Honest Enterprise Private Limited vs Hyderabad Metchem Private Ltd

The Operational Creditor is a private limited company incorporated under the Companies Act, 2013 having its registered office at Vadodara, Gujarat. The Corporate Debtor too is a private limited company incorporated under the Companies Act, 2013 having its registered office at Hyderabad. The respondent/ Corporate Debtor received goods from the applicant. The applicant raised invoices for the goods supplied amounting to Rs.69,99.543/-

The applicant had raised invoices dated (23^{\text{rd}}) and (24^{\text{th}}) March 2012, issued Demand Notice dated 07.06.2019 (page 32-33) to the respondent, and the said Demand Notice was also served on the present Directors of the respondent/ Corporate Debtor vide Registered Post on 11.06.2019. The respondent has neither made payment nor raised any dispute under section 9(5)(ii)(d) of the I&B Code, 2016.

Corporate Debtor, M/s Hyderabad Metchem Private Limited is admitted in Corporate Insolvency Resolution Process under section 9 of the Insolvency & Bankruptcy Code, 2016,

The Bench hereby prohibits 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; 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 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor;

That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period.

Notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period.

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

That the order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier.

That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016.

That this Bench hereby appoints Shri Pradeep Kumar Kabra, having IBBI Registration No.IBBI/ IPA-001/ IP-P01104/ 2017-18/ 11790, as Interim Resolution Professional to carry the functions as mentioned under the Insolvency & Bankruptcy Code. He has filed Form-2 issued by the Institute of Insolvency Professionals. His Authorisation for Assignment is valid upto 30.12.2021. This information is also available in IBBI Website. Thus, there is compliance of Regulation 7A of IBBI (Insolvency Professionals) Regulations, 2016, as amended. Therefore, the proposed IRP is fit to be appointed as IRP since the relevant provision is complied with.