Allowed

In the matter of Skipper Homes Private Ltd. [Cp (Ib) No. 846/KB/2019]

NCLT11 Oct 2019CP (IB) No. 846/KB/2019

Case brief

AI extract

What is this about?

The Adjudicating Authority admitted the application filed by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The court held that the evidence proved the existence of a debt and the debtor's default. Consequently, the corporate debtor was admitted into the CIRP, and a moratorium was declared under Section 14.

What did the court decide?

Application admitted; CIRP initiated; Moratorium declared under Section 14; IRP appointed.

In the matter of Skipper Homes Private Ltd. [Cp (Ib) No… — Insolvency and Bankruptcy | NCLT (2019)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATА

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Coram⑆ (1) Shri Madan B. Gosavi, Hon'ble Member (J) (2) Shri Virendra Kumar Gupta, Hon'ble Member(T)

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CP (IB) No. 846/KB/2019

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In the matter of: An application for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016;

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-And-

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In the matter of: Orchid Barter Private Limited, having its registered office at 5, Russel Street, First floor, Kolkata-700 071

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Applicant/Financial Creditor

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-Versus-

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In the matter of: office at 16F, East Topsia Road, First floor, Kolkata- 700 046 CIN: U51109WB2006PTC109299: Skipper Homes Private Ltd., having its registered

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Respondent/Corporate Debtor

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Counsel appeared:

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Mr. Nikunj Berlia, Advocate For Financial Creditor ] For Corporate Debtor 2. Mr. A. Dutta, Advocate 1. Ms. Urmila Chakraborty, Advocate]

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Date of Pronouncement of Order: 21.10.2019

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ORDER

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1 Page

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Per Shri M. B. Gosavi, Member(J):

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Rs.72,08,850/-. Orchid Barter Private Limited the Financial Creditor filed this application under section 7 of the Insolvency & Bankruptcy Code, 2016 (in short, 1&B Code) against Skipper Homes Private Ltd. - Corporate Debtor to start Debtor as the Corporate Debtor committed default in paying the financial debt of Corporate Insolvency Resolution Process (in short, "CIRP") of the Corporate

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21.08.2018. Corporate Debtor failed and neglected to repay the loan as agreed. 9% per annum. The Corporate Debtor was to repay the loan on or before the corporate debtor inter corporate deposit of Rs.70 lakhs at the interest rate of Hence, on 17.12.2018, notice of demand of loan was sent to the corporate debtor. Hence, this proceeding is filed. 2. Financial Creditor stated that on 21.01.2015, it has granted and disbursed In spite of receipt of notice, corporate debtor committed default in paying the debt.

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there is no disciplinary enquiry pending against him. (Mob.98301046652) of FE 202, Sector-III, Salt Lake City, Kolkata- 700 106 having registration no. IBBI/IPA-001/IP-P01489/2018-2019/12304 and email Id. [email protected] for appointment as the IRP. Proposed IRP has submitted written communication in Form-2 dated 19.04.2019, wherein he has declared that 3. Financial Creditor suggested name of Shri Mahesh Chandra Gupta

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Kamalesh Agarwal filed affidavit-in-reply. It appears from perusal of reply that 4. The corporate debtor was served with the notice. One of its director, Mr. corporate debtor denied the debt and default also. It is prayed that the application may be rejected.

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2 Pagе

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We head the Ld. Advocate, Ms. Urmila Chakraborty for the Financial Creditor and Ld. Advocate, Mr. Nikunja Berlia for the Corporate Debtor. We perused the records.

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and issued by the corporate debtor in favour of the financial creditor for having on 28.01.2018 alongwith the interest @9% p.a. (Annexure "F"). Not only that, way of RTGS. In our considered opinion, it is enough evidence to hold that the debtor committed default in paying the sum when it became due. received loan of Rs.70 lakhs. It is seen that corporate debtor agreed to repay loan that the loan amount was transferred to the account of the corporate debtor by financial creditor gave the corporate debtor loan of Rs.70 lakhs and corporate 6. The Financial Creditor produced the receipt dated 29.01.2015 executed Financial Creditor also produced on record its bank statement. Perusal of it shows

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The corporate debtor did not raise any substantial defence except denying the contention of the financial creditor. We hold that it is denial of debt and default, application is defect-free. Hence, we pass the following order. which is only to avoid its admission in CIRP. Since the financial creditor proved both the facts that there is debt due and payable by the corporate debtor and the corporate debtor committed default, we admit the corporate debtor in CIRP. The

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ORDER

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(i) The application filed by the Financial Creditor under Section 7 of the Corporate Insolvency Resolution Process in respect of Skipper Homes Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the stated in Sec. 13 of the IBC, 2016. Private Ltd. Moratorium order is passed for a public announcement as

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(ii) announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Sec. 15. The public the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public The moratorium is declared for the purposes referred to in Section 14 of announcement referred to in clause (b) of sub-section (1) of Insolvency & Bankruptcy Code, 2016 shall be made immediately.

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(iii) Moratorium under Sec. 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following:

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panel or other authority; judgement, decree or order in any court of law, tribunal, arbitration a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any

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c) 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 (54 of 2002); b) Transferring, encumbering, alienating or disposing of by the

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property is occupied by or in possession of the corporate debtor. d) The recovery of any property by an owner or lessor where such

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4 Pag

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the moratorium period. iv) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during

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financial sector regulator. as may be notified by the Central Government in consultation with any v) The provisions of sub-section (1) shall not apply to such transactions

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vi) The order of moratorium shall affect the date of admission till the completion of the Corporate Insolvency Resolution Process.

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resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for vii) Provided that where at any time during the corporate insolvency may be. to have effect from the date of such approval or liquidation order, as the case liquidation of corporate debtor under Section 33, the moratorium shall cease

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viii) Necessary public announcement as per Sec.15 of the IBC, 2016 may be made by the resolution professional upon receipt of the copy of this order.

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Committee of Creditors for evolving a resolution plan. Professional for ascertaining the particulars of creditors and convening a email Id. [email protected] is appointed as the Interim Resolution Gupta (Mob.98301046652) of FE 202, Sector-III, Salt Lake City, Kolkata- 700 106 having registration no. IBBI/IPA-001/IP-P01489/2018-2019/12304 and (ix) As per proposal given by the Financial Creditor, Shri Mahesh Chandra

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5|Page x) The Financial Creditor to pay to IRP a sum of Rs.1,00,000/- as payment of his fees as advance, as per Regulation 33(3) of the IBBI

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which amount shall be adjusted at the time of final payment. (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,

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as per Regulation 40A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 xi) The Resolution Professional shall conduct CIRP in time bound manner

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to communicate the order to the Financial Creditor, Corporate Debtor and to the Interim Resolution Professional by Speed Post and also by email. xii) Registry is hereby directed under section 7(7) of the 1&B Code, 2016

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Let the certified copy of the order be issued upon compliance with requisite formalities

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report.
(Madan B. Gosavi)
Member (J)
Sd
1
Ma 3112/2014

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Member (T)
List the matter on 05.12.2019 for filing progress report.
(Madan B.
Member
(Virendra Kumar Gupta)
आणाव Sd
Ma

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Signed on this, the 21st day of October, 2019.

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