Jones Lang Lasalle Building Operations Pvt. Ltd. vs Sare Facility (Gurgaon) Services Pvt. Ltd.

The Present Application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity ‘IBC, 2016’)read with Rule 6 of the

Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity ‘the Rules’) by Jones Lang Lasalle Building

Operations Private Limited through its legal manager, Mr.Vishal Vijayvargia who has been duly authorized vide board resolution dated 02.05.2019(for

brevity ‘Applicant’) with a prayer to initiate the Corporate Insolvency process against M/S Sare Facilities (Gurgaon) Services Private Limited

(for brevity ‘Corporate Debtor’).

The Applicant is a private limited company incorporated under the provisions of Companies Act, 1956 on 01.11.2002, having CIN

U74140DL2002PTC117573, inter-alia, involved in the business of providing propertymanagement services. The applicant is having its registered office

at1110, Level 11, Ashoka Estate 24 Barakhamba Road, New Delhi-110001.

The Corporate Debtor is a private limited company incorporated under the provisions of Companies Act, 1956 on 15.09.2010, having CIN

U93030DL2010PTC208273, inter-alia, involved in the business of real estate development. The applicant is having its registered office at 6, 383 C

Bank Street Munirka, New Delhi-110067.

The Applicant submits that the parties have entered into a Property Management Service Agreement dated 01.10.2015 whereby the corporate

debtor engaged the applicant to provide Property ManagementServices to its site. The tenure of the Agreement was one year. The said Agreement

was renewed for further periods vide Addendums dated 21.06.2016, 28.03.2017 and 26.03.2018 and ultimately came to an end on 31.03.2019. The

applicant submits that the parties further executed a Letter of Intent (LOI) for Property Management Services dated 27.03.2018 whereby the

corporate debtor yet again engaged the services of Property Management Services of the applicant for its sites. The term of the LOI was 24 months

starting from01.04.2018. The copy of the Property Management Service Agreement along with its addendums and LOI are duly annexed.

The applicant submits that the services at above-mentioned site were satisfactorily performed according to the stipulated terms and conditions

agreed upon in the Agreement. The applicant raised invoices from 10.10.2018 to 26.06.2019for total amount of Rs 1,55,79,348/- for the services

rendered. The corporate debtor has paid to the applicant, the partial amount against the invoices through RTGS on 18.03.2019 for total sum of

Rs.6,61,598/-.The applicant further submits that the debt has fell due on account of non-payment of invoices raised against services rendered under

the said Agreement and LOI.

The applicant issued a demand notice under section 8 in Form 4 of I& B Code (Under Rule 5 of the Insolvency and Bankruptcy (Application to

Adjudicating Authority) Rules, 2016 on 18.09.2019. The said notice was sent by Speed Post at the registered address of the corporate debtor as

reflected in the master data, which is duly delivered to the Corporate Debtor on 19.09.2019.The tracking report is filed, which mentions ‘Shipment

Delivered’ at the registered address as per master data. The Corporate Debtor has neither raised any dispute to the aforesaid notice nor made

any payment towards the outstanding dues.

The Applicant filed present Application under section 9 of IBC, 2016 and served the copy of this application at the registered address as reflected

on the MCA website, which was duly delivered to the corporate debtor. The affidavit of service is filed along with tracking report, which mentions

‘Item Delivery Confirmed’ at the registered address as per master data.

The Corporate Debtor has neither filed any reply nor appeared before the bench. The corporate debtor was proceeded ex-parte on 03.12.2020.

As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of Rs. 1,55,79,348/- (Rupee One Crore Fifty-Five Lakhs Seventy

Nine Thousand There Hundred And Forty Eight Only). Though the specific mention about the date of default is not mentioned in part IV, the last

invoice is of 26.06.2019 and as per the terms of the invoice the payment was to be made within ten days which is on or before 06.07.2019.The present

application was filed on 12.12.2019,hence the debt is not time barred and the application is filed within the period of limitation.

The Applicant has filed an affidavit under section 9(3)(b) dated 12.12.2019 affirming that no notice of dispute has been given by the Corporate

debtor relating to dispute of the unpaid operational debt.

The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application.

In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, which remain

uncontroverted by the Corporate Debtor, establishing the default in payment of the operational debt beyond doubt. The present application is admitted,

in terms of section 9 (5) of IBC, 2016.

Since the Applicant has not named the Insolvency Resolution Professional, we hereby appoint Mr. Bikram Singh Gusain, with registration number

IBBI/IPA- 002/IP-N00011/2016-17/10015 (email â€"bikramgusain@gmail.com) as IRP subject to the condition that no disciplinary proceedings are

pending against such an IRP named who may act as an IRP in relation to the CIRP of the Respondent and specific consent should be filed in Form 2

of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI

(insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order.

We direct the Operational Creditors to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namely Mr. Bikram Singh Gus into

meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India

(Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this

order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim

Resolution Professional, and shall be paid back to the Operational Creditor.

As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of

Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the

moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force.

A copy of the order shall be communicated to the Applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the

order shall also be forwarded to IBBI for its records. Applicant is also directed to provide a copy of the complete paper book to the IRP. A copy of

this order be also sent to the ROC for updating the Master Data. ROC shall send compliance report to the Registrar, NCLT.