Coram:

Sh. Praveen Gupta : Member (Judicial)

Sh. Ashish Verma : Member (Technical)

Appearances:

Sh. Gaurav Mitra with Sh. Anubhav Goel, Ms. Preeti Goel, Ms. Lavanya Pathak, Ms. Rashmi Mishra & Ms. Priyanka Dhyani, Advs. : For the Operational Creditor

Sh. Sunil Fernandes, Sr. Adv. assisted by Sh. Abhishek Prasad, Sh. Kaushlendra Nath Singh & Sh. Vedant Sharma, Advs. : For the Corporate Debtor

ORDER

1. This present application has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”/“Code”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Empire Transport Services Limited, (hereinafter referred to as “Operational Creditor”/ “Applicant”) seeking to initiate Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) against Noida Metro Rail Corporation Limited (hereinafter referred to as “Corporate Debtor”/ “NMRC”). This petition has been filed on 16.06.2021 in Form-5, consisting of parts I to V.

2. Part-I of the Application sets out the details of the Operational Creditor. It is averred that the Operational Creditor is engaged in the business of transport activities. Operational Creditor is an Unlisted Public Company, having its registered office situated at 2nd Floor, Chiranjeev Apartment, Karve Road, S No. 41/5A/5B Erandawana, Pune, Maharashtra, India - 411004.

3. Part-II of the Application sets out the details of the Corporate Debtor, Noida Metro Rail Corporation Limited, as a company engaged in the business of freight transport by road, incorporated on 05.11.2014, having its registered office at Block III, 3rd Floor, Ganga Shopping Complex, Sector-29, Noida, Uttar Pradesh, India - 201301.

4. In Part III of the Application, the Operational Creditor has not proposed any name of any Insolvency Professional to be appointed as a Resolution Professional.

5. Part-IV of the Application states that the total outstanding Debt is Rs. 7,09,90,774 (Seven Crore Nine Lakhs Ninety Thousand Seven Hundred and Seventy-Four Only), being the principal amount due and payable as of 16.03.2020 along with an amount of Rs. 350,00,00,000/- (Three Hundred and Fifty Crores) towards interest as on 03.02.2020 and it is submitted that the first date of default occurred on 01.06.2019.

6. Part-V of the Application describes the particulars of the Operational Debt, documents, records and evidence of the default as below:

a. Copy of the Demand Notice dated 07.02.2020 in Form 3 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 served on the Corporate Debtor, including the copy of the delivery receipt, is enclosed as Annexure- 1.

b. Copy of the Request for Proposal dated 18.06.2015, along with Pre-Bid Clarification Compilation issued by NMRC/Corporate Debtor for selection of Operator for Procurement, Operation and Maintenance of Bus Services for Noida, Greater Noida and Noida-Greater Noida Connectivity, Uttar Pradesh, India is enclosed as Annexure 2.

c. Copy of the Bus Operators Agreement dated 15.01.2016 between NMRC/Applicant and ETSL/Corporate Debtor is enclosed as Annexure 3.

d. Copy of the minutes of the meeting held on 03.06.2016 between ETSL/Applicant and NMRC/Corporate Debtor is enclosed as Annexure 4.

e. Copy of the letter dated 14.06.2016 sent by NMRC/Corporate Debtor to ETSL/Applicant is enclosed as Annexure-5.

f. Copies of all invoices raised from 18.04.2018 to 30.03.2020 by ETSL/Applicant are enclosed as Annexure-6 (Colly).

g. Copies of relevant letters from 21.09.2019 to 16.04.2020, seeking payment of the invoices are enclosed as Annexure-7 (Colly.).

h. Copy of letter dated 17.12.2019 sent by NMRC/Corporate Debtor to ETSL/Applicant is enclosed as Annexure-8.

i. Copy of letter dated 26.12.2019 sent by ETSL/Applicant to NMRC/Corporate Debtor is enclosed as Annexure-9.

j. Copy of letters dated 31.12.2019 and 18.03.2020 sent by ETSL/Applicant to NMRC/Corporate Debtor is enclosed as Annexure 10 (Colly.).

k. Copies of the show c