Ankur Tayal vs Pantel Technologies Private Limited

Per-Dr. Deepti Mukesh, Member (J)

The Present Application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC, 2016’)read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity ‘the Rules’) by Ankur Tayal sole proprietor of Ankur Enterprises (for brevity ‘Applicant’) with a prayer to initiate the Corporate Insolvency process againstPantel Technologies Private Limited (for brevity ‘Corporate Debtor’).

The Applicant is an enterprise having GST No. 06AWNPA5883A1ZO, having its place of business at 1 Floor, Near Telephone Exchange Chakkar Road Jind, Haryana-126102.

The Corporate Debtor is a private limited company duly registered and incorporated under the provisions of the Companies Act, 1956 on 23.08.2010, bearing CIN U72300DL2010PTC207463. The company is having its registered office at 602/96, 6th Floor, Siddharth Building, Nehru Place, Near Central Bank New Delhi-110019.

The Applicants states that the corporate debtorexecuted Service Agreement dated 26.12.2018, wherein the applicant was appointed as the Zonal Distributor to sell market and distribute the services within the territory through its own network, on the basis of the terms and conditions set forth in the agreement. It is submitted that on 01.02.2019, new TRAI regulations came into force whereby the bouquet system of transmission of channels was disallowed, and the subscribers could choose specific channels for viewing as per their individual requirements. It is submitted that at this point of time, there were certain breaches and glitches in the transmission service provided by Corporate Debtor, along with certain problems with the payments due towards theapplicant. It is submitted that Corporate Debtor failed to provide hardware support to the Distributer instride with the demand of the market. This resulted in not only in customer dissatisfaction but also translated into a major loss in business for the applicant. The transmission of all channels on the Independent TV DTH service stopped completely. It also came to knowledge of the applicant that Corporate Debtor had no funds to support the operations of the company, so much so, that they could no longer afford the license on the use of the Antariksh Satellite resulting in loss of transmission.

The Applicant submits that the Corporate Debtor once again failed to resume the services on 10th of August, 2019 on their Independent TV DTH service, but assured the applicant that the services would finally resume on the 15th of August, 2019. The services on Independent TV DTH service remained suspended and the directors of the Corporate Debtor became unreachable and untraceable.

The Applicant time and again send various emails, however, no action was taken up by corporate Debtor. That on 04.03.2020, the applicant issued a demand notice under Section 8 ofIBC(Under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, calling upon the Corporate Debtor for making payment of Rs 2,18,57,429.40/- (Rupees Two Crores Eighteen Lakhs Fifty Seven Thousand Four Hundred Twenty Nine and Forty Paisa only/-). The said notice was served through speed post at its registered address as reflected in MCA website. The tracking report for the speed post reflecting ‘Item Confirmed’ is annexed. The corporate debtor neither replied to the said notice nor made the payment of the said outstanding dues.

Hence, the Applicant filed present Application on 26.08.2020 under section 9 of IBC, 2016 and served the copy of this application through speed post at the address as reflected on MCA website. The affidavit of service is also filed.

According to the applicant, the Corporate Debtor is liable to pay a sum of Rs 2,18,57,429.40/- (Rupees Two Crores Eighty Lakhs Fifty Seven Thousand Four Hundred Twenty Nine and Forty Paisa Only)as due and payable as per Part IV of Form 5.

The Corporate Debtor has not filed any reply but has appeared before the bench on 29.10.2020 and the Ld. Counsel for theCorporate Debtor has stated thatthe company is not in position to pay its debt and does not have objection to initiate CIRP against it.

The Applicant has filed an affidavit under section 9(3)(b) affirming that no notice of dispute has been given by the Corporate debtor relating to dispute of the unpaid operational debt.

The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application.

The date of default as per Form V occurred on 26.12.2018 and the application is filed on 26.08.2020, hence the debt is not time barred and the application is filed within the period of limitation.

In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, which remain uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt which is also admitted by the corporatedebtor. The present application is admitted, in terms of section 9 (5) of IBC, 2016.

Since the Applicant has not named the Insolvency Resolution Professional, this Tribunal based on the list furnished by Insolvency and Bankruptcy Board of India appoints Mr. Deepak Kukreja, With registration number IBBI/IPA-002/IP-N00077/2017-18/10208 (email – csdeepakkukreja@yahoo.com) as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against such an IRP named who may act as an IRP in relation to the CIRP of the Respondent and specific consent should be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order.

We direct the Operational Creditors to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namelyMr. Deepak Kukrejato meet out the expense to perform the functions assigned to her in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor.

As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force.

A copy of the order shall be communicated to the Applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the order shall also be forwarded to IBBI for its records. Applicant is also directed to provide a copy of the complete paper book to the IRP. A copy of this order be also sent to the ROC for updating the Master Data. ROC shall send compliance report to the Registrar, NCLT.