In the matter of Futuristics Garments Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH (COURT–II) Item No. 201 IB-410/ND/2024 IN THE MATTER OF: Creative Capital Services Ltd. … Applicant/Petitioner Versus Futuristics Garments Pvt. Ltd. … Respondent Under Section: 7 of IBC, 2016 Order delivered on 06.09.2024 CORAM: SH. ASHOK KUMAR BHARDWAJ SH. SUBRATA KUMAR DASH HON’BLE MEMBER (J) HON’BLE MEMBER (T) PRESENT: For the CG/CD : Ms. Eshna Kumar, Ms. Jasleen Singh, Mr. Akshat Maheshwari (Advs) For the FC : Adv. Nakul Gandhi, Adv. Mujeeb dd Hearing Through: VC and Physical (Hybrid) Mode ORDER Ms. Eshna Kumar, Ld. Counsel appearing for the Corporate Guarantor/Respondent fairly submitted that the Respondents stood as Corporate Guarantor qua the Financial Facility extended by the Creditor viz., Creative Capital Services Ltd. to Principal Borrower viz., Akshaj Hi-Tech Infrastructure Pvt. Ltd. and the Deed of Guarantee is on record as enclosure to the Application. She could draw our attention to Clause 3 of the Guarantee Deed which reads thus:

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2. Para 4 of the application preferred by the Creative Capital Services Ltd. wherein, the amount of debt and the date of default are indicated reads thus:

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3. The Ld. Counsel appearing for the Corporate Debtor/Respondent could also submit that the Corporate Debtor has filed specific affidavit admitting the amount of debt and default. The relevant excerpt of the Affidavit reads thus:

4. In view of the aforementioned, particularly, the affidavit filed on behalf of the Respondent.

5. We are left with no option but to admit the present application. Ordered accordingly. In the wake, moratorium provided under Section 14 of IBC, 2016 is declared qua the CD and as a necessary consequence thereof the following prohibitions are imposed, which must be followed by all and sundry:

(a) The institution of suits or continuation of pending suits or proceedings against the Respondent 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 Respondent any of its assets or any legal right or beneficial interest therein;

Satya Prakash/Gaurav Vashisth (c) Any action to foreclose, recover or enforce any security interest created by the Respondent 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 Respondent.

6. As proposed by the Petitioner Ms. Taruna Goel, having Registration IBBI/IPA-002/IP-N00314/2017-18/10902 is appointed as IRP, subject to the condition that no disciplinary proceeding is pending against him and disclosures as required under IBBI Regulations, 2016 are made by him within a period of one week from this Order. It is further ordered that: “Ms. Taruna Goel, shall take charge of the CIRP of the Corporate Debtor with immediate effect and would take steps as mandated under the IBC specifically under Section 15, 17, 18, 20 and 21 of IBC, 2016 read with extend provisions of IBBI (Insolvency Resolution of Corporate Persons) Regulations, 2016.”

7. The Petitioner is directed to deposit Rs. 2,00,000/- only with the IRP to meet the immediate expenses. The amount, however, will be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Financial Creditor.

8. A copy of this Order shall immediately be communicated by the Registry/Court Officer of this Tribunal to the Petitioner /Financial Creditor, the Respondent/Corporate Debtor, and the IRP mentioned above.

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9. In addition, a copy of this Order shall also be forwarded by the Registry/Court Officer of this Tribunal to the IBBI for their records.

Sd/- Sd/- (SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)

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