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Judgment
PER SHRI L. N. GUPTA, MEMBER (T)
The present petition is filed under Section 7 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by 18 claimants, who have Authorised Sh. Ashoksing L. Rajput vide letter dated 23.05.2019 for brevity 'Financial Creditor') initiating the Corporate Insolvency Resolution process against M/s. HBN Foods Ltd. (for brevity 'Corporate Debtor').
The Corporate Debtor namely, HBN Foods Limited is a Company incorporated on 1.03.2013 under the provisions of Companies Act, 1956 with CIN No. U15400DL2013PLC248945, having its registered Office at Business Unit No. 523, (5^{\text{th}}) Floor, HBN Office, D Mall, Plot D, District Centre, Paschim Vihar, New Delhi-110087.
The Authorised Share Capital of the Respondent Company is Rs. 10,00,000 and Paid-up Share Capital of the Company is Rs. 5,00,000 as per the Master Data of the Company annexed.
It is submitted by the Petitioners that the Respondent Company namely, HBN FOODS LTD. had floated an Investment Scheme vide their Circular 9 dated 01.08.2013. The Scheme as given at Exhibit- H (colly) is reproduced below :
EXHIBIT - "H" (colly)
HBN FOODS LTD.
B-53, B-1 BLOCK COMMUNITY CENTRE, JANAKPURI, NEW DELHI-110058
Ref. No. HBN/HO/DLH/MKTG/2013-14/108
Dt: 01/08/2013
Circular No. 9
To All Channel Partners/Distributors/CSC Incharges
The management is pleased to announce new tables in HBN Foods Ltd. Tables - Foods 1, Foods 2, Foods 3, Foods 4, Foods 5, Foods 6 & Food 7. This will be effective from 1st of Aug 2013.
The spot benefits will be applicable for all plans.
PLAN Foods 1 - 108 Months (9 years) S.No. Advance against Foodgrains Expected Value of Foodgrains 1 5000 12000 2 10000 24000 3 15000 36000 4 20000 48000 5 25000 60000 10 50000 120000
PLAN Foods 2 - 78 Months (6 years & Months) S.No. Advance against Foodgrains Expected Value of Foodgrains 1 5000 11000 2 10000 22000 3 15000 33000 4 20000 44000 5 25000 55000 10 50000 110000
PLAN Foods 5 - 105 Months (9 years) S.No. Advance against Foodgrains Monthly Qtrly Half Yrly Yrly Expected Value of Foodgrains 60 20 10 5 Rs Rs Rs Rs 1 12000 200 590 1160 2300 24000 2 18000 300 885 1740 3450 36000 3 24000 400 1180 2320 4600 48000 4 30000 500 1475 2900 5750 60000 9 60000 1000 2950 5800 11500 120000
PLAN Foods 4 - 80 Months (6 years 8 Months) S.No. Advance against Foodgrains Monthly Qtrly Half Yrly Yrly Expected Value of Foodgrains 80 26 13 6+1* Rs Rs Rs Rs 1 16000 200 610 1180 2325+1375* 24375 2 24000 300 915 1770 3485+2075* 36565 3 32000 400 1220 2360 4650+2750* 48750 4 40000 500 1525 2950 5810+3450* 60940 5 48000 600 1830 3540 6970+4150* 73125 9 80000 1000 3050 5900 11620+6900* 121880
PLAN Foods 5 - 105 Months (9 years) S.No. Advance against Foodgrains Monthly Qtrly Half Yrly Yrly Expected Value of Foodgrains 60 20 10 5 Rs Rs Rs Rs 1 12000 200 590 1160 2300 24000 2 18000 300 885 1740 3450 36000 3 24000 400 1180 2320 4600 48000 4 30000 500 1475 2900 5750 60000 9 60000 1000 2950 5800 11500 120000
PLAN Foods 6 - 48 Months (4years) S.No. Advance against Foodgrains Monthly Qtrly Half Yrly Yrly Expected Value of Foodgrains 48 Rs 16 Rs 3 Rs 4 Rs 1 9600 200 600 1180 2350 12250 2 14400 300 900 1770 3525 18375 3 19200 400 1200 2360 4700 24500 4 24000 500 1500 2950 5875 30625 9 48000 1000 3000 5900 11750 61250
PLAN Foods 7-60 Months (5 years) S.No. Advance against Foodgrains Monthly Qtrly Half Yrly Yrly Expected Value of Foodgrains 60 Rs 20 Rs 10 Rs 5 Rs 1 12000 200 600 1180 2350 16000 2 18000 300 900 1770 3525 24000 3 24000 400 1200 2360 4700 32000 4 30000 500 1500 2950 5875 40000 9 60000 1000 3000 5900 11750 80000 Wish you all the best.
For HBN FOODS LTD Authorised Signatory
Cc: Group CEO/Chairman/President/Accounts/Audit/HR/EDP/All CSC Incharges
The Petitioners have averred that :
"The Corporate Debtor is a public limited unlisted company and is a group company of HBN Group, incorporated in the year 2013. The Corporate Debtor collected monies from public at large including the Petitioners herein since year 2013 and issued certificate with promise for assured returns."
"The Applicants invested their hard earned monies in the said Corporate Debtor's scheme based on the assurances and promise for assured returns. However, subsequently, the directors of the said Corporate Debtors absconded due to various criminal cases initiated against them by various entities. One of the directors is lodged in Raipur Jail since past many years. When the Applicant tried to enquire about their investment there was no one in the company to respond. The Applicants visited the Registered office of the Company at Delhi but the office was found closed. The office of the company remains closed and its business is shut and the Applicants' monies are stuck."
"That a group company of the Corporate Debtor "HBN Dairies & Allied Ltd." is already undergoing CIRP process pursuant to an order of this Hon'ble Tribunal. The directors in the Corporate Debtor and the said : HBN Dairies & Allied Ltd. Even on this date, the present Directors are common in these two companies."
It is submitted by the Petitioners that the total Principal amount invested by the Petitioners in the scheme is Rs. 54,24,150. They have added that the total amount of claim as per the scheme comes to Rs. 74,31,447. Hence, the default committed by the Respondent Company amounts to total Rs. 74,31,447, the Petitioner-wise details of which, as given in the petition, are reproduced below :
| Sr. No. | Name | Amount of Default in (Rs) | Date of Default |
|---|---|---|---|
| 1. | Ashoksing L. Rajput | 9,89,761 | 27.09.2017 |
| 2. | Suresh Tukaram Pawar | 32,400 | 19.11.2016 |
| 3. | Chandrakant Popatlal Shah | 36,000 | 29.11.2016 |
| 4. | Maya Chandrakant Shaha | 36,000 | 28.11.2016 |
| 5. | Shriniwas Rajtam Tala | 49,000 | 31.10.2018 |
| 6. | Rajendra Janardan Patil | 9,15,000 | 23.09.2014 |
| 7. | RajeshVitthal Pawar | 4,80,000 | 27.09.2014 |
| 8. | Vijay Manoharrao Mahalle | 1,50,000 | 25.09.2014 |
| 9. | Gajnan Tukaram Kakad | 2,85,000 | 27.09.2014 |
| 10. | Ashok Mallikarujun Bhandekari | 3,60,000 | 15.12.2014 |
| 11. | Bharat Rambhau Kagade | 1,80,000 | 17.12.2014 |
| 12. | Baburao Venkatesh Thakkanwar | 7,08,000 | 15.12.2014 |
| 13. | Sangita Haridas Kate | 3,07,500 | 30.09.2014 |
| 14. | Trimbak Santram Kharare | 8,64,000 | 29.09.2014 |
| 15. | Vishwanath Shridhar Pawar | 1,56,250 | 31.01.2014 |
| 16. | Bahuaheeb Vitthalrao Kashid | 1,56,250 | 31.01.2014 |
| 17. | Baburao Eknath Shinde | 7,06,000 | 30.12.2014 |
| 18. | Balasaheeb Babasaheb Dhas | 9,51,250 | 17.12.2014 |
As none appeared on behalf of the Respondent Company during the proceedings, the Respondent was proceeded ex-parte vide Order dated 01.07.2019 passed by this Tribunal.
In the given facts and circumstances, the Financial Creditors have established the default on the part of the Corporate Debtor in payment of the Financial Debt. The present Petition being complete and the amount of default being above Rs. 1,00,000, the Petition is admitted in terms of Section 7(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14(1) (a), (b), (c) & (d), the following prohibitions are imposed, which must be followed by all and sundry:
- (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; - (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.
As proposed by the Petitioner, this Bench appoints Sh. Jagdish Singh Nain, as IRP having Office at 98- Gangotri Apartments, Vikaspuri New Delhi-110018 (email id- [email protected]) and Registration No. IBBI/IPA-003/IP-N00187/2018-19/12518, subject to the condition that no disciplinary proceedings are pending against the IRP so named and disclosures as required under IBBI Regulations, 2016 are made him within a period of one week from this Order. The IRP is directed to take the steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of IBC, 2016.
The Petitioners are directed to deposit Rs. 2,00,000 (Two Lakh) only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as accounted for by the Interim Resolution Professional and shall be paid back to the Petitioner.
A copy of this Order shall be communicated to the Petitioner, the Respondent and the IRP mentioned above by the Registry of this Tribunal. In addition, a copy of the Order shall also be forwarded by the Registry to IBBI for their records.