TaxTMI 
TaxTMI 
2020 (1) TMI 715
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....2013 and represented by its Authorised Signatory, Mr. Durga Prasad L Mishra, on the basis of a Board Resolution dated 06.11.2008 seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pure Life Science Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 27.04.2009 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U24100MH2009PTC192062. Its registered office is at 730, Ecstacy Building (8th Floor), City of Joy, JSD Road, Mulund (West), Mumbai, Maharashtra 400080. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 10.06.2019 before this Adjud....
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....tor (para 6 of Part IV at page 10 of the Petition); it has been placed on record as Exhibit 'E' at p.33 of the Petition. (e) Against the delivery of the goods, the Corporate Debtor handed over to the Operational Creditor a post-dated cheque bearing No.922598 for the sum mentioned in the invoice, i.e., Rs. 23,44,781/-. The cheque was to be presented on or after 13.06.2016. However, when the cheque was presented, it was dishonoured by the Corporate Debtor's bank and has been returned unpaid for the said reason, the same has been placed on record as Exhibit 'F' at p.34 of the Petition (para 6 and 7 of Part IV at page 11 of the Petition); (f) When this was brought to the notice of the Corporate Debtor, anot....
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....or and made his submissions. 7. In its reply dated 03.09.2019, the Corporate Debtor has set up the following defence: - (a) The Operational Creditor is into a Joint Venture business with Sankil Nigeria Limited, in the name and style of Sankit Pharmaceuticals Limited, which is owned and managed by one Mr Jagdish Bhojwani and Mr Pradeep Bhojwani. The Bhojwanis regularly engage in business transactions with a company called Alokrish Nigeria Limited and with Aventur Bio-Resources Private Limited, where there is common director called Mr Krishnan Krishnamurthy (sic Krishnamurthy Kannan) (para 2(a) at page 2 of the Reply); (b) The said Krishnamurthy Kannan approached the Corporate Debtor for supply of Paracetamol drug amounti....
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....that in so far as the outstanding principal sum is concerned, the Corporate Debtor has supplied goods for like sum in favour of another corporate entity, and that this was done as per the directions of the Operational Creditor. There is nothing placed on record to show that the Corporate Debtor has supplied a separate set of goods in favour of another entity worth Rs. 13,89,752/- as per the directions of the Operational Creditor. 10. Therefore, it is not clear how the supply of goods by the Corporate Debtor to another completely different entity can result in the debt due to the Corporate Debtor being cleared, unless it is shown that there was an express instruction to this effect from the Operational Creditor itself. Since nothing is pl....
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....gment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to 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 (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....