Allowed

In the matter of Aryan Infraprojects Limited Tp No. 03-CTB-2019 in Cp(Ib)No. 197-KB-2019

NCLT14 Nov 2019

Case brief

AI extract

What is this about?

The NCLT Cutterack Bench admitted an application under Section 8 of the IBC filed by an operational creditor against a corporate debtor. The court initiated the CIRP, passed a moratorium order under Section 14, appointed an Interim Resolution Professional, and directed the parties to comply with statutory requirements for the resolution process.

What did the court decide?

Application admitted; CIRP initiated against M/s. Aryan Infraprojects Limited; moratorium passed; Interim Resolution Professional appointed.

In the matter of Aryan Infraprojects Limited Tp No… — Insolvency and Bankruptcy | NCLT (2019)

¶1

CERTIFIED TO BE TRUE COPY

¶2

IN THE NATIONAL COMTANY LA\ry TRIBUNAL CUTTACK BENCH CUTTACK

¶3

TP No, 03/CTBl20l9 .IF{-

¶4

C3 {I B,}No. I *7JKF12012

¶5

CORAM: l. Ms. Sucharitha R. Member $) 2. Shri Satya Ranjnn Prarad, Member {T}

¶6

In the Matter of:

¶7

An application under Section^g ofthe Insolvency and Bankruptcy Ccde,20l6 read with Rule S of the Inslvency and Bankruptcy {Applicatian to Adjudicaring Authority) Rules, 20 I 6;

¶8

*And-

¶9

lq-,{he Matter of:

¶10

Mls. Prism Johnson Limited [Rll{C (INI}IA} I}ivisionl, having irs Registend office at 305, Laxrni Niwas Apartments, Arneerpr, Hyderabad-j00016 and having its Regirnal o{Iice at unit 4N, 4th Floor, New Torvn square, Near city centre*Il, Chinar Park, Atghara, Rajarhat, Kolkata: 700136, wesi Bengal.

¶11

. . .. Opgr,rtignal Credilor/ Apnti.*.an r

¶12

-Versus-

¶13

ln th_e Matter of:

¶14

M/s. Aryan Infraprojects Limited, having its Registered Otlice at Pl$t No-540, Sahid Nagar, Bhubaneswar, Odisha: 75100?.

Fage 1110

Sounsels^np$efl,fed tof^{the Petitioners: -}

¶19

Vrjay Nath Jha, Adt,.

¶20

2" Sasr.vat K. Acharya. Adr,"

¶21

Ashish K. Dey, Adv.

¶22

I)ate of pronouncsrnent of Order: 14tt'day ofNovember, 2019.

¶23

oRI)ER.

¶24

Peri UIV.^gucharith* n. Me{il,},*f {J)

¶25

I " This Petition is filed under Sectian^g ofthe Insolvency & Bankruptcy Code, ?016 (for brevity IBC) read with Rule, 6 of the lBC {Application to Adjudicating Authority) Rules, 2036. The petitionr kl/s. Prism Johnson Limitstl IRMC ONDIA] l]iviionl, is ttre Operational Creditorl Applicant is a Registered Carnpany under the provisir:ns of Companies Act, 2013. The Application is filed against the Coqporate Debtor tr#s. Aryax Infraprojects Limited, to initiate Corparate Insolyency Resolution Process of ilrl7s Aryan Infra proj*cts timitcd.

¶26

The Respcndrn#Corporate Debtor M/s, Aryan Infra projecfs Limited- is registered under Cr:mpanies Act, 1956 and CII{: u4520r oR2CItl7FLC009694.

sd'.

Page 2l 10

3- This applicalion was originally tiled before NCLT Kolkata Bencli numbered ns CP (IBlNo,lg?/KBl2tltg. After Constituticn of rhis Bench, the matter was transferred and re-numbered as Tp No" 03/CTBlz0tg.

¶31

The Petitioner/Operational Creditor sub:nits that Vide Purchase order Datsd I 8.09.?01 3 and 20. 10.201 3, for settled I 44ctih,I and T?CUM of various grades of Ready-Mix Cerncrere was placed by the Corporate I)ebtor" The Operational Creditor has duly supplied the materials under three invnices: -

¶32

(i) Invoice No. 000434 antl llatcd 24.09.2013 for sum *f Rs. Tr.vo Lac Eighty-Eight thousand one only.

¶33

(ii ) Invoiee Ntl. 000446 *nd llated 2?.09.2013 tbr sum of Rs. 'rwo Lac Ninety-Six Thousand only"

¶34

(iii) Invaire No" 000504 and Dated 23.1CI.2013 for sum of Rs. Two Lac Ninety-Two Thousand only.

¶35

5' The Petitioner/ Operational Creditor subrnits that last such supplies were made on 33.10.2013.'I'he parties maintain a running and continucus acccunts, the last payment was made n 01 . I I .20 I 8 for sum of lts. f0,t)00. After all the adjustments the Coqporate Debtor or"yes a $um of Rs. 6,3s,633/|gwards^{principal amaunt. The Operational Creditorsubmits} that the )'.:i '... i,r.. Pase 11 to s{ sd ',:..

¶36

colporate debtor exscuted a Balance Confirmation letter dated 07"03"20:4. Thereby acknowledged the debts it owed to Operational creditor. Th* Operational Creditor repeatsdly called upon the Corporate l)ebtor fbr settlernent of the outstanding dues, ho*,ever, &s on date of filing this applicatian sum of Rs" 6,3s,633! is due and pay*ble by rhe Carporare Debtor.

¶37

6' l'he Petitionerlop*rational Creditor trad sent statutory dernand notice dated 27.12.3018 in Fsnn 3 unrier Sectir:n 8 of IBC Code, Z0ld which was duly served sn the corporate Debtor on 0r"ll,20lg" l{orvever, the Ccrporale Debtor did not respond trc the notice. The Operational Creditsr is alsei claiming interest at the rate of l8g6 per annum from CII "I L?gtfi. The Operational Creditor has filed Stateme:rt rlf Accounts of Kotak Mahindra Bank.

¶38

The Respondent/Corporate Debtor has filed this reply in the registry on 08.08.2018. The reply has been executd by Mr. Antaryami Badu Managing Director cf the Corporat Debtor" In the said reply, the Corporate Debtor submits that the payrnent towards three invoices is due and payable, amnunting {o sum of Rs" 6,3s,6331-, the Colporete Debtor had issued 4 Cheques taw'ards payment cif ttre sfiJns. However, the same lvas

¶39

and Crirninal Prosecution against the dishonour of the cheque .-.....tnonoured ' ' is pending" This fhct has ntlt been stated in the application by the petitioner.

¶40

sd sd" Page4l10

¶41

Fu$her, the Corporate Debtor stated that it was amicably decided that the entire claim will be settled to the tune of Rs. 4,00,0001-. The Corporate Debtor issued Cheque for sum af Rs. 4,0CI,000/- towards full and iinal settlement of this clairn" This cheque was also returned for^{o'insutlicient} fimds". The crporate debtcr did not withdraw the proceeding, as agreed upCIr. W are of opinion that it is well settled Principle af Law that issuance of cheque is acknowledgment, and nat pre existence of a dispute.

¶42

At the tirne of argument, there was no representati*n on behalf of the corporate Debtor. The invoices are of the period in 2013, the acknr:rvledgernent is date 2014" 'I'he last part payment was paid on 01.11.3018 for sum of Rs. 20,000" Hence, the claim is w.ell wirhin the period nf limitation"

¶43

trt is clear that the^**D€btn' is due and payable by the corpr:rate debtor. The $perational Creditor has also filed invaices and documents to prove the same. The Corporate Debtr:r has also accepted the outstanding due and payable in their reply statement. [:lence, \r,e are inclined to AI]MIT"

sd-

ORDER

(ii

(ii)

rhe appiicarion filed by rhe operational creditar under section I and^g of rhe Insolvency & Bankruptcy code, 2016 is hereby adrnitted for initiating the Corporate Insolvency Resolution Frocess against M/s. Aryan Infraproj*cts Limited Moratorium Order is passed for a public announaerrlent as stated in Sec.l3 of the IBC:, ?0I6.

¶50

Moratorium order is passed for a public announcement as stated in sc. l3 of the IBC, 2016. The n:orarorium is declared for the purpo$es refbrred tCI in section 14 of the Inslvency & Bankruptcy Code, 2015. The IRF shall cause * public an$slrnrement of the initiaticn of Carporate Insolveney Resolution Pro*ess and call for the subrnission of claims under Sec.15" l'he public announcsment refbrred to in clause {b) *f sub-section {l) of Insolveney & Bankruptcy Code,20l6 strall be rnade immediatelv.

¶51

(iii) Ivloratorium under sec.l4 of the Insalvency & Bankruptcy Code, 2016 prohibits rhe tbllowing:

¶52

a) The institutian nf suits or continuation of pending suits ar prCIceedings against the Corporate Dsbtr ineluding executipn of any^judgment, decre or order in any court of law, Tribunal. Arbitrarion Panel or othm aurhq;ityl*

'\it

Page6ll.0 sd"

b) Transfen'ing, encumbering, alienating or dispasing of by rhe corporate Debtor any af its assets or any legal right or beneficial interest therein;

¶57

c) Any action to fbreclose. recover r:r nforce any security interst created by the corporate Debtor in respect of its properly including any action under the Securitization and Rwonstruetian of Financial Assets and Enforcement of security Inte*st Act. i002 (54 af2002);

¶58

d) The recovery of any property by an owner or lessor u,here such property is occupied by or in possession of the corporate Debtor.

¶59

tiv) The supply of essentiar goods or services to the Corporate Debtnr fis mey be specified shall not be terminated cr suspended or intenupted during the rnorat*rium period.

¶60

(v)

¶61

The provisions of sub-section (1) shall nnt apply ro such transactions as may be notified by the Central fiovernment in consultation with any financial sector regulator.

¶62

Sd'r

¶63

SA Page 7l

¶64

{vi} The order of moratarium shall commence from the date of admission till the completion ofthe Corporate Insolvpncy Resolution Prscess.

¶65

Provided that whsre at eny time during the corporate inolvenry resolution process period, if the Adjudicaiing Authoriry approves the resolution plan under sub-section (t) of sec.3l or passes an order fbr liquidation of corprate debtor under Sec.33, the moratoriurn shatrl cease rs have efftfi from the date of such approval or liquidation ordero as fhe case may be.

¶66

(vii) Necssary public announcement as per sec.15 of the IBC, 2016 may be rnad by the Resolution Pr"ofessional upon receipt gf the copy^pf this order.

¶67

{viii} s{r, Debadatta Mohapatra is appointed as lnterim Resolution Frolessieinal registered r,vith tl:e ICSI Insolvency Profbssionals Agency having its registration No. IBBI/IPA002/IP-Nt)0424/2017-r81I t2?3 and emair Id: - ip.csdeba @gmail.com^{as Interim Resolutir:n} Frolessi*nal tbr ascertaining the pafticulars of Creditors and convening a meeting of Comrnittee of Creditors fbr evolving a resolution plan.

¶68

'tl
, ,JJ 'J
5&
:lr",//

¶69

sd"

¶70

Page 8lt0

¶71

(ix) we direct the operational creditor to deposit a sum of Rs. one Lakh with Interim Resolution Professir:nal to meet t:ut the expenses to perfeirm the functions assigned to hirn in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India {lnsolvency^{ResolutionProcess} for Corporate Debtor) Regulations, ?016. The needful shall be done within three days from the dxe of receipt of this Order by the Operational Creditor. The arnount, however, is subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Pro,fessional and shall be paid back to the Operational Creditor.

¶72

(x) Directionr are also issued to the sx-management to provi{e all documents in their possession and furnish every infbnnation in the knowledge within a period of one week trom the dat* of* admission of the petitioner to the IRF, otherwise coercive steps to follnw.

¶73

xi) The Interirn Resoluliein Professional should cCInyene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors.

¶74

xii) Registry is hereby directed t* communicate the order under Section I {5) {i} af the I.B" Code. 201& to the Operati*nal Creditor,

¶75

s*,.

¶76

s& Page

¶77

corporate Dcbtor and to the Interirn Resorution professionar by Speed Post as weJl as through E-mail.

¶78

Interim Resnrution prfessianar to fle rr Frogress Reporl on Ig.I2.20Ig

¶79

List the matrer on lg.I2.20lQ

¶80

Let the certified copy of the order bi, issued upon cornpriance ra,ith requisite tbrmalities.

¶81

i)ilr)l ,/ Shri Satya Ranjan prasad Member (T) i .." L--^"

¶82

-td.. -]Hs- liueh*nthn H. &{emberp}

¶83

Srgrred r;n this, the i4tt, d*y *f September, t{}lg.

¶84

K*ushal Stena

¶85

:RTIFIED TO BE TRUE '

¶86

Narruri.ii^,;ompffi Law Tribunal Cuttack ilench

¶87

PageX0lt0

In the matter of Aryan Infraprojects Limited Tp No. 03-CTB-2019 in Cp(Ib)No. 197-KB-2019

Case brief

What is this about?

What did the court decide?

In the matter of Aryan Infraprojects Limited Tp No. 03-CTB-2019 in Cp(Ib)No. 197-KB-2019

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases