TaxTMI 
TaxTMI 
2018 (12) TMI 740
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....n to Adjudicating Authority) Rules, 2016 (The Rules) M/s. KCL Limited (The Operational Creditor) against M/s. NUI Pulp & Paper Private Limited (The Corporate Debtor), having its registered office at Surror Chenakkal, Calicut University P.O., Calicut University, Kerala-673635. 2. The amount claimed by the petitioner against the corporate debtor is Rs. 23,91,847/- including a sum of Rs. 2,41,53/- towards interest on the total due amount calculated as on 30.06.2018. 3. The operational creditor is engaged in the business of manufacturing plywood pallets, corrugated boxes, paper cartons and different types of packing boxes, etc,. 4. The Corporate debtor approached the Operational Creditor and expressed interest in purchasing carton boxe....
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....09-2017 26-09-2017 25-12-2017 9 710254 3288 92,064.00 03-10-2017 03-10-2017 01-01-2018 10 710264 5130 1,43,640.00 06-10-2017 07-10-2017 04-01-2018 11 710271 6410 1,79,480.00 10-10-2017 10-10-2017 08-01-2018 12 710283 6710 1,87,880.00 14-10-2017 14-10-2017 12-01-2018 13 710290 7680 2,15,040.00 20-10-2017 20-10-2017 18-01-2018 14 710305 1070 29,960.00 27-10-2017 27-10-2017 25-01-2018 15 710306 2032 56,896.00 27-10-2017 27-10-2017 25-01-2018 16 710307 4768 1,33,504.00 27-10-2017 27-10-2017 25-01-2018 17 710336 6380 1,78,640.00 08-11-2017 08-11-2017 06-....
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....eive replacements for the same at the Operational Creditor's cost. 7. Based on the request of the Operational Creditor for more information on the alleged defects with the goods, certain images were sent to the Operational Creditor where certain carton boxes were stacked in a haphazard and precarious manner. The Operational Creditor claimed that the cartons have bulged due to improper stacking and mishandling in transit. However, even assuming that the goods shown were supplied by the Operational Creditor herein, the Corporate Debtor has asked for replacement of the entire goods supplied when by their own admissions only a few were allegedly damaged. 8. The Operational Creditor cannot identify or confirm the origin of the cartons ....
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....e Debtor to the Legal notice dated 10-03-2018. Pursuant to the reply by way of letter dated 30-04-2018 issued by the Corporate Debtor, the Operation Creditor replied to this by way of a letter dated 09-05-2018. 12. It has been stated that the alleged defects if any claimed by the Corporate Debtor could have been raised as an issue at the time of delivery of the goods by the Operational Creditor. It is also stated that with the intention to maintain a long lasting business relationship with the Corporate Debtor, the Operational Creditor had also offered to replace the goods but were surprised to find that the goods were already in use and were in fact had been exported to the Dammam port, Saudi Arabia. 13. In the preliminary objections....
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....perational creditor anytime before the demand notice was issued by the operational creditor or even the reply was not sent within 10 days period in terms of section 8 of the IBC, 2016. In view, of the above this Tribunal is of the view that the there exists no pre-existing dispute between the corporate debtor and the operational creditor. Therefore the instant Petition is admitted and we order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. Since the petitioner has not recommended any name for IRP, we appoint Mr. Subbarayan Nachimuthu as IRP from the list provided by the IBBI dated 28.06.2018. The IRP is directed to su....
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....of Security Interest Act, 2002 (54 of 2002). (d) The recovery of any property by the owner or lessor where such properties occupied by or in the possession of the Corporate Debtor/Corporate Guarantor. The supply of essential goods or services of the Corporate Debtor/Corporate Guarantor shall not be terminated or suspended or interrupted during the moratorium period. The provisions of Sub-Section (1) of Section 14 shall not apply to such transactions, as notified by the Central Government. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors, Promoters or any other person associated with the management of the Corporate Debtor are directed to extend all assistance and cooperation to....