2020 (5) TMI 612

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.... Creditor supplied Low Aromatic white spirit to the Corporate Debtor at its site office Khanpur Koliyan G.T road Kurukshetra, Haryana 136131 and has raised Invoice Nos. 1, 2, 3, 6, 7, 12, 15, 29, 30, 32, 36, 37, 38, 39 and 40 dated 28-9-2018 and Invoiced Nos. 43, 44 and 46 dated 29-9-2018. A total amount of Rs. 2,27,05,006/- were raised out of which amount of Rs. 1,68,05,000/- was paid and Rs. 59,00,006 is pending since September 2018. The Interest accrued at 18% is Rs. 6,58,490/-. The Corporate Debtor for partial payment of the debt issued cheque No. 05117 dated 03-12-2018, Cheque No. 051118 dated 11-12-2018 & Cheque no. 051119 dated 17-12-2018 amounting to Rs. 20,00, 000/-, Rs. 20,00,000/- & 21,90,000/- respectively, which were returned b....

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....le and purchase of oils, petroleum and other spirit and has been in practice of purchasing oils, petroleum and other spirits for the sole purpose of further selling them thereby generating revenue. The Operational Creditor has been procuring the said low aromatic white spirit from Kandla Port and delivering it further. The Respondent placed an order of low aromatic white spirit with the Operational Creditor and further supplied it to M/S. Yes Corporation wherein it was found out by the Respondent that the material delivered to them was Kerosene Oil which is banned for import by the Directorate of Revenue Intelligence when M/S. Yes Corporation raised concerns with regard to the same. M/S. Yes Corporation refused to pay towards the invoices o....

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....ised an issue or dispute with the Operational Creditor with respect to supply of kerosene in place of aromatic spirit to substantiate the argument of per existing dispute between the parties. It is further observed that the invoices raised by the Operational Creditor mention the relevant date and the rate of Interest 18%. 8. The present petition being filed in July, 2019 is within the limitation, being within three years from the date of the cause of action. Considering the circumstances this Tribunal is inclined to admit this petition and initiate CIRP of the Respondent. Accordingly, this petition is admitted. A moratorium in terms of section 14 of the Insolvency & Bankruptcy Code, 2016 shall come into effect forthwith staying:- ....