M/s. Computer Junction Private Limited vs Nysa Communications Private Limited

PER SHRI L. N. GUPTA, MEMBER (T)

The present Petition has been preferred under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC, 2016’) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by M/s. Computer Junction Private Limited (for brevity, ‘Operational Creditor’), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Nysa Communications Private Limited (for brevity, ‘Corporate Debtor’).

That the Corporate Debtor namely, M/s. Nysa Communications Private Limited is a Company incorporated on 16.04.2008 with CIN U72900DL2008PTC176819 under the provisions of the erstwhile Companies Act, 1956 having its registered Office at 1st Floor, F-18, Preet Vihar, Vikas Marg, New Delh-110092.

That the Authorized Share Capital of the Corporate Debtor is Rs. 5,00,000/- and Paid-up Share Capital is Rs. 5,00,000/- as per the Master Data of the Corporate Debtor.

It is submitted that the Operational Creditor and Corporate Debtor entered into an ‘Agreement’ dated 30.05.2018, whereby the Operational Creditor agreed to be a service provider for end to end infrastructural support, Laptop Services etc. for the work defined in the scope of services provided in the said agreement.

It is added by the Operational Creditor that the Corporate Debtor, even after having duly received the services from the Operational Creditor, has failed to make payments against the duly raised Purchase Order w.e.f., 10.08.2018.

It has been stated by the Operational Creditor in the Part IV of its Application that the Principal Operational Debt outstanding is Rs. 2,65,77,028/-. In addition, the Operational Creditor has claimed interest for the period from 10.08.2018 to 31.12.2019 @ 2% per month, which amounts to Rs. 88,77,455.49. Thus, the total debt claimed by the Applicant aggregates to Rs. 3,54,54,483.49. The date of default given in the application is 10.08.2018.

That the Operational Creditor has placed on record, the copy of the Ledger Account depicting the list of unpaid invoices and part payments received from the Operational Creditor. The scanned copy of the same is reproduced overleaf :

That it is submitted by the Operational Creditor that since the Corporate Debtor did not make the due payment, it had issued a Demand Notice dated 23.12.2019 under Section 8 of IBC, 2016 at the registered office of the Corporate Debtor. In response, a notice of dispute dated 15.01.2020 was sent by the Corporate Debtor through its Advocate Sh. Tanuj Khurana. The same is averred in the Affidavit filed by the Operational Creditor under Section 9(3)(b) of 2016.

That the Corporate Debtor in its notice of dispute has denied the claim of the Operational Creditor. It is stated by the Corporate Debtor that the debt claimed by the Operational Creditor is not an Operational Debt and all the invoices annexed are forged and fabricated. It is added that there are pre-existing disputes between the parties regarding the performance and breach of the Facilities Agreement dated 30.05.2018. The scanned copy of the Notice of Dispute dated 15.01.2020 is reproduced below :

Since the corporate Debtor has neither filed reply nor made any representation on later dates despite opportunities, it was proceeded ex-parte vide Order of this Adjudicating Authority dated 06.09.2021.

After hearing submission of the Operational Creditor on 07.10.2021 and perusing the documents placed on record, this Bench observes that although, the Corporate Debtor has disputed its liability, however, there is nothing annexed with the Notice of Dispute dated 15.01.2020, which could suggest that there was a dispute existing, prior to the issuance of the Demand Notice. Further, we find no explanation given by the Corporate Debtor in its Notice of Dispute as to how the debt claimed by the Operational Creditor is not an Operational Debt.

Hence, in the facts and circumstances of the case as narrated above, we are of the view that the Operational Creditor has succeeded in establishing the default on the part of Corporate Debtor in making payment of the operational debt. The Application filed under Section 9 fulfills all the requirements of the law. Therefore, we admit the Application in terms of Section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of provisions 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:

As proposed by the Operational Creditor, this Bench appoints Mr. Navjit Singh with Registration No. IBBI/IPA-001/IP-P00314 /2017-18/10578 as IRP (navjit92ca@gmail.com)having office at 218-A, First Floor, Shop No. 4, Rama Market, Pitampura, New Delhi-110034, 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 by him within a period of one week from this Order. The IRP is directed to take steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of the IBC, 2016.

The Operational Creditor is 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 Operational Creditor.

A copy of this order shall be communicated to the Operational Creditor, the Corporate Debtor and Mr. Navjit Singh, IRP (navjit92ca@gmail.com), by the Court Officer/Registry of this Tribunal immediately. In addition, copy of this Order shall also be forwarded by the Court Officer/Registry to the ROC to update the status of the Company on its Master Data and to the IBBI for their records.