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2019 (10) TMI 1246
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....rporate insolvency resolution process against the corporate debtor, viz., Apeejay Tea Limited. The amount of default has been claimed at Rs. 48,71,688/-. The default has been claimed to have occurred in June 2016. 2. The facts, in brief, are that the goods, i.e. fertilizers, as requisitioned, by the corporate debtor were supplied by the operational creditor along with invoices and challans at the prices/rates quoted and acceptance by the corporate debtor. Goods were supplied from 2013 till December 2016. Payment was also made and invoices raised since May 2015 remained pending for payment. It is also claimed that both prior and post 2015, the corporate debtor has made payment. Last invoice was raised on 2/12/2016 and last payment was mad....
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.... such suit had no relevance to the proceedings under Sec.9 as it pertains to the alleged misconduct of its own employee. It is not a money suit and relief has been sought on the ground of fraud being perpetrated with its employee being in connivance with the respondent and on no other ground. 5. Ld. Counsel thereafter, contended that dispute was not with the operational creditor and referred to para 184 of reply of corporate debtor wherein no dispute regarding quantum and quality had been mentioned. It was also contended that the purchase orders were issued even after removal of the said employee of the corporate debtor and referred to pages 21 to 55 of the petition which contained purchase orders issued after 3/8/2016. It was also conte....
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....oth the sides and perused material on record. It is noted that the purchase orders have been placed by the Corporate Debtor on the Operational Creditors for procurement of supply from time to time. On all such purchase orders it is noted that in addition to Senior General Manager signatures of General Manager (Finance) also exist. In some cases designation of employees do not appear but invariably purchase orders have been signed by two persons. In the suit filed by the Corporate Debtor only Senior General Manager and other suppliers/vendors have been made party and the other signatory to the purchase orders has not been made a party. In the petition, it has been mentioned that complaints started flowing in from large number of suppliers re....
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....or in a sense that the suit is in the realm of allegation and that too with reference to misconduct mainly of its employee. It is also settled by judicial decision that dispute must not be frivolous and should not have been created to avoid payment of legitimate debts. It is further observed that several suppliers have been impleaded and operational creditor is one of them, hence, such suit does not specifically dispute the claim of operational creditor only. This fact by itself is sufficient to make the contention of corporate debtor devoid of merits. If such kind of mechanism adopted by the corporate debtor is allowed in the IBC proceedings then none of the Operational Creditors would ever be able to initiate CIRP and thus, the very objec....
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....iating Corporate Insolvency Resolution Process against the Corporate Debtor, Apeejay Tea Limited is hereby admitted. ii. We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii. Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv. Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 pro....
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.... the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Shri Samya Sengupta, having registration No.IBBI/IPA-001-P00098/2017-18/10198 Mob No.9830129973 email [email protected] is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan. xi. The Operational Creditor to pay a sum of Rs. 2,00,000/- (Rupees Two lakh only) to IRP as advance fee as p....