TaxTMI 
TaxTMI 
2020 (6) TMI 313
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....nder Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "AAA Rules") by the Applicant in the capacity of the Operational Creditor viz., Cellpap BV against the Corporate Debtor viz., M/s. Oren Hydrocarbons Private Limited. The Applicant seeks to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the details of the Operational Creditor from which, it is evident that the Operational Creditor is a Foreign Company with identification number 30135314. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is ev....
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....d Notice dated 12.06.2019 5. The Operational Creditor is a foreign company engaged in the business of trading paper, pulp and secondary fibers and supply paper and board for printing and packaging to customers around the world, and also provides raw materials to paper mills in various countries. The Corporate Debtor has given sales orders for the supply of Bleached Hardwood Craft Pulp during the month of November 2017. 6. The Corporate Debtor Company was engaged in production, processing and selling business of various products of Barite BaS04, Universally used as weighting agent. The Operational Creditor has submitted that the Company was having business dealing with Corporate Debtor from the financial year 2017-18 and goods were supplie....
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..... It includes principal amount of USD 1,91,266.90 i.e. Rs. 1,36,18,203.3 as well as interest upto 24.06.2018 USD 17,087.81 viz. Rs. 12,16,652.07 and cost of collection USD 28,690.04 viz. Rs. 20,42,730.85. The claim was made by the Operational Creditor under the Provisions of IB Code 2016 and prayed for initiation of 'Corporate Insolvency Resolution Process' against the Corporate Debtor. 9. The Operational Creditor submitted that various timely communications were made in the form of e-mails, to the reply of those e-mails no fresh objection of material quality or dispute ever were raised by the 'Corporate Debtor' instead it was promised on the pretext of one and another that it had some technical issues with the bank and the payment....
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....e to pay the claimed amounts in the instant case. Further, the Applicant has violated the terms of contract, entitling the Respondent to refuse acceptance of the goods and payment: i) the Applicant has failed to make deliveries within the time stipulated in the Purchase Orders issued by the Respondent; (ii) the Applicant has failed to ensure delivery of goods at site, viz. The Respondent's factory premises, as per the Purchase Orders. The said orders only stipulating payment upon such delivery, the Respondent is not bound to make any payment; and (iii) the Respondent had also learnt that the Applicant has employed a shipping line as carrier whose use in such capacity was expressly prohibited under the Contract. In view of the same....
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....om the Respondent. The allegation that the Respondent did not accept the delivery of goods made by the Petitioner is merely an afterthought only in order to avoid making payments that legitimately due to the Petitioner. 15. With regard to Para no.4 of the Counter Statement that the consignment was made by the petitioner on the basis of 90 days credit basis which is a proper term used in export import consignments subject to the delivery of goods with proper procedure of the high seas international sales of goods. However, as per the email records the Corporate Debtor have no willingness to nature the payment on the pretext of one and other on various frivolous grounds. 16. With regard to Para No.5 of the Counter Statement, the Respondent ....