- (1.) The present Company Petition bearing CP (IB) NO.199/9/HDB/2017 is filed by Mr. Sitaram Panwar (Petitioner / Operational Creditor) , under Section 9 of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. KMK Event Management Limited (Respondents / Corporate Debtor) under the provisions of IBC, 2016.
(2.) Brief facts, leading to filing of present company petition, are as follows: (a) M/s. KMK Event Management Limited is a registered Company incorporated on 10.03.2006 with an Annual turnover of 27 crores and is fully operational as on date with employee strength of about 150 employees on the rolls. (b) M/s. Raghav Traders i.e proprietary concern represented by one Mr.Dayaram Panwar is the sole person who transacted with the Company and he used to supply the required items in the name of M/s. Raghav Traders. Mr. Dayaram Panwar supplied food items from time to time as per the requirement of the Corporate Debtor and a running account is maintained with Raghav Traders. It is alleged that Mr. Dayaram Panwar resorted to supplying substandard items and also less quantity and each time, when questioned, the said unsafe items were taken back and replaced with some other brands. Accordingly, the Respondents/ Corporate Debtor suffered huge losses due rejection by the clients of the Respondents Company. (c) It is also stated that the samples of the substandard supplied items by the Petitioner was sent to Institution of Prevention Medicine, Public Health Laboratories & Food (Health) Administration, Narayanaguda, Hyderabad, by paying the requisite fee of Rs.2,2007- vide Receipt No. 064432 dated 28.02.2017. The report dated 03.05.2017 received by the Respondents Company indicates that almost all the food items supplied by Mr.Dayaram Panwar are "unsafe", "substandard and misbranded". Accordingly, Police complaint against Mr.DayaramPanwar and M/s. Raghav Traders were registered before Madhapur Police Station and a crime bearing No. 419 of 2017 under Sections 406, 420 and 505 of IPC was registered against Mr.Deepu Panwar. (d) Subsequently, Mr. Dayaram Panwar agreed to deduct losses suffered by the Respondents Company and also alleged to come to a settlement of Rs. 40,00,000/-towards full and final settlement of all accounts in eight equal monthly instalments. (e) Mr. Dayaram Panwar had revealed for the first time that he is not Proprietor of M/s. Raghav Traders and that his signature is not valid and that his father by name Mr.Sitaram Panwar is the Proprietor of M/s. Raghav Traders. Accordingly, all the necessary documents were handed over to Shri Sitaram Panwar to take his signature. There are several allegations against each other.
(3.) The case was listed for admission on various dates before this Tribunal viz, 29.09.2017, 18.10.2017, 07.11.2017, 17.11.2017, 23.11.2017, 29.11.2017, 14.12.2017, 20.12.2017 and today.;