Allowed

In the matter of Ojasvi Agritech Private Limited Company Petition No. (IB)-132-9-JPR-2019

NCLT19 Jul 2019

Case brief

AI extract

What is this about?

The Adjudicating Authority admitted an application filed by an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against a defaulting Private Limited Company for unpaid operational debt. The court also appointed an Interim Resolution Professional.

What did the court decide?

Admitted the application and directed initiation of CIRP; appointed Mrs. Pratibha Khandelwal as Interim Resolution Professional; imposed moratorium under Section 14(1).

In the matter of Ojasvi Agritech Private Limited Company… — Insolvency and Bankruptcy | NCLT (2019)

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IN THE NATIONAL COMPANY LAW TRIBUNAL

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JAIPUR BENCH

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CORAM: DR. DEEPTI MUKESH, HON,BLE MEMBER

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(Judicial)

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Company Petition No. (IB)-132 l9l JPRl20l9

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(Under Section 9 of the Insolvency and Bankruptcy Code, 2016 Read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016

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IN THE MATTER OF:

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SURAJ MAL SHARMA

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. . . Operational Creditor/Applicant

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VERSUS

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M/S OJASVI AGRITECH PRIVATE LIMTTED

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. . . Corporate Debtor/Respondent

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For the Applicant: Mudit Manohar, Advocate Mr. Ankit Juneja, Advocate

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For the Respondent: None-appeared

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v It-)./ '^{/. '} CP No. (lB)- 1 3zlglJPV2}lg Suraj Mal Sharma Vs. Ojasvi Agritech Pvt. Ltd.

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Order Pronounced on: 19.07.2019

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MBMO OF PARTIES

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SURAJ MAL SHARMA Office At: - D-5, Chandra Mahal Colony, Chini Ki Burj, Gangori Bazar,

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Jaipur- 302003 (Rajasthan)

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. . . Operational Creditor/Applicant

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VERSUS

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M/S OJASVI AGRITECH PRIVATE LIMITED Registered Office at:821535, G-2, Bhanu Apartment, Opp.North Gate of Chitrakoot Stadium, Chitrakoot, Vaishali Nagar, Jaipur- 302021 (Rajasthan)

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. . . Corporate Debtor/Respondent

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ORDER

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The present application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity 'Code, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by the operational creditor namely Mr. Suraj Mal Sharma (for brevity

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'Applicant') with a prayer for initiation of Corporate Insolvency Resolution

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CP No. (IB)- t32l9lJPR/2019 Suraj Mal Sharma Vs. Ojasvi Agritech Pvt. Ltd.

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Process against IWS Ojasvi Agritech Private Limited (for brevity "Corporate Debtor").

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The Applicant Mr. Suraj Mal Sharma is engaged in the business of providing local transport services across the territory of Jaipur and running his business in its own name.

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J. The Corporate Debtor is a Private Limited Company, incorporated under the provisions of companies Act, 1956 on 12.09.2011, duly registered with Registrar of Companies, Jaipur having CIN: U0112222011PTC036434, having its registered office atB2l535, G-2, Bhanu Apartment, Opp. North Gate of Chitrakoot Stadium, Chitrakoot, Vaishali Nagar, Jaipur- 302021 (Rajasthan). The Authorized share capital of the Corporate Debtor is Rs.5,00,000/- and Issued, Subscribed and Paid up share capital of the company is Rs. 3,00,000/-.

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It is the case of the applicant that the corporate debtor has approached applicant to avail transport services in July 2017 and accordingly an oral understanding was entered between the applicant and corporate debtor on 01.07 .2017. It is agreed that the corporate debtor shall pay to the applicant a fixed monthly rent of Rs. 40,000/- as a consideration for the transport services availed. It is also agreed that the said rent of Rs. 40,000/- shall be paid within l5 days from the date of receipt of invoice. Accordingly, the

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CP No. (rB)- r32l9lJPR/2019 Suraj Mal Sharma Vs. Ojasvi Agritech Pvt. Ltd.

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applicant has rendered services from the month of July,^{2017 to January,} 2018 and against such services raised total 5 invoices to the tune of^Rs.

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2,80,000/-. Copy of invoices are annexed. The corporate debtor^{has not made} payment of any of the invoices to the applicant. Thus, the applicant issued demand notice under Section 8 of the Insolvency and Bankruptcy Code^tbr an amount of Rs. 2,80,000 dated 14.02.2019 on the Corporate Debtor, which was duly received by Corporate Debtor through post on 25.02.2019.Copy of tracking report as proof of service of said section 8 notice is annexed.

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It is submitted that the Corporate Debtor did not reply to said notice nor made any payment after receiving the demand notice" The applicant therefore hled present application under section 9 of Code,2016 and duly served to the corporate debtor.

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The total amount claimed by the applicant as mentioned in Part IV is a sum of Rs. 3,30,6431- including interest as an outstanding amount which is due and payable by the corporate debtor as described below:

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PAR'T IV

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Sr. No.l farticulars of Operational Debt

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CP No. (rB)- t32l9lJPR/2019 Suraj Mal Sharma Vs. Ojasvi Agritech Pvt. Ltd.

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Totalamountofdebt, detailsoftransactions on accountof whichdebt felldue,andthedate fromwhichsuch debtfel due.
Amountclaimed tobein	Rs.3,30,6431(Rupees Three
defaultandthedateon	LakhThirtyThousand Six
whichthedefault	hinderedandForty-ThreeOnly) inclusiveofsimple interest calculatedatthe rateofl2o/oper annumfromthedateof respectivedefaultdates.
	Dateof1'tdefault:20.(18.2017

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While arguing the matter and order being reserved on 1l .07.2019, Learned

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Counsel for applicant sought and was granted liberty to file an affidavit with respect to inadvertent error in Part IV clause 2. On 17.07.2019 the applicant has filed an affidavit and corrected the date of default and amount claimed to be in default. It is claimed that the default occurred on 16.10.2017. The total amount claimed to be in default is Rs. 3,33,1291- (Rs. 2,80,000/- being

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principal and Rs. 53,1291- being the interest).

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CP No. (IB)- 132l9lJPR/2019 Suraj MalSharma Vs. Ojasvi Agritech Pvt. Ltd.

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The certificate dated 17 .05.2049 of Bank of Baroda has been filed confirming that no credit of Rs. 2,80,000 was received from the corporate debtor in the name of Suraj Mal Sharma between the period of 01 .08.2017 to 16.05.2019. Copy of certificate is annexed with the application, hence requirement under section 9(3) (c) is complied.

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The one Mr. Jitendra Singh S/o Kate Hukum Singh, director of the corporate debtor appeared before this Tribunal and has furnished an affidavit admitting the liability and stated that the corporate debtor is not in a position to clear the claimed amount of the applicant. The board resolution dated 26.06.2019 authorising Mr. Jitendra Singh is annexed along with the affidavit.

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The registered office of corporate debtor is situated in Jaipur and therefore this Tribunal has jurisdiction to entertain and try this application.

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The default occurred from 16.10.2017, hence the debt is not time barred and the application is filed within the period of limitation.

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In the given facts and circumstances, we find that the application in Form 5 is complete; no payment of the unpaid operational debt of Rs.2,80,000/- has been made; demand notice in Form No. 3 and 4 was duly served on corporate debtor through registered post but no reply was received by Operational Creditor; the affidavit under section 9 (3) (b) of no dispute has been filed. In view of the satisfaction of the conditions provided for in Section 9(5)(i) of

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CP No. (IB)- l32l9lJPR/2019 Suraj Mal Sharma Vs. Ojasvi Agritech Pvt. Ltd.

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the Code, we admit the application and direct the initiation of CIRP of M/s. Ojasvi Agritech Private Limited.

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The Applicant has named the Interim Resolution Professional^{(IRP), and} accordingly Mrs. Pratibha Khandelwal having registration number IBBI/IPA-002/IP-N0003 112016-2017110068 and E-Mail ID [email protected], Mobile No. : 99283259451 9829084944, duly registered with Insolvency and Bankruptcy Board of India, is appointed as the Interim Resolution Professional. The applicant has filed consent in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 stating therein that no disciplinary proceedings are pending against named IRP, along with certificate of Registration of IRP.

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t4. As a consequence of the above discussion application is admitted in tenns of Section 9(5) of IBC, 2016 and moratorium as envisaged under the provisions of Section 14(l) shall follow in relation to the Corporate Debtor prohibiting all of the actions mentioned under section 1a(1)(a) to (d).

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However, during the pendency of the moratorium period the prohibition of any activity shall not apply in terms of Section l4(2) and 14(3), as mentioned in the code.

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The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution^process.

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CP No. (IB)- l32l9lJPR/2019 Suraj Mal Sharma Vs.

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Ojasvi Agritech Pvt. Ltd.

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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 3l 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.

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The Interim Resolution Professional shall perform all his functions contemplated, inter alia, by Sections 15,17,18,19,20 &.21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed

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w,.

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by Section 20 ofthe Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations.

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CP No. (IB)- t32l9llPR/2019 Suraj Mal Sharma Vs.

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Ojasvi Agritech Pvt. Ltd.

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