1. Under Adjudication is CP/1210/IB/2018 that has been filed by the Operational Creditor under Section 9 of the Insolvency 86 Bankruptcy Code 2016 (in short, ‘I&B Code, 2016’) r/w Rule 6 of the Insolvency 85 Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP).
2. As seen from the record, on 17.12.2018, the Counsel for the Corporate Debtor was present, he was served with the copy of the typed set with a direction to file counter within two week and the case was posted to 22.01.2019. On 22.01.2019 there was no representation on behalf of the Corporate Debtor, and hence, the Corporate Debtor was proceeded ex-parte on the said date of hearing.
3. Heard the Counsel for the Operational Creditor and perused the record.
4. The Operational Creditor has claimed an amount of Rs.36,02,454/- as outstanding against the Corporate Debtor which fell due from 11.05.2017.
5. The brief facts of the case are that the Operational Creditor viz., APM Group Limited and the Corporate Debtor viz., Adept Technology Private Limited, have entered into an agreement dated 11.03.2014 wherein the Operational Creditor has agreed to provide certification exams to the candidates who have been trained by the Corporate Debtor being as an Accredited Training Organization (ATO) and provided certificates to the successful candidates. In consideration for the services rendered by the Operational Creditor, the fees will be invoiced by the Operational Creditor on the Corporate Debtor in arrears which will be based on the number of candidates to whom the training was imparted and took the examination. The Corporate Debtor has raised Invoices from 14.12.2016 to 11.05.2017, the list of Invoices issued to the Corporate Debtor is placed at pages 13 of the typed set filed with the Application and the Invoices are placed at pages 65 to 100 of the typed set filed with the Application. In spite of repeated requests made by the Operational Creditor, no amount was forthcoming from the Corporate Debtor in relation to the Invoices raised by the Operational Creditor.
6. The Operational Creditor had issued a Demand Notice dated 12.06.2018 in Form -3 and called upon the Corporate Debtor to pay the unpaid operational debt. Copy of notice is placed at pages 10 to 12 of typed set filed with the Application. However, the said notice was returned as undelivered. Copy of returned postal package is placed at pages 17 and 18 of the typed set filed with the Application. Again, an e-mail dated 18.06.2018 attaching therewith the copy of the notice issued under Section 8 of the I&B Code, 2016 was sent to the Corporate Debtor. Copy of the mail dated 18.06.2018 is placed at page 20 of the typed set filed with the Application. The receipt of mail is placed at page 23 of the typed set filed with the Application to which the Corporate Debtor has not sent any reply.
7. The Operational Creditor has complied with Section 9 (3) (b) 86 (c) of the I&B Code, 2016, by filing Affidavit, wherein under Para 2, it has been deposed that no notice has been received from the Corporate Debtor in relating to dispute of the unpaid operational debt. Copy of the Affidavit is placed at page 7 of the typed set filed with the Application. The statement of account certified by Standard Chartered Bank has also been placed on record at pages 101 to 184 of the typed set filed with the Application.
8. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Authority is satisfied that the Corporate Debtor has committed default in making payment of the outstanding debt claimed by the Operational Creditor. Therefore, the Application is admitted and the commencement of the Corporate Insolvency Resolution Process is ordered, which ordinarily shall get completed within 180 days, reckoning from the day this order is passed.
9. The moratorium is declared which shall have effect from the date of this Order till the completion of Corporate Insolvency Resolution Process, for the purposes referred to in Section 14 of the I&B Code, 2016. It is ordered to prohibit all of the following, namely:-
(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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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.
10. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government.
11. Mr. Ashok Velamur Seshadri, is hereby appointed as IRP, as has been proposed by the Operational Creditor. There is no disciplinary proceeding pending against the IRP as is evidenced from Form-2. 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 I&B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed.
12. The IRP shall comply with the provisions of Sections 13 (2), 15, 17 & 18 of the Code. The Directors of the Corporate Debtor, its Promoters or any person associated with the management of the Corporate Debtor are/is directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 for the purpose of discharging his functions under Section 20 of the I&B Code, 2016.
13. The Operational Creditor and the Registry are directed to send the copy of this Order to IRP with immediate ef
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fect, so that he could take charge of the Corporate Debtor’s assets etc., and make compliance with this Order as per the provisions of I&B Code, 2016. The e-mail and other details of the IRP are as follows:- Mr. Ashok Velamur Seshadri, Reg.No. IBBI/IPA-001/IP-P00937/2017-2018/11541 F2, Geekay Mahalakshmi, 100 ft Road, Nanganallur, Chennai - 600 061 Mobile No: 97896 72486 Email ID: firstname.lastname@example.org 14. The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and concerned RoC. 15. Order is dictated and pronounced in open court in the presence of the Counsel for the Operation Creditor.