2019 (10) TMI 499

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....solvency Resolution Process (CIRP) in respect of M/s. Mysore Paper Mills Private Limited, (Respondent/Corporate Debtor), on the ground that the Corporate Debtor has committed a default of Rs. 14,17,235/- (Rupees Fourteen Lakhs Seventeen Thousand Two Hundred and Thirty Five Only). 2. Brief facts of the case, as mentioned in the Company Petition, are as under: (1) M/s. Arjun Chemicals Private Limited (Petitioner/Operational Creditor) is a Private Limited Company registered under the provisions of the Companies Act, 1956 and is carrying on business in manufacture and supply of various chemicals, with their principle place of business at Chennai. (2) M/s. The Mysore Paper Mills Private Limited (Respondent/Corporate Debtor) is incorporated ....

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....te along with the tabulations computing the penalty for withholding of C-Forms. Work order No.l449-14/FMT/PCZ/W-15-0051 dated 20.04.2015 was issued by the Corporate Debtor to the Operational Creditor for supply and execution of Alkaline Sizing Packaging Chemicals for production of writing and printing paper on PM-4. As per the terms of the said work order, a sum of Rs. 6,60,000/- was tendered by the Operational Creditor towards performance security. The said amount was unilaterally deducted by the Corporate Debtor and since their mill was not functioning for more than 10 months, a request for refund of the security deposit was made vide letter dated 19.10.2016. The Corporate Debtor has not come forward to refund the said amount and hence ov....

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.... the work order Nos. 0497-13/FMT/PCZ and 1449-14/FMT/PCZ being Rs. 55,000/- and Rs. 1,80,000/- respectively were not refunded after completion of supply on 10.10.2014 and 22.05.2019 respectively. 4) It is stated that the averments made by the Operational Creditor in Para 4 in relation to the non-issuance of the C-Forms, and submitted by the Respondent that this Tribunal is not the appropriate or the correct forum for adjudication upon the same. Further, the non-issuance of the C-Forms is not a valid or justifiable ground for the winding up of any Company before the Tribunal. 5) It is stated that an amount of Rs. 6,60,000/-was refunded to the Operational Creditor vide Cheque being No. 792327 dated 21.05.2019 drawn on the Canara Bank. The....