TaxTMI 
TaxTMI 
2020 (5) TMI 196
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....of Insolvency and Bankruptcy Code, 2016, R/w Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The averments made in the Petition are as follows: A. The Petitioner being a manufacturer and exporter of PP/HDPE woven bags, Fabrics and other plastic products supplied PP woven printed bags with ply liner vide its invoices of various dates against the purchase order of the Respondent. B. The Respondent made various payments during the period, leaving the balance of Rs. 12,29,300/-. The invoice contained the condition that interest will be calculated at 24% if the invoice is not paid within the due date. C. The Petitioner despatched the goods and same were received and acknowledged by the Respondent through its reply dated 17-6-2019 to the legal notice. D. The Respondent was supposed to make the payment as per the terms on due date. But after repeated remainders and follow ups also, the Respondent did not make the payment. E. Th....
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....tional Creditor filed written submissions cum rejoinder. It is the case of Operational Creditor that it had supplied material to Corporate Debtor basing on the purchase orders placed by the Corporate Debtor. The Operational Creditor supplied material on various dates to the Corporate Debtor who was releasing payments against the material received, except the outstanding bills. It is the case of Operational Creditor that it was demanding Corporate Debtor to clear the outstanding bills. 5. On the other hand, the Corporate Debtor was postponing it on some pretext or other and thus outstanding bill continue to be pending. The Operational Creditor has no other go, except to issue demand notice in Forms 3 & 4 as per the provisions of IBC, to the Corporate Debtor which was served on Corporate Debtor. Hence the Petition. 6. The Learned CA would contend that there is no denial of placing purchase orders with Operational Creditor nor any denial of receiving the material supplied by the Operational Creditor. The Learned CA would contend that the only objection raised by the Corporate Debtor is that the claim is barred by limitation on the ground that limitation starts from 11-6-2016, the la....
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....s made only on 23-5-2015 and there were no payments thereafter. The present petition is filed on 24-7-2019 which is beyond 3 years and is barred by limitation under Article 137 of Limitation Act. The Counsel contended that the quality of goods supplied by Operational Creditor is not of such quality as was directed and commodity was packed in sacks which were of poor quality. Due to inferior quality, the sacks get torn and the commodity gets spill over and the same cannot be used. Thus, commodities supplied using inferior quality of packing bags, the Corporate Debtor suffered loss and it is pre-existing dispute. 10. So far as pre-existing dispute is concerned nothing is placed on record to establish the same. The Corporate Debtor has not filed communications to the Operational Creditor raising any dispute with regard to poor quality of sacks/packing bags used for supply of the material. The alleged dispute is raised for the first time after filing of the Petition against Corporate Debtor. As per decision of the Hon'ble Supreme Court in Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 85 taxmann.com 292/144 SCL 37, a dispute must be genuine and must not be spuri....
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.... of limitation. Demand notice was not issued and served on the Corporate Debtor. The Petition is therefore, liable to be admitted. The Petition is in order. 14. The Operational Creditor failed to name anyone as Interim Resolution Professional and has requested the Tribunal to appoint one for the Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (IBBI) has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional for the period 1st July, 2019 to 31st December, 2019 in compliance with Section 16(3)(a) of the Code in order to avoid delay. Accordingly, this Tribunal appoints Mr. Ritesh Mittal with IP-Registration Number: IBBI/IPA-001/IP-P00888/2017-2018/11485 e-mail id: [email protected] as Interim Resolution Professional. The aforesaid interim resolution professional has no disciplinary proceedings pending against him. He shall file his written communication and all relevant paper immediately before Registrar of this Tribunal but not later than two days. 15. Hence, the Adjudicating Authority admits this Petition under section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Sec....