In the matter of Taurus Exports Private Limited

I ), ..fef & eo f.l" IN THE NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH CORAM: SHRI P.S.N" PRASAD, HON'BLE JUDICIAL MEMBER SHRI RAGHU NAYYAR, IION'BLE TECHNICAL MEMBER Company Petition No. (IB)- 23319/JPR/2019 (Under Section 9 of the Insolvency and Bankruptcy Code, 20t6 Read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)

IN TIIE MATTER OF: UNIWORD TELECOM LIMITED ...OPERATIONAL CREDITOR/ APPLICANT VERSUS I\[/s TAURUS EXPORTS PRMTE LIMITED ..CORPORATE DEBTOR/ RESPONDENT

For the Applicant Saurabh Malpani, CA For the Respondent Frateek Kedawat, Adv. 7d 'W? Certifieci Couv Order SC Free GGPY k q d\ "w o (! 7. -/D t a istrar Uniword Telecom tr-td. VS. Jaipur lv0s Taurus Exports Private Limited

) 9t. .1e19,.?o d, MEMO OF PARTIES

Uniword Telecom Limited Al 124, Lzad Appa rtment, Aurobindo Marg, New Delhi- 110016 Operational Creditor/Applicant. . "

VERSUS

1\[/s Taurus Exports Private Limited A-17, Krishna Nagar-l, Gandhi Nagar Mod, Jaipur- 302015. .. Corporate Debtor/Respondent

Order Pro4ounced Qp: 0i=03,2020

ORDER

Per : Shri Raghu Nafvar. Technical Memher

1. This Application has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('trBC') read with Rule-6 of, Insolvency and tsankruptcy (Application to Adjudicating Authority) Rules, 20L6 by Uniword Telecom Limited through its Authorised Signatory Mr. Vrjay Kumar Maurya ('Applicant') claiming to be an Operational Creditor with a prayer for initiation of Corporate Insolvency Resolution Process ('CtrRP') against IWs Taurus Exports Pri Ordcr CvYe' r-ti.fF!;dre Ceo qY fu Ccpy $".lffi'"1 z,@ Uniword Telecom Ltd. VS. l'r'erpurBrd- IWs Taurus Exports Private Limited

2. The Applicant is a Pubic Limited Company incorporated under the provisions of Companies Act, 1956 on 19.02.1984 duly registered with the Registrar of Companies, Delhi, bearing CIN: U51503DL1985PLC020193 and its office is located at A 1124, Md Apartment, Aurobindo Marg, New Delhi- 110016.

J a. The Respondent is a Private Limited Company incorporated under the provisions of Companies Act, 1956 on 06.09. lggl duly registered with the Registrar of Companies, Jaipur, bearing CIN: U18101RI1991PTC006L77 and the Registered Office of the Respondent company is at A-17, Krishna Nagar-l, Gandhi Nagar Mod, Jaipur, Rajasthan- 302015" The authorized share capital of the company is Rs. 35,00,000 (Rupees Thirty Five tr akhs Only) and paid up share capital is Rs. 34,8L,100/- (Rupees Thirty Four I-akhs Eighty One Thousand One Hurdred Only), as per Master"Data of the said Company.

4. It is the oase of the Applicant that the Applicant had sold Connectors, Feeder Cables, Surge Arresters etc" to the Respondent and raised invoices worth Rs" 4,05,88,654/- (Rupees Four Crore Five Lakhs Eighty Eight Thousand Six Hundred Fifty Four Only), out of which there is a default of payment of Rs" 1,20,78,456"341- (One Crore Twenty Lakhs Seventy Eight Thousand Four Hundred Fifty Six Only) aga invoices raised bHtween 19.Q8.2010 to 11.01 .2011. 6.,qffi% Certifiecl CoPY Order Uniword Telecom Ltd. v! _ R'*ru Free il co*p.ny Law Tribunal Qppy- M/s Taurus Exports PrivbtdLimited

The Applicant had sent several reminder letters f,rom A6.07.2A15 to 06.08"2018 for payment of Rs" L,20,78,455.341-, which was duly confirmed by the Respondent vide letters dated 2A.07.2A15 and 03.08.2015. Copy of all the letters and replies are annexed with the Application"

According to the Applicant, both the parties had signed a Memorandum of {.Jnderstanding ('NIOU') dated 15"08.2018, a copy whereof is annexed with the Application as Annexure-N, wherein the Respondent had agreed to pay the due amount of Rs. 1,20,78,456.341- within the time frame of 6 months frorn the date of the MOU. However, no amount has been received by the Applicant till now.

"7 Thus, the Appiicant had issued a Dernand Notice in Form 3 & Forrn 4 dated n0.07.2019 dernanding payment of Rs. 1,20,78,456"341- to the Respondent, which was duly received by the Respondent through post on 16"07.2A19. Copy of Ltre flracking reporl as proof of service is also annexectr with the Application"

trt is submiffed that the Respondent neither replied to the said notice nor made any payment after receiving the Demand Notice. The Applicant therefore filed the present Application under Section 9 of IBC, 2016. As claimed by the Applicant, the Respondent is liable to pay an amount of Rs" 1,20,78,456.341 - as an ing amount, as in Part IV of Certified CoPY Order Form 5: vUniswo.rd Telecom Ltd. ffi.,1 copy Free ffid,.l IWs Taurus Exports Private Li /Pr.,rBt?t- ./.

PART IV

Sr. Particulars of Operational Debt No" t. Total amount of debt, details INR Rs. 1,20,78,456.341- (One of transactions on account of Crore Twenty Lakhs Seventy which debt fell due, and the Eight Thousand Four Hundred Fifly Six Only) date from which such debt fell due. -be ) Amount claimed to in Total amount of debt claimed to be in default is default and the date on which Rs. the default occured 1,20,78,456.34/- Date of default: 11.01 .2011

9" The Respondent filed a reply on 2. l2.2AD admitting the liability and stated tr that the Company is not in a position to clear the amount claimed by the Applicant"

10. On perusal of the rccords, it is noted that the last invoice was issued on 11.01 .20II. Thereafter, on 20.07.20L5 & 03.08.2016, the Respondent had admitted the past dues, which were beyond the threshold of Limitation, but stated that the Respondent was making every effort to effect payment of the relevant amount. Subsequently, both the parties had executed a MOU on 16.08.2018, whereby the Respondent had agreed to make payment within 6 months, i.e by $.A2.2019. Thus, in view of the Section 2[ (3) of the Indian Contract Act, 1872 which o 18 of imitatior/A.ct, lf',tnnff Uniword Telecom Ltd. vs. Ordcr Certiiiecl CoPY r!'- / IWs Taurus Exports Private Limited Free Copy ny Law T Jaipur

L963,the matter is withinthe purview of the Law oflimitationunderArticle 137 thereof.

1. 1 Upon a detailed consideration of the Application and documents filed, it is evident from the ledger statement filed by the Applicant / Operational Creditor annexed with the Application, that the payment of claim amount of Rs. 1,20,78,456.341- has been defaulted by the Respondent / Corporare Debtor and has been agreed as duc and payable. The Registered Office of the Corporate Debtor is situated in Jaipur and therefore, this Tribunal has jurisdiction to entertain and adjudicate this Application. Hence, this Tribunal is of the view that it is a fit caso to initiate Corporatc Insolvency Rcsolution Process (CIR.P) against the Respondent / Corporate Debtor as envisaged under the provisions of IBC,2016.

12. The Applicant has namecl the Interim Resolution Professional (IRP), and accordingly Mr. Anoop Bhatia, with the Registration No. IBBI/IPA- 0 0 1 /P-PO I I 421 2018-2019 I I 19 69 (email : ip.anqopbhatia@gmail com), is " appointed as the Interim Resolution Professional ('IRP') of the Respondcnt / Corporate Debtor. 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 the named IRP, along\with certificatflof -. :#tE c"*ffitt.Bti'drtr&Ee,. 'g- Free Uc'PY '{e,# e o#4Lc o.o ql*l't. Uniword Telecom I-td. 7. .= ('frsft{qiqSd -}i VS" M/s Taurus Exports Private Limited ComPanY JaiPur

13. The consequences of initiation of CIRP shall be inter alia, as follows: - (i) The Resolution Professional Mr. Anoop Bhatia, with the R.egistration No. rBBr/rpA-OO 1 /rp-p 0 I | 42t20r 8-20 L9 / r t9 69 (e-mail: ip.anoopbhatia@.gmail.corn), is hereby appointed as the trnterim Resolution Professionai (IRP) to take over the affairs of the R.espondent / Corporate Debtor and duties as required to be performed by him under the provisions of IBC, 2016, including issue of publication in widely circulated newspapers as contemplated under the provisions of IRC, 2016 and calling for the claims from the creditors of the Corporate Debtor and collating of the same shall be done. (ii) Further, as a consequence of admission, moratorium ,Ls envisaged under Section 14 of IBC,2016 is invoked in relation to thc Rcspondcnt / Corporatc Dcbtor which will be in vogue during CIR.P of the / Rospondont Corporate Debtor. The trRP shall c&rry out Corporate Insolvency Resolution Process strictly as per the timelines specified and as envisaged under the provisions of IBC, 2016 in relation to the Respondent / Corporate Debtor.

(iii) The said trRP shall act strictly in compliance with the provisions ofIBC, 2A16. With a view to defray his expenses to be incurred and fees on account, the Applicant / Operational Creditor is direqted to deposit a sum of Rs.2,00,000/- f IRP withi Certified CoPY Ordcr ilx* Free Goov $".ffi'*a I Ltd. r Uniword Telecom Fa tilili''. B VS" 74. . f n id da a t t f f f f i i o .- ), i oJ ar ( "otpur}r$ I IWs Taurus Exports Private Limited i5i corprny l.r, Tribi.rnal Iaipur days frorn the date ofthis order. The IRP shall duly file the status report apprising this Tribunal about the progress of CtrRF unfolding in relation to the Respondent / Corporate Debtor. In terms of Sections tr7 and 19 of trBC, 20t6 alX personnel of the Respondent / Corporate Debtor including its promoters and Board of Directors, whose powers shail stand suspended, will extend all cooperation to the IRF during his tenure as such and the management of the affairs of the Respondent / Corporate Debtor shall vest with the trRP. (iv) nn terms of Section 9 of IBC, 2016, a copy of this order shall be communicated to the Applicant / Operational Creditor, Respondent / Corporate Debtor as well as the trnterirn Resolution Professional appointed by this Tribunal to carry out the CIRP at the earliest, not exceeding one week from today" A copy of this order shall also be communicated to IBBI for its records.

tr4. Accordingly, CP No. (IB)- 233l9lJPN20I9 is admitted.

ffi'*s /') S4- \ ffi's2 Sd- ,t' U Certi opy Qrder ' SH. RAGHU NAYYAR, Ffee Gcr SH" P.S"N PRASAD, MEMBER (TECHNICAL) (JUDICIAL) Nvo -o 03 ,i-t r.J..; !,1i,L..r#--\ tstrar Uniword Telecom Ltd. ny Law Tribunal Jaipur VS. IWs Taurus Expons Private Limited