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NCLT, BENGALURU BENCH
C.P. (IB) No.17/BB/2021
Page 1 of 13
IN THE NATIONAL COMPANY LAW TRIBUNAL
BENGALURU BENCH
C.P. (IB)No.17/BB/2021
U/s 9 of IBC, 2016
R/w Rule 6 of I&B (AAA) Rules, 2016
BETWEEN:
M/s. Rheem Matrix Pvt. Ltd.
134, Anand Nagar,
Sirsi Road,
Jaipur – 302 021.
-
Petitioner/Operational Creditor
AND
M/s. SI2 Microsystems Pvt. Ltd.
84, Deep Towers,
EPIP Industrial Area,
Whitefield,
Bangalore- 560 066.
-
Respondent/Corporate Debtor
Order Pronounced on: 26th April, 2021
Coram:
1. Hon’ble Shri Rajeswara Rao Vittanala, Member (Judicial)
2. Hon’ble Shri Ashutosh Chandra, Member (Technical)
Parties/Counsels Present:
For the Petitioner
:
Mr. Misbahul Haque
For the Respondent
:
Mr. Theerthesh B.S.
O R D E R
Per: Ashutosh Chandra, Member (Technical)
1. C.P. (IB) No.17/BB/2021 is filed by M/s. Rheem Matrix Pvt. Ltd. (hereinafter
referred to as ‘Petitioner/Operational Creditor’) U/s 9 of the IBC, 2016, R/w
Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter
alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in
respect of M/s. SI2 Microsystems Pvt. Ltd., on the ground that it has
committed default for total amount of Rs.15,57,600/- (Rupees Fifteen Lakh
Fifty Seven Thousand Six Hundred Only).
NCLT, BENGALURU BENCH
C.P. (IB) No.17/BB/2021
Page 2 of 13
2. Brief facts of the case, as mentioned in the Company Petition, are as follows:
(1) M/s. Rheem Matrix Pvt. Ltd. (‘Petitioner/Operational Creditor’) is a
Private
Company,
limited
by
Shares
bearing
CIN:
U45201RJ2008PTC026607 incorporated under the Companies Act,
1956, on 22.05.2008. Its Authorised Capital is Rs.1,00,000/- and Paid
Up capital is Rs.1,00,000/-. The Company has changed its name from
M/s. Rheem Matrix Estate Pvt. Ltd. to its current name i.e. M/s. Rheem
Matrix Pvt. Ltd. The Company is engaged in the business of dealing in
consultancy services in the field of Procurement & Project Management,
Aviation projects & supplies etc.
(2) M/s. SI2 Microsystems Pvt. Ltd. (‘Respondent/Corporate Debtor’) is a
Private
Company
limited
by
Shares
bearing
CIN:
U85110KA1993PTC015018 was incorporated on 08.12.1993. Its
Authorised Capital is Rs.51,00,00,000/- and Paid up Capital is
Rs.49,99,60,110/-. The Company is engaged in the business of
manufacturing, delivery and offer solutions and supports for chip design,
integrated systems for military etc.
(3) As per the Petitioner, the Operational Creditor and the Corporate Debtor
have entered into a CONSULTANCY AGREEMENT on 1st of July 2016
where the Corporate Debtor desired to engage the Operational Creditor
to provide certain consultancy services in the area of defence
procurement and project management. The Operational Creditor
accepted the engagement. A consultancy Agreement was executed on
01.07.2016 between the parties wherein monthly consultancy fee of
Rs.2,10,000/- was to be charged from the Corporate Debtor. The
Agreement came into effect on the same day i.e. 1st of July 2016.
(4) Since the effective date i.e. 01.07.2016 both the Operational Creditor
and the Corporate Debtor have been working closely together in various
projects with Government of India especially the Indigenized Defense
Projects wherein the Operational Creditor provided the expertise
consultancy support and services to the Corporate Debtor. During the
period of contractual association, expertise consultancy services were
NCLT, BENGALURU BENCH
C.P. (IB) No.17/BB/2021
Page 3 of 13
provided regularly by the Operational Creditor to the Corporate Debtor
according to the terms and conditions of the aforesaid consultancy
agreement and accordingly monthly consultancy fee were charged along
with GST amounting to Rs.2,36,000/- per month to the Corporate Debtor.
The Operational Creditor only received the monthly consultancy fees till
the mon
