Heritage Marble Private Limited Versus GStaad Hotels Private Limited
Insolvency and Bankruptcy
2018 (4) TMI 1568 – NCLT, MUMBAI – TMI
NCLT, MUMBAI – Tri
Dated:- 26-4-2018
C.P. NO.1693/1B/NCLT/MAH/2017
Insolvency & Bankruptcy
Shri B.S.V. Prakash Kumar, Member (Judicial) And Shri Ravikumar Duraisamy, Member (Technical)
For the Petitioner : Mr. Dharmesh J Shah, i/b GMS Legal
For the Respondent : Mr. Ajay Kumar, Practising Company Secretary
Per: Ravikumar Duraisamy, Member (Technical)
ORDER
Heritage Marble Pvt. Ltd an Operational Creditor (OC) has filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) in respect of GStaad Hotels Pvt. Ltd (CD) U/s 9 of 1 & B Code 2016, for failure to make total payment of æ. 108,52,259 out of which 63, 12,728 towards principal and 44,39,531 towards interest accumulated till 25 th Aug 2017 @ of 18% P.a. by the CD.
2.Operational Creditor issued the demand notice dated 12/09/2017, as per Form 4 und
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e Debtor vide its letter dated 19/9/2017 denied the claim of Operational Creditor on various grounds viz failed to supply required material, submitted invoices which do not pertain to Corporate Debtor, bills enclosed do not have supporting evidence of supply, denied receipt of material from Operational Creditor and Operational Creditor do not have locus standee in Law.
5.Operational Creditor has submitted copy of the statement of accounts for the year 1/4/2012 to 31/3/2013 as confirmed by the Corporate Debtor on 25/10/2013, copy of covering letter along with 4 Invoices, copy of bank statement showing 5 lacs received by Cheque No. 948775, reminder letters demanding payment, copy of demand notice dated 12/09/2017, Copies of postal receipts and Acknowledgment Card/ Delivery Record from India Post for having sent the reminder letter/notice, copy of reply letter dated 19/09/2017 received from the Corporate Debtor , particulars of claim and default amount, HDFC Bank statements, copy of Boar
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editor, application has been filed in the prescribed Form (application form also contains relevant information) proposed an IRP and the application is complete in all respects and debt and default is established, therefore, it's a fit case to admit U/s 9 of I & B Code 2016, to declare moratorium and to appoint IRP as proposed.
9.In view of the reasons mentioned above, we hereby admit this case by declaring moratorium u/s 14 of the Code with the following directions:
I.(a) That this Bench hereby prohibits 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 resp
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