Bikki Raveendra Babu, Member - (1.) Tvs Interconnect Systems Private Limited, in its Board Meeting held on 26.6.2017, authorised Mr. S. Santhanagopalan, Director and Mr. G. Srinivasa Raghavan, Director to institute and defend legal proceedings.
(2.) Pursuant to the said Resolution, the Petitioner filed this r Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 ["the Code" for short] read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with a request to trigger Corporate Insolvency Resolution Process in respect of ORG Informatics Limited, styling it as 'Corporate Debtor'.
(3.) Following are the facts that are necessary for disposal of this Petition. 3.1. In the year 2008, Bharat Sanchar Nigam Ltd., (BSNL) awarded contract for supply of certain IT and Networking materials, equipment and support services etc, to Telecommunication Consultant India Ltd (TCIL) . TCIL in turn floated tenders for supply of related materials for implementation of BSNL Project. The contract was awarded to ORG Informatics Limited ["ORG" for short]. ORG approached MOKA Technology Services Ltd. ["MOKA" for short] (earlier known as TVS Net Technologies Limited") . A Memorandum of Understanding dated 21.8.2008 was entered into between MOKA and ORG. MOKA supplied materials/equipment worth Rs. 24,14,58,252/- against the purchase orders placed by ORG for which MOKA raised Invoices-cum Delivery Challans from time to time. The said Invoices-cum-Delivery Challans were duly received and acknowledged by ORG. ORG also issued a Corporate Guarantee dated 24.9.2008 for performance security and accordingly issued 11 post-dated cheques worth Rs. 21,65,41,034/-. Mr. Kalyan Mazumdar, Director of MOKA acknowledged the liability for the Invoices raised by MOKA from time to time vide his e.Mail dated 27.1.2009. MOKA deposited the cheques issued by ORG but they were dishonoured with remarks "Account Frozen". MOKA instituted complaint under Section 138 of Negotiable Instruments Act against ORG. 3.2. MOKA along with M/s. Tulip Telecom Ltd., and M/s. Sterlite Technologies Ltd., being Creditors of ORG entered into an Agreement dated 20th April, 2012. In that Agreement it was stipulated that MOKA is entitled for the amount of Rs. 23.20 Crores. In the said Agreement it was agreed that if Rs. 14.99 Crores is received by MOKA within a period of four months it shall be considered as full and final settlement whereas the time limit can be extended only once by way of mutual consent of the parties and failing to pay the dues even thereafter the original invoice amount with interest charges, costs and damages can be pursued by MOKA. According to the Petitioner, the admitted and undisputed fact is that ORG is under an obligation to pay amount of Rs. 23.20 Crores as a legal and undisputed debt to MOKA. 3.3. On 17.11.2012, a supplementary agreement was entered into between the same parties wherein the time period to pay the amount of Rs. 14.99 Crores was extended to 31.3.2013 without altering the other conditions stipulated in the Principal Agreement dated 20th April, 2012. ORG has not paid the aforesaid amount. Therefore ORG became liable to pay Rs. 23.20 Crores with interest at 21% besides legal expenses and other damages. 3.4. MOKA initiated arbitration proceedings by invoking Clause 15 of the Agreement dated 20th April, 2012 and referred the matter to arbitration. Mr. Justice D.P. Wadhwa, Hon'ble Retired Judge, Supreme Court was appointed as 'Arbitrator' by the Hon'ble High Court of Delhi on 27.5.2014. 3.5. MOKA simultaneously assigned all the debts in relation to ORG to TVS Interconnect Systems Pjiii iln. Limited vide Assignment Agreement dated 14.11.2013. The said Assignment Agreement was placed before the learned Arbitrator. The learned Arbitrator passed the Award in view of the admitted facts. The Award was passed on 9.12.2016 awarding an amount of Rs. 24,14,58,252/- in favour of MOKA with interest at 18 per cent per annum on the amount of r Award from ORG from 31.8.2009 till the date of payment. The interest amount from 31.8.2009 till 19.6.2017 comes to Rs. 33,92,45,535/-. The total amount comes to Rs. 58,25,28,786/-. According to the Petitioner, the Arbitration Award has become final. 3.6. Petitioner issued Demand Notice dated 21.6.2017 to the Respondent and it was served on the Respondent on 30th June, 2017. The Petitioner filed copy of Bank statement from 1.12.2016 to 20.7.2017 of State Bank of India, Madurai of the Petitioner-Operational Creditor. Petitioner also filed Certificate of the financial institution of the Operational Creditor. Petitioner also filed Affidavit under Section 9(3) (b) of the Code. Petitioner filed copy of Memorandum of Understanding dated 21.8.2008; copy of Agreement dated 20th April, 2012; copy of Supplementary Agreement dated 17.11.2012; copy of Assignment Agreement dated 14.11.2013; and copy of Arbitration Award dated 9.12.2016. Petitioner also filed copy of Demand Notice and copies of Invoices-cum-Delivery Challan.;