2020 (1) TMI 471

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.... Sachin Ramdas Borhade, duly authorised by the Board Resolution dated 17.12.2018 (Annexure 'A-1' to the petition at p.16), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Gufic Bioscience Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a public company limited by shares and incorporated on 23.07.1984 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is L24100MH1984PLC033519. Its registered office is at Shop - 37, First Floor, Kamala Bhavan II, Swami Nityanand Road, Andheri East, Mumbai MH 400069. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 29.03.2019 be....

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....r had served a Demand Notice in Form 3 dated 09.12.2018 to the Corporate Debtor (Exhibit 'A-7', pp.202-207). The Demand Notice was received by Corporate Debtor on 26.12.2018. The Corporate Debtor has sent a reply dated 13.02.2019 to the said Demand Notice, wherein the Corporate Debtor has stated that the Operational Creditor has raised inflated invoices, i.e. its charges were much higher as compared with the charges of other vendors. The Corporate Debtor has also stated that some employees of the Corporate Debtor were in connivance with the Operational Creditor. The damages suffered by the Corporate Debtor were likely to be far greater than the payment outstanding to the Corporate Debtor. The reply has been annexed at Exhibit 'A....

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....y the Operational Creditor from the confession of Mr. Prashant Parab (employee of Corporate Debtor), the Corporate Debtor called upon the Operational Creditor to make good the loss suffered by the Corporate Debtor. (para 6 at page 9 of the Reply); (e) Since no settlement was reached between the parties, in October 2018 the Corporate Debtor filed a Complaint with the Vile Parle Police Station for registering an FIR bearing No.204/2019 dated 05.06.2019 against the Operational Creditor and others for having committed the offence of Criminal Breach of Trust and Cheating against the Corporate Debtor and for causing the Corporate Debtor wrongful loss by making wrongful gain against the Corporate Debtor. (para 7 at page 9 of the Reply); ....

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....lutch at straws by saying that there was some connivance on the part of some of the Corporate Debtor's employees. However, even if this is accepted at face value, there may only be various other legal options for the Corporate Debtor to proceed against the employees in question. This would not have the effect of annulling the services provided by the Operational Creditor to the Corporate Debtor 15. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there ....

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....cement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator; (d) The moratorium shall have effect from the date of this order till the completion of the C....