Bathla Teletech Private Limited vs Perfect Mobile and Communications Private Limited

The Operational Creditor submits that the Operational Creditor has supplied 199 pieces of Telephone Sets to the Corporate Debtor vide purchase order dated 04.04.2019. The Purchase Order is placed at pg. no 32 of the Petition. For this purpose, the Operational Creditor has issued various invoices which are placed at page 33-222 of the Petition.

The arrangement was done to deliver entire equipments during the month of April,2019

The Last date of invoice is 24.04.2019. The date of default as per the mode of payment in the last invoice is 23.05.2019.

However, the Operational Creditor instead of supplying all the materials did not receive any payment from the Corporate Debtor.

The Operational Creditor had served a Demand Notice in Form 3 dated 07.02.2020 to the Corporate Debtor, which is at pg.no 227-229 of the Petition, in terms of section 8 of the IBC. The said Demand Notice was returned specifying the reason left from the place dated 8.02.2020. The track record for the return of the document is given at Pg. No 230 Annexure -7 of the petition.

The Operational Creditor submits that, after making further searches at MCA website, the notice was served on Managing Director of the Corporate Debtor as per the address mentioned in MCA data on 14.02.2020. The said Demand Notice was delivered on 17.02.2020. The track record of documents is given at Pg. No 234 Annexure-9 of the petition.

The Operational Creditor submits that, no reply of the Demand Notice received from corporate debtor till date. Neither have they disputed anything on the quality or on any other aspects.

The Operational Creditor submits that, Mr. Mukesh Kumar Jain, an insolvency professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P01236/2018-2019/11944 has been proposed as the IRP by Bathla Teletech Private Limited in connection with the proposed corporate insolvency resolution process of the Perfect Mobiles & Communications Private Limited (Corporate Debtor).

The Corporate Debtor submits that, they have purchased 199 pieces of Telephone sets for cellular network amounting Rupees 18,54,800/-, pursuant to the same there is no denial of fact that the supply was complete on 11.04.2019 to 24.04.2019 and the terms of payment were 30 days.

The Corporate Debtor submits that, the operational creditor issued form 3 on 14.02.2020 which was delivered on 17.02.2020, after which the corporate debtor was to clear the dues. But due to the slowdown in business, it was difficult to make payment at that time. c) The Corporate Debtor submits that, in the view of COVID-19 there is a difficulty in making payment to the operational creditor. The Corporate Debtor is making commitment to make payment of sum of Rs 18,54,800/-at the earliest. The dues will be settled within a period of one year from the date of this notice.

The Corporate Debtor submits that, Operational Creditor had sent a notice under CPC as well as under IBC, 2016.Issuing notice under CPC, bars Operational Creditor to initiate any proceedings under IBC,2016

The Corporate Debtor submits that, the Operational Creditor is not entitled to Initiate CIRP against the Corporate Debtor as it had already initiated legal process under CPC.

It is observed by the Bench that the Corporate Debtor has admitted its liability of Rs.18,54,800/-. Therefore, the Petition made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of rupees one lakh stipulated under section 4(1) of the IBC. Therefore, the debt and default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor.

The Operational Creditor has proposed Mr. Mukesh Kumar Jain, an insolvency professional registered with Indian Institute of Insolvency Professionals of ICAI having registration number IBBI/IPA-001/IP-P01236/2018-2019/11944 has been proposed as the IRP by Bathla Teletech Private Limited in connection with the proposed corporate insolvency resolution process of the Perfect Mobiles & Communications Private Limited (Corporate Debtor).

It is, accordingly, hereby ordered as follows:

There shall be a moratorium under section 14 of the IBC, in regard to the following:

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; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein;

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 (SARFAESI) Act, 2002;

The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor.

Notwithstanding the above, during the period of moratorium, -

The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period;

That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator;

The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Tribunal approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be.

Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Mr. Mukesh Kumar Jain, registration No. IBBI/IPA-001/IP-P01236/2018-2019/11944; as Interim Resolution Professional to carry the functions as mentioned under IBC, the fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The IRP shall carry out functions as contemplated by Sections 15,17,18,19,20,21 of the IBC.

During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow.

The Operational Creditor shall deposit a sum of Rs.5,00,000/- (Rupees five lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC).

The Registry is directed to communicate this Order to the Operational Creditor, the Corporate Debtor and the IRP by Speed Post and email immediately, and in any case, not later than two days from the date of this Order.

A copy of this Order be sent to the Registrar of Companies, Maharashtra, Mumbai, for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from the date of receipt of a copy of this order.