting arrangement through an online bill discounting portal called "KredX" operated by 'Minions Ventures Pvt. Ltd' through various Agreements for Transfer of Rights. The Agreement for Transfer of Rights ('Agreement') is a tripartite agreement bet....

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....ue to the Creditors herein, accordingly, as per the agreement of Transfer of Rights and following the recourse method on the Corporate Debtor, the Corporate Debtor is liable to refund the consideration to the Purchaser, i.e. the Creditors. It is stated that the Corporate Debtor in order to effect the restitution had provided cheques. It is stated that the cheques when presented for collection, returned by the Corporate Debtor's bankers with the endorsement "stopped by drawer". The Creditors submit that though the Corporate Debtor was served with a notice under Section 138 of the Negotiable Instruments Act, 1881, the same was neither complied with nor did the Corporate Debtor reply to the same. Thus, the Financial Debts due to the Creditors by the Corporate Debtor is undisputed and acknowledged. It is stated that the above are not only the financial debts due to the creditors borne by the said agreements, but the subsequent dishonour of the said cheques makes it abundantly clear that the Corporate Debtor is insolvent. It is stated that on a perusal of the data related to the Corporate Debtor on the Ministry of Corporate Affairs website, it is seen that the Corporate Debtor has m....

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.... Limited, is a private limited company incorporated under the provisions of the Companies Act, 1956/2013 and having its registered office at No.1/12,6^th Cross Street Venkateshwara Nagar, Ramapuram, Chennai, Tamil Nadu, INDIA, Pincode: 600089 (hereinafter referred to as the "Seller", which expression shall, unless repugnant to the context or meaning there of, mean and include its successors-in-interest and permitted assigns); 2. APURVA JAIN, aged 33, holding PAN card ARBPJ0401G residing at D/O B K Jain, 84 MAHAVEER COLONY, PUR ROAD, Bhilwara, Bhilwara, Rajasthan, 311001, Bhilwara, Rajasthan, Pincode: 311001 (hereinafter referred to as the "Purchaser", which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors-in-interest and assigns); and 3. MINIONS VENTURES PRIVATE LIMITED, a private limited company incorporated under the provisions of the Companies Act, 2013 and having its registered office at Wing 'A', Ground Floor, Office-1 Block-'A', Salarpuria Softzone, Bellandur Village, Varthur Hobli, Bangalore South Taluk, Outer Ring Road, Bangalore - 560103, India (here in after referred to as "KredX", which expression....

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.... which will be divided equally between Purchaser and KredX and interest will be charged over and above the discount rate agreed with the Seller ("Late Payment Fee"). The refund of the Consideration, compensation for the benefit and payment of Late Payment Fee shall together conclude the restitution of the Purchaser, and the Seller shall pay such amounts into the Settlement Escrow/Nodal Account. 6.3. In order to effect the restitution in terms hereof ("Restitution"), the Seller has deposited with KredX, Cheques ("Cheques") drawable on the Seller's bank account in favour of the Settlement Escrow/Nodal Account, for the Consideration plus the Late Payment Fee (together, the "Restitution Amount"). It is hereby expressly clarified that the Cheque shall be deposited by the Seller to KredX, for the benefit of the Purchaser as the acknowledgment of debt/liability. The obligation of the Seller under the Cheque shall be independent and exclusive of the obligation of the Seller to ensure Restitution of the Purchaser. In the event the Cheques is unable to be encashed / exercised by KredX, the obligation of the Seller to undertake the Restitution shall survive. 13. On perusal of ....

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....tor has proved that there is a 'debt' and 'default' on the part of the Corporate Debtor and hence in term of Section 7(5) of IBC, 2016, the present application is required to be admitted and Corporate Insolvency Resolution Process as against the Corporate Debtor is required to be initiated. 17. Under these said circumstances, we admit this application and order for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. 18. The Financial Creditor has proposed the name of Ms. Satyadevi Alamuri, having Reg. No. IBBI/IPA-002/IP-N00071/2017-18/10205 e- mail Id: [email protected] as the Interim Resolution Professional (IRP) who has also filed her consent in Form - 2 at page No.369 (Annexure-42) of the Application and also upon verification from the IBBI website, it is seen that the said person holds valid Authorization for Assignment till 29.11.2024. Ms. Satyadevi Alamuri is appointed as the IRP is directed to take charge of the Corporate Debtor's management immediately. The IRP is also directed to cause public announcement as prescribed under Section 15 of the IBC, 2016 within three days from the date the copy of this Order is received, and call f....

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....g moratorium period; 20. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the Corporate Debtor and mange the operations of such Corporate Debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such Corporate Debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. (3) The provisions of sub-section (1) shall not apply to (a) such transactions, agreements or other arrangement as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; (b) a surety in a contract of guarantee to a corporate ....