TaxTMI 
TaxTMI 
2020 (3) TMI 29
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.... of polymers, chemicals and polyester raw material products. 3. The respondent corporate debtor is a private limited company registered on 28.10.1996 having registration No. U17110GJ1996PTC031008 having its registered office at Sangrapura Main Road, Surat, Gujarat state. Authorised share capital of the respondent company is Rs. 85,00,000/-and paid up share capital is Rs. 71,00,000/-. 4. It is submitted by the applicant that sometime in the month of December, 2014, M/s. Baid Industries Pvt. Ltd. approached the applicant requesting for supply of PET and polyester super bright chips. That, pursuant to the request/purchase orders, the applicant sold and supplied goods to M/s. Baid Industries Pvt. Ltd. from time to time and M/s. Baid Industries Pvt. Ltd. utilised the goods without any complaint regarding quality/quantity. 5. It is further submitted by the applicant that, in the beginning, M/s. Baid Industries Pvt. Ltd. made certain payments to the applicant for the goods received, though belatedly. The last payment of Rs. 6,00,000/- was made by M/s. Baid Industries Pvt. Ltd. on 13.02.2017 towards outstanding of Rs. 4,54,807/-due as per applicant's invoice No. 000057/15-16 d....
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....27/2018 against M/s. Baid Industries Pvt. Ltd. as well as the corporate debtor who is one of the guarantors for recovery of total dues of Rs. 2,63,00,463/- along with compounding interest. That, M/s. Baid Industries Pvt. Ltd. as well as the corporate debtor during pendency of the above matters, approached the applicant for settlement purpose, pursuant to which a settlement agreement dated 11.05.2018 came to be executed and as per the said settlement agreement M/s. Baid Industries Pvt. Ltd. admitted, acknowledged and confirmed that M/s. Baid Industries Pvt. Ltd. does not have any claim against the applicant and undertook to withdraw any pending proceedings against the applicant. 13. It is submitted by the applicant that M/s. Baid Industries Pvt. Ltd. along with other guarantors confirmed that as on 30.06.2018 a sum of Rs. 2,63,00,463/- along with compound interest @ 12% p.a. on the above sum, from 01.07.2018 till the payment and/or realisation, is due, outstanding and payment to the present applicant. 14. It is submitted by the applicant that under the settlement agreement dated 11.05.2018, M/s. Baid Industries Pvt. Ltd. was to pay an amount of Rs. 3,51,02,340/- to the applica....
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....ng CP (IB) 478/2018 before this bench. 19. It is further submitted that the applicant vide demand notice issued under the provisions of the Code called upon the instant corporate debtor, being one of the guarantors under the settlement agreement dated 11.05.2018 to make payment of Rs. 3,51,02,340/-, however, the corporate debtor failed to comply with the said demand notice, hence the present application. 20. In support of its claim, the petitioner has submitted copy of the following documents along with the application. Sl.No. Particulars Page No. 01 Form No. 5 6 02 Supporting affidavit 7-18 03 Additional affidavit 19 04 Board resolution dated 12.11.2018 20 05 Order dated 12.05.2018 passed by the Hon'ble Judge, Commercial Court, Vadodara in the joint application filed by the applicant and the corporate debtor in Civil Suit No. 27 of 2018 along with copy of the settlement agreement 22-35 06 Working for computation of amount and dates of default 36-48 07 A statement of bank account where deposits are made or credits received normally by the operational creditor in respect of the debt 49-110 08 Ban....
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....ng Authority hereby appoint Shri Sunil Kumar Agarwal, Tower 6/603 Devnandan Heights, Near Poddar School, New C.G. Road, Chandkheda, Ahmedabad 382 424 ([email protected]') having registration No. IBBI/IPA-001/IP-P01390/2018-19/12178 to act as an interim resolution professional under section 13(l)(c) of the Code. 26. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 27. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub¬section (1) of Section 14 of the Code:- (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, 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 c....