Petition admitted in the matter of Valia & Co. Vs. Brinzk Powertech Pvt. Ltd., by NCLT, Mumbai Bench

Case Reference:

Case Name : Valia & Co. Vs. Brinzk Powertech Pvt. Ltd
Compay Petition : CP 1179/I&BP/NCLT/MAH/2017
Operational Creditor : Valia & Co.
Corporate Debtor : Brinzk Powertech Pvt. Ltd
Order Date : 26-Jun-18
NCLT Bench : Mumbai
Section Ref. : 9 of IBC, 2016

Full Text of the Order:

1. It is a Company Petition filed u/s 9 of Insolvency & Bankruptcy Code, 2016 by Operational Creditor, namely Valia & Co. against Corporate Debtor, namely Brinzk Powertech Private Limited stating that the Corporate Debtor failed to make payment of Rs. 57,86,652. The Company Petition is filed to initiate Corporate Insolvency Resolution Process against the Corporate Debtor.

2. The case of the Petitioner is that it has supplied iron and steel goods and raw materials from its Mumbai and Ahmedabad offices to the Corporate Debtor regularly from 2015 onwards. Invoices for the same were issued accordingly and were due in 60 days from the date of respective invoice.

3. The Petitioner counsel submits that following invoices are unpaid and this Petition is not hit by limitation:

Sr. No. Bill No. Bill Date Due Date/ Date of Default Amount (Rs.)
1 MUM/7 16.05.2015 14.07.2015 380000
2 MUM/15 08.08.2015 05.11.2015 1023652
3 MUM/16 17.08.2015 14.11.2015 871325
4 Ahd/027 14.09.205 12.12.2015 852275
5 Ahd/028 09.10.2015 06.01.2015 1318383
6 Ahd/029 29.11.2015 27.02.2016 485310
7 Ahd/030 15.12.2015 14.03.2016 415263
8 Ahd/031 16.12.2015 15.03.2016 440444
Total Amt, Receivable from Brinzk Powertech 5786652

4. This Petitioner has through its advocate sent a demand notice dated 26.05.2017 to the Corporate Debtor calling upon it to pay the unpaid dues of Rs. 57,86,652 failing which, corporate insolvency resolution process u/s 9 of IBC will be commenced against the Corporate Debtor. This demand notice has been responded to by the advocate of Corporate Debtor vide letter dated 10.06.2017, showing willingness to pay the actual due and payable amount and requesting for some time in view of financial crunch faced by the Corporate Debtor.

5. This Petition clearly reveals that there is a debt as defined in section 3(11) of IBC, also there is default in this case within the meaning of section 3(12) of IBC and no evidence of dispute with regard to the claim amount. Moreover as stated above, the Corporate Debtor expressed his willingness to pay the actual debt amount and requested for some time to pay in view of financial crunch. Additionally, during the hearing on 05.02.2018, the Director of the Corporate Director expressed agreement for admission of this Company Petition.

6. The Corporate Debtor having named the Interim Resolution Professional with his consent, there being no disciplinary proceedings against, this Bench hereby admits this petition filed under Section 9 of IBC, 2016, declaring moratorium with consequential directions as mentioned below:

I. That this Bench hereby prohibits

a) 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;

b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein;

c) 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;

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

II. 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.

III. That the provisions of sub-section (1) of Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.

IV. That the order of moratorium shall have effect from 26.6.2018 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of IBC or passes an order for liquidation of corporate debtor under section 33 of IBC, as the case may be.

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

VI. That this Bench hereby appoints Mr. V. Mahesh (Practicing Company Secretary), having Registration Number [IBBI/IPA-002/IP-N00307/2017-18/10865] as Interim Resolution Professional to carry the functions as mentioned under IBC.

6. Accordingly, this Petition is admitted.

7. The Registry is hereby directed to immediately communicate this order to the operational Creditor, the Corporate Debtor and the Interim Resolution Professional even by way of email or whatsapp.

(sd/-)
RAVIKUMAR DURAISAMY
Member (Technical)

(sd/-)
B.S.V. PRAKASH KUMAR
Member (Judicial)

 

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