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Judgment
Per Dr. P.S.N. Prasad (Member Judicial)
This is an application filed by Probir Kumar Roy Chowdhary ("Applicant") invoking the provision of Section 9 of Insolvency and Bankruptcy Code, 2016 ("the Code") against SPML Infra Limited ("Respondent") for initiating Corporate Insolvency Resolution Process ("CIRP") of the Respondent for a claim of Rs.5,53,385/-, along with interest at the rate of 18% p.a. for the alleged default by the Respondent Company in clearing the dues towards the salary of the Applicant.
The Applicant has averred as follows:
The Applicant is an engineer by profession and was employed in the Respondent company. The Applicant was employed by the Respondent from 15.12.2008 till his retirement on 29.10.2016. The Applicant had joined the Respondent company at the designation of General Manager- Projects and resigned as General Manager - Projects vide intimation of retirement dated 28.09.2016. the same was duly reflected in the relieving and experience letter dated 29.10.2016.
The Respondent calculated any and all dues and arrears which were payable to the Applicant for 8 years of services. The Respondent accordingly vide clearance certificate and dues certificate stated that an amount of Rs.8,53,385/- was due and payable to the Applicant.
The Applicant therein made several attempts to have the dues recovered and made various reminders to the Applicant vide phone calls to relevant personnel including but not limited to the HR department of the Respondent; sent e-mails to officials who had verbally promised the clearance of dues; and messaged senior officials in the Respondent.
The Applicant has an impeccable, clean and meticulous record in the service of the Respondent. The Respondent has never made any objections to the debts being due and payable. Thus, the debt is owed, payable and undisputed by the Respondent.
The Respondent sent the statutory notice under Section 8 of the Code was sent on 10.01.2019 and received by the Respondent on 11.10.2019. However, no reply or payment was received from the Respondent.
On 07.05.2019 the Tribunal directed the issuance of notice to the Respondent through all modes. The Applicant filed the tracking report on 30.07.2019 showing delivery of notice to the registered office of the Respondent on 29.04.2019. No one appeared on behalf of the Respondent on any of the hearings and thus, on 07.08.2019 the Respondent was proceeded ex-parte.
We looked into the documents filed by the Applicant and heard the arguments put forth by the Applicant's counsel. The Applicant has provided all the documents to prove the default on the part of the Respondent and there exists debt and default. Considering the circumstances this Tribunal is inclined to initiate CIRP of the Respondent.
A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms:
"(a)the institution of suits or continuation of pending suits or proceedings against the Respondent 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 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."
From the list of interim resolution professionals ("IRP") made available by IBBI vide File No. 25/02/2019-NCLT, Ms. Subha Pal (email id: [email protected]; phone number: 9971622770) is being confirmed by this Bench as the IRP in the present matter. She shall take such 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.
Renotify this case for report of the IRP on 23.09.2019.