TaxTMI 
TaxTMI 
2020 (4) TMI 310
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....he Operational Creditor seeks initiation of Corporate Insolvency Resolution Process against M/s. Duncans Industries Limited having its registered office at Kolkata, hereinafter referred to as the Corporate Debtor. 2. It is submitted that the Corporate Debtor had approached the Operational Creditor for supply of "Outer Beige Colour Printed P.P. Bags "Un-laminated" by placing various purchase orders upon the Operational Creditor. The Operational Creditor supplied the goods to the Corporate Debtor through a Transporter to the address as specified by the Corporate Debtor. Tax invoices were raised along with the challans thereof and sent to the Corporate Debtor which were duly received by the Corporate Debtor. The Operational Creditor has place....
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....tional debt of Rs. 23,75,812/- which was responded to by the Corporate Debtor vide its letter dated 7th November, 2017. 6. The Operational Creditor has further submitted that the defence raised by the Corporate Debtor in the reply to the notice is a moonshine. The Operational Creditor has filed a copy of the ledger account from 1st April, 2011 to October, 2017 which reflects various debits and credits entries and the last payment has been shown to have been received from the Corporate Debtor on 19th January, 2015 being Rs. 2,49,637.50 followed by entry dated 31st March, 2015 in respect of the credit note issued by the Operational Creditor to be Rs. 13,387.50. So, the date of default has been taken as 31st March, 2015 and the date of filing....
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....ply sent by the Advocate on behalf of the Corporate Debtor to the Operational Creditor. In its reply affidavit the Corporate Debtor submitted that the application filed on behalf of the Operational Creditor is not maintainable and liable to be dismissed because no demand notice as required under the Code and the Rules and Regulations framed thereunder has been sent and that it is further not maintainable because there was pre-existence of disputes between the parties. It is stated that the Corporate Debtor has raised dispute much prior to the purported demand notice and filing of this application. It is submitted that the purported claims made by the Operational Creditor are due from 19th January, 2015 and that the Operational Creditor shou....
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....h December, 2014 but the last payment was received on 19th January, 2015 and as such the claim is not at all barred by limitation by any stretch of imagination. 11. We have heard the ld. Counsel for the parties at length and gone through each and every documents placed on records. The record is very much clear as regards supplies and payments received. The letter dated 13th January, 2016 as regards outstanding and overdue bills was duly received by the Corporate Debtor but no reply thereto was sent. No dispute as regards the payment due mentioned by the Operational Creditor in the aforesaid letter dated 13th January, 2016 was raised and the amount was not denied. In these circumstances, we can accept it as acknowledgement of its liability ....
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....olvency Resolution Process against the Corporate Debtor, M/s. Duncans Industries Limited is hereby admitted. (ii) We hereby 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 prohibits the followin....
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....der for liquidation of the corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case maybe. (ix) Mr. Surendra Kumar Agarwal, registered with Insolvency and Bankruptcy Board of India, having registration number IBBI/IPA-001/IP-P00825/2017-2018/11401, E-mail ID: [email protected], Mobile No. 9830581575 is hereby appointed as Interim Resolution Professional by this Tribunal for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of receipt of this order. (x) The Interim Resolution Professional should convene a meet....