Uniled Technologies India Private Limited vs Resilient Technosolutions Private Limited

Per: Reeta Kohli Member (Judicial)

This Company Petition is filed by sUniled Technologies India Private Limited (hereinafter referred as “the Petitioner/Operational Creditor”) seeking to initiate Corporate Insolvency Resolution Process (hereinafter referred as “CIRP”) against Resilient Technosolutions Private Limited (hereinafter called “Corporate Debtor”) by invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called “the Code”) read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for committing default in payment of an Operational Debt of Rs. 1,52,58,764/- (Principal Amount).

The Corporate Debtor was incorporated on June 17 2016. Its Corporate Identity Number (CIN) is U74999MH2016PTC282506. Its registered office is at Flat No. 2502, Pelican Building, Skylark Enclave Hira Nnadani Estate Near Cardinal, ThaNE (M. Crop) Thane 400 607. Therefore, this Bench has jurisdiction to entertain and decide the Petition.

The Authorised Share Capital of Corporate Debtor is Rs 1,00,000/-(Rupees One Lakh Only) and Paid up share capital is Rs 1,00,000/-(Rupees One Lakh Only).

The Operational Creditor supplied goods of specified quantities (i.e. 650 No, 202 No, 86 No.) to the Corporate Debtor, as detailed in Invoice No. 27INV/3/4/2021 dated March 30, 2021. This transaction took place during the normal course of business between the Operational Creditor and the Corporate Debtor. Following the delivery of these goods, the Operational Creditor issued the aforementioned invoice, demanding payment for the outstanding amount due for the goods supplied.

The Operational Creditor asserted that the Corporate Debtor has persistently failed to settle the outstanding amount due, despite multiple reminders and the issuance of a demand notice (Form 3). The Corporate Debtor has neglected to pay the dues specified in Invoice No. 27INV/3/4/2021 dated March 30, 2021.

At the very outset, we mention that the Corporate Debtor neither represented himself either in person or through an advocate nor filed any reply to this Petition even though it had been served with the Court Notice on 10.03.2023. The service of the Court Notice is substantiated by the Track Report available on record of this Hon’ble Tribunal. Hence, in view of the peculiar facts of the case the Bench decided to proceed against the Corporate Debtor ex-parte vide its Daily Order dated 09.06.2023.

On close perusal of the Submissions and Pleadings of the Operational Creditor, and particularly in light of the Invoice dated 30.03.2021 issued by the Operational Creditor, the existence of debt clearly stands established.

The Operational Creditor issued a Demand Notice (Form 3) dated 3^rd January 2023, to the Corporate Debtor for an amount of Rs. 1,52,58,764 /- (Rupees One Crore Fifty-Two Lakhs Fifty-Eight Thousand Seven Hundred and Sixty-Four only) against the Invoice raised for the Purchase of goods under the provision of the Insolvency and Bankruptcy Code, 2016.

Since there is no reply filed by the Corporate Debtor to the Demand Notice dated 03.01.2023, the question of existence of any pre-existing dispute does not arise.

The date of default mentioned in the Petition is 30.3.2021 and the present petition is filed on 03.02.2023. This Hon’ble Tribunal is of the view that the present petition has been filed well within limitation and is also within the pecuniary, subject-matter and territorial jurisdiction of this Hon’ble Tribunal.

In light of the above findings it can be clearly established that all the mandatory ingredients of Section 9 of the Code have been fully satisfied and hence we are of the considered view that this present petition deserves to be admitted.

Consequently, the petition is ordered to be admitted in the following terms:

a. The above Company Petition No.108/IBC/MB/2023 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Resilient Technosolutions Private Limited.

b. Sanjay Ramdas Mahajan having registration No. IBBI/IPA-001/IP-P-02122/2021-2022/13523, having address at Flat no 3, 3^rd Floor, Mohanlal Mansion, Bhandarkar Road, Matunga Central Mumbai On Maheshwari Udyan Circle, Mumbai City Maharashtra 400019 is hereby appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process as mentioned under the Insolvency & Bankruptcy Code, 2016.

c. The Petitioner shall deposit an amount of Rs. 2 lakhs towards the initial CIRP costs by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. The IRP shall spend the above amount towards expenses and not towards fee till his fee is decided by CoC.

d. That this Bench hereby declare moratorium in terms of Section 14 of Insolvency and Bankruptcy Code, 2016 prohibiting 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 the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor.

e. That the order of moratorium shall have effect from the date of pronouncement 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, as the case may be.

f. 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.

g. 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.

h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code.

j. Registry shall send a copy of this order to the Registrar of Companies, Mumbai, for updating the Master Data of the Corporate Debtor.

k. Accordingly, C.P. No. 108/IBC/MB/2023 is Admitted.