AI Structured Summary
Not yet generated for this judgment
Judgment
Per Dr. V.K.Subburaj (Member Technical)
This is an application filed by the Applicant Ashmit Corporation Pvt. Ltd. seeking to initiate corporate insolvency resolution process (“CIRP”) of the Respondent Flexi Infotech Pvt. Ltd., under Section 9 of the Insolvency and Bankruptcy Code 2016 (“the Code”) for the alleged default on the part of the Respondent in clearing the debt of Rs. 1,92,647/- along with interest owed to the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows:
The applicant provided campaigning services to the Respondent and in respect of the services provided the Respondent itself raised bills, upon which payment has been defaulted.
The first occurrence of default was on 10.10.2017 and since then the Applicant still continued providing services to the Respondent on hollow assurances and miniscule part payments made by the Respondent and therefore, the Applicant kept on surging and remains unclaimed yet.
The Applicant sent a demand notice dated 13.04.2019 for the unpaid operational debt, which was delivered to the Respondent
(b)transferring, encumbering, alienating or disposing of by the Respondent 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 Respondent in respect of its property including any action under the Securitization 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 Respondent.
(2)The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period.
(3)The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
(4)The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process.”
The interim resolution professional (IRP"), named in the list provided by the IBBI, is Mr. Vikas Garg, email id: vkas@vamindia.in, and being confirmed by this Bench. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15,17 and 18 of the Code and file his report within 30 days before this Bench.
The Applicant shall deposit a sum of Rs. 2 lakhs to enable the IRP to meet the immediate expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP.