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Judgment
Per Shri M.B. Gosavi, Member (J):
Variant Commercial Pvt. Ltd., the Operational Creditor filed this application under Section 9 of Insolvency and Bankruptcy Code, 2016 against M/s Indian Mining Works Private Limited (Corporate Debtor) to start Corporate Insolvency Resolution Process (in short "CIRP") of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying operational debt of Rs. 48,65,949/- (Rupees Forty Eight Lakh Sixty Five Thousand Nine Hundred and Forty Nine Only).
The Operational Creditor stated that it had rendered services of extraction of coal by deploying surface miners and extraction of coal by deploying payloaders for the Corporate Debtor. It has raised four invoices dated 20.02.2017, 15.03.2017, 31.03.2017 and 15.04.2017. The Operational Creditor submits that in spite of repeated demands of the operational debt, the Corporate Debtor did not pay the same. Hence, notice under Section 8 IBC was served on them. In spite of receipt of notice, the Corporate Debtor did not clear the dues, hence, this Petition is filed. Notice of this Petition was duly served on the Corporate Debtor. But none appeared for them. Hence, hearing of the matter proceeded ex parte against the Corporate Debtor.
We have perused the material on record. We heard Ld. Pr. CS Mr. M.R. Goenka. It is seen from the record that the Operational Creditor has produced relevant invoices to show the existence of operational debt due and payable by the Corporate Debtor. The Operational Creditor contention that it did not receive the amount from the Corporate Debtor remains unchallenged on record. The Operational Creditor has delivered notice of demand under Section 8 IBC and evidence is also available on record. The Operational Creditor has filed affidavit complying the provisions of Section 9(3)(b) and 9(3)(c) of IBC, 2016. It has not suggested name of any resolution professional. However, we appoint them from the IBBI approved list. The application is defect free. Hence, we admit the Corporate Debtor in CIRP by following orders: -
ORDER
The application filed by the Operational Creditor under section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s Indian Mining Works Private Limited is hereby admitted.
ii) We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016.
iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately.
iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits 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;
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 Operational 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 the possession of the corporate debtor.
The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any Operational sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be.
ix) Necessary public announcement as per Section 15 of the IBC, 2016 may be made.
Mr. Sandip Kumar Kejriwal having registration no. IBBI/IPA-002/IP-N00236/2017-18/10687, email id. sandipkej2@gmail.com, contact no. 9831074124 is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan.
xi) The Operational Creditor to pay sum of Rs. 1,00,000/- (Rupees One Lakh Only) to IRP as advance fees as per Regulation 33(2) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation 2016 which shall be adjusted from final bill.
xii) The Resolution Professional shall conduct CIRP in time bound manner as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016.
xiii) Registry is hereby directed under section 9(5) of the I.B. Code, 2016 to communicate the order to the Operational Creditor, the Corporate Debtor and to the I.R.P. by Speed Post as well as through e-mail.
List the matter on 14.04.2020 for the filing of the progress report.
Certified copy of the order may be issued to all the concerned parties, if applied for, upon compliance with all requisite formalities.