H.P. Chaturvedi, Member - (1.) The present application is filed under Sections 13 & 14 of the Insolvency and Bankruptcy Act stating that the Corporate Debtor M/s. J.K. Jute Mills Co. Ltd., Kanpur has committed default in making payment of the operational debts/worker dues to the applicant's Union. It is also stated that the operational creditor issued a demand notice to the corporate debtor In Form No. 3 (the Insolvency and Bankruptcy Code, 2016) demanding payment of its operational debts. It is stated that no notice of existence of dispute was received by the operational creditor i.e. applicant's union within a period of ten days from the receipt of demand notice issued to the corporate debtor nor there has been any repayment of unpaid operational debts by the corporate debtor to the applicant's union, hence the present petition seeking such reliefs those are described hereinbelow: "(I) To admit the application and pass an order for initiating the corporate insolvency resolution process under Section 9 of the Insolvency and Bankruptcy Code, 2016. (II) To appoint an interim resolution profession duties under Sections 17, 18 and 25 of the Code. (III) To cause public announcement of the initiation or corporate insolvency resolution process under Section 15 of the Code and; (IV) To declare a moratorium in terms of Section 14 of the Code."
(2.) The operational creditor has furnished the details the prescribed format along with the present application which includes particulars about applicant's corporate debtor and on proposed interim resolution professional, further particulars of operational debt, relating documents, record and evidence of default in the prescribed format under the Code in Part I, II, III, IV & V of the Code.
(3.) As per the demand notice issued to the corporate debtor an amount of Rs. 131.90 Crores in lieu of services/wages is due which includes employment of workers the computation of wages/debts in tabular format is stated to be annexed with as Annexure No. A to the demand notice issued. However, such tabular form of computation of debts does not found to be annexed with the present application. Further in the prescribed format of the demand notice (as per column No. 6), it duly informed that the above mentioned unpaid debts are claimed by the operational creditor under the provision of the payment of Gratuity Act, Payment of Wages Act, Payment of Bonus Act and the Trade Union Act. A memorandum of understanding dated 18.10.2008 is said to have been executed by the management of the corporate debtor under the signature of Sri Govind Sharda. The another MOU dated 28.01.2009 has also been executed with the promoters of the corporate debtor company namely Sri Ghanshyam Sharda. In support there of the operational creditor encloses a copy of the above stated MOU in column 7 of the prescribed format of particulars of operational debts, the operational creditor also encloses other documents i.e. audited annual account of the corporate debtor as on 31.03.2012. The draft revival scheme dated 26.03.2012 (hereinafter to be referred as SDRSJ which has been circulated by the BIFR (iii) special investigation audit report dated 04.09.2013 as submitted by the Stated Bank of India to the BIFR (iv) U.P. Government Gazette Notification No. 171/36-2-2011 Lucknow dated 07.07.2011 along with another Gazette Notification No. 4/942/36-2-14-76 (SM)/93 Lucknow dated 23.09.2014 on the basis of above referred documents the operational creditor/applicant made demand to the corporate debtor to make payment of unconditional unpaid operational debt (in default) of Rs. 131.90 Crores within ten days from the receipt of the notice failing which it shall initiate corporate insolvency resolution process in respect of the corporate debtor company. It is also stated by the applicant/operational creditor that there is no repayment of unpaid operational debt from the corporate debtor to the applicant union nor it receive any notice of existence of dispute within stipulated period often days from the receipt of the demand notice hence the present application for triggering of the IRP process before this Tribunal.;