TaxTMI 
TaxTMI 
2017 (8) TMI 1524
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....in) is Registered under the provisions of Company Act 1956, M/S. Inter Labs (India) Private Limited (Respondent Herein) is Registeredunder the Provision of Companies act 1956. b) The Respondent Company is engaged inter alia in the business of manufacturing of Active Pharmaceutical Ingredients and intermediates. So it has approached the Petitioner for manufacture of the product. Accordingly, both have entered into Manufacturing and Supply Agreement on 25th May 2007 (referred to as Agreement herein after) for supply of Intermediates for Active Pharmaceuticals ingredients specifically 7-ChIoro-1 etc to utilize their manufacturing facilities and supply manufactured material as per Quality stipulation and delivery schedules accordingly. c) As per said Agreement, the Respondent has to Manufacture and supply Product by Name "7-Chloro-1 Cyclopropy-6- Flouro-l, Q-Acid" Etc. The Petitioner has to supply raw material to the Respondent at its own costs. And the Respondenthas to manufacture and supply the finished Products. d) For manufacturing the Product as per Agreement, the Petitioner supplied Raw Material from time to time but the Corporate Debtor/Respondent fail....
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.... Respondent has filed a reply affidavit dated: 28th July 2017, through its Managing Director namely D. Srinivasulu. The following are main contents raised in the reply;: (i) They have stated there are several triable disputes including claims and counter claims and some of the disputes are as under: (a) Short Supply of Raw Material by the Petitioner to the Respondent (b) Failure of supply good Quality raw materials by the Petitioner to the Respondent (c) Failure to comply with the requirement of placing orders for 30MT of Q-Acid P.M (d) Illegal early termination of the Manufacturing and Supply Agreement dated: 25/05/2017 (e) Petitioner directed the Respondent to procure raw materials from 3rd parties because of its failure to supply raw materials for manufacturing of 30M T Q-Acid. (ii) The Manufacturing and Supply Agreement Dated: 25th May 2007 is not properly executed and it cannot be acted upon. They have denied that there is an outstanding amount to be paid to Petitioner, on the contrary, they have claimed that the Petitioner is liable to pay to them (Respondent) an impliedly admitted sum of Rs. However, without paying ....
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....ld require winding up in interest of Creditors and Public at Large. 6. Shri D. Narendar Naik Adv., learned counsel for Respondent, while reiterating the averments in their reply, has further stated that there is no admitted debt and Outstanding as claimed by Petitioner and the letter dated 26/12/2014 (page 48) cannot be treated td be an admission, and on the contrary, the Petitioneris liable to pay an amount of more than 28Crores. The Agreement in Question is also not valid as it was not properly executed in accordance with law. In support of this contention, he relied upon judgement of this Hon'ble Supreme Court rendered in Avinash Kumar Chauhan v/s Vijay Krishna Mishra., Therefore, he has contended that Company Petition is liable to be dismissed. 7. In the light of rival contentions of both the parties, the following issues arise for consideration in the case: a. Whether the Petitioner complied with requisite provisions of Sec 9 of IBC 2016 to maintain the petition; b. Whether debt in question is admitted one: c. Whether the Respondent Company is solvent to resolve the issue in Question. 8. It is not in dispute that Petitioner has filed the....
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....kpet Nala, Hyderabad to act as Interim Resolution professional with a direction to initiate appropriate action contemplated in CIRP in accordance with extant provisions of IBC, 2016 and other relevant rules. 2) We hereby declare the following Moratorium U/S 14(i) of Code in respect of the following: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of ant judgment, decree or order in any court of law, Tribunal, Arbitration panel or (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the securitisation and reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (54 of 2002). (d) The recovery of any Property by an owner or less or where such property is occupied by or in the possession of Corporate Debtor. (e) This order of moratorium shall have effect from today till completion of co....