IN THE NATIONAL COMPANY LAW TRIBUNAL

COURT-V NEW DELHI BENCH

COMPANY PETITION IB (IBC) NO. 693/PB/2020

A petition under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating

Authority) Rules, 2016.

IN THE MATTER OF

UNNATI FORTUNE HOLDINGS LIMITED

560, G.T. Road, 1^st Floor,

Shahadra, Opposite UCO Bank, Delhi

East Delhi- 110032

…Applicant/Financial Creditor

Versus

TAAD GLOBAL INFRASTRUCTURE PRIVATE LIMITED

A-113 F. F., Dayanand Colony,

Lajpat Nagar IV,

New-Delhi- 110024

…Respondent/Corporate Debtor

Order Delivered on: 18.12.2024

CORAM:

SHRI MAHENDRA KHANDELWAL, HON’BLE MEMBER (JUDICIAL)

DR. SANJEEV RANJAN, HON’BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Applicant: Mr. Dhananjaya Sud, Ms. Swechcha Mishra,

Advs. for FC/RP

For the Respondent: Ms. Prachi Johri, Ms. Abhipsa Sahu, Advs

ORDER

PER: MAHENDRA KHANDELWAL, MEMBER (JUDICIAL)

1. This is a Company Application filed under section 7 of the Insolvency and

Bankruptcy Code, 2016 (for brevity “the Code”) read with rule 4 of the Insolvency

and Bankruptcy (Application to Adjudicating Authority) Rules,2016, by Mr. Sanjay Gupta, Resolution Profession of Unnati Fortune Holdings Limited (in CIRP) (hereinafter referred to as ‘Financial Creditor’), seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s Taad Global Infrastructure Private Limited (“Corporate Debtor”).

2. The Corporate Debtor was incorporated on 15.05.2010, having CIN:

U45400DL2010PTC202711 under the Companies Act, 1956. Its registered office is at A-113, F. F. Dayanand Colony, Lajpat Nagar IV, New Delhi- 110024. Therefore, this Bench has jurisdiction to deal with this petition. The Authorized Share Capital of the Corporate Debtor is Rs. 1,00,00,000/- (Rupees One Crore Only). The Paid-Up Capital of the Corporate Debtor is Rs. 10,00,000/- (Rupees Ten Lakh Only)

3. The present application was filed on 03.03.2020 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs. 73,24,560/- (Rupees Seventy-Three Lakh Twenty-Four Thousand Five Hundred and Sixty Only) as on 27.03.2019 (alleged date of default).

Submissions of Learned Counsel appearing for the Applicant are as under: -

4. The details of transactions leading to the filing of this petition as averred by the Financial Creditor is as follows:

a) The instant application has been filed by Unnati Fortune Holdings Limited (“Financial Creditor”), through its RP, against Taad Global Infrastructure Pvt. Ltd., seeking initiation of CIRP of the Corporate Debtor for a debt amount of Rs.73,24,560/- (Seventy-Three Lacs Twenty-Four Thousand Five Hundred and Sixty). That the Financial Creditor is a shareholder to the tune of 20% in the Corporate Debtor as per the balance sheet of the Corporate Debtor for FY ending on 31.03.2019. Further, the Financial Creditor has given unsecured loan to the tune of Rs.73,24,560/- (Seventy-Three Lacs Twenty-Four Thousand Five Hundred and Sixty) to the Corporate Debtor from 2015 itself under the head of inter- corporate Deposit which is evident from the balance sheet of the Corporate Debtor for FY ending on 31.03.2019.

b) Further, the Corporate Debtor vide its Audited Balance Sheet as on 31.03.2019, has acknowledged the Debt owed by the Corporate Debtor to the Financial Creditor, and the same is placed on record as Annexure A-4. Further, in light of Section 18 of the Limitation Act, 1963 and the law laid down by the Hon’ble Supreme Court of India in the matter of “Asset Reconstruction Company (India) Limited vs. Bishal Jaiswal & Anr; Civil Appeal No. 323 of 2021”, the present Petition has been filed well within the period of Limitation, i.e., within a period of 3 Years from 27.03.2019.

c) Pertinently, the RP wrote an email to the Corporate Debtor and suspended directors of the Corporate Debtor to provide agreement, details and information on the said inter-corporate deposit made to the Corporate Debtor. However, no information an