TaxTMI 
TaxTMI 
TaxTMI 
2020 (2) TMI 391
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....hetan seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 30.09.2016 under the Companies Act, 2013, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U74999PN2016PTC166634. Its registered office is at Gat No.3/4/1A, Milkat No.2253, Handewadi Road, Opp Indian Oil Petrol Pump, Behind Samriddhi Hotel, Uruli Devachi Road, Katraj-bypass Road, Taluk Haveli, Pune, Maharashtra 421 308. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 06.06.2019 before this Adjudicating Authority on the ....
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....orporate Debtor, confirming the contents and terms as set out in the email dated 17.1.2018. A copy of the correspondence has been placed at p.76 of the Petition (para 1 of Part IV at page 4 of the Petition). 5. The invoices have been placed on record as Exhibits '6 & 7' at pp.40-52. The invoices provide for interest in case of delayed payments, to be charged at the rate of 21% per annum. Bank statements are also attached as Exhibits '4 & 4A' at pages 11-32. The total debt due and payable to the Operational Creditor is Rs. 49,67,309.00 (Rupees forty-nine lakh sixty-seven thousand three hundred and nine only), as mentioned at page 10 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 dated 22.0....
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....Operational Creditor (para 4 at page 125 of the Reply); (e) The petition is liable to be rejected as Notice of Dispute has been brought to the notice of the Operational Creditor through the mediator, Mr Anup Kulkarni (para 6 and 7 at page 125-126 of the Reply); (f) By invoking the Arbitration Clause and replying to the Statutory Notice, the Corporate Debtor has raised the existence of a Dispute, and therefore, in terms of the ratio laid down by the Hon'ble Supreme Court in Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 85 taxmann.com 292/144 SCL 37 the petition should be rejected (para 8 at page 127 of the Reply). 9. We have heard the arguments of both sides and perused the records. The Corporate Debtor has state....
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....notice dated 08.04.2019 and the Demand Notice dated 22.04.2019. 11. Invoking of arbitration clause mentioned in the Agreement dated 07.03.2018 after receipt of the Demand Notice dated 22.04.2019, cannot be sustained. The dispute must exist prior to the issue of Demand Notice under section 8(1) of the IBC, as held by the Hon'ble Supreme Court on 21.09.2017 in Mobilox Innovations (P.) Ltd.'s case (supra). The relevant para is quoted below: "What is important is that the existence of the dispute and/or the suit or arbitration proceeding must be pre-existing - i.e. it must exist before the receipt of the demand notice or invoice, as the case may be." 12. Apart from the reply to the legal notice to the effect that the Agreement betwe....
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....dmission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 15. The Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter. 16. It is, accordingly, hereby ordered as follows: - (a) The petition bearing CP(IB) 2144/MB/C-IV/2019 filed by M/s Rasayano, a proprietorship concern represented by its proprietor, Mr Purushottam G Khetan, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private Limited [CIN: U74999PN201....
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.... approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Since the Operational Creditor has not proposed the name of any Interim Resolution Professional (IRP) in the matter, the IRP shall be appointed by this Adjudicating Authority by a separate order. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions....