TaxTMI 
TaxTMI 
2020 (7) TMI 55
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....R MS. MANORAMA KUMARI, JUDICIAL MEMBER - 1. CP(IB)No. 48/2017 was filed by State Bank of India, the Financial Creditor (Applicant) under section 7 of the Code read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process against Alok Industries Limited (hereinafter referred to as "Corporate Debtor" having registered office at 17/5/1 & 521/1, Rakholi/Saily, Silvassa - 396 230 in the Union Territory of Dadra and Nagar Haveli and having its corporate office at 2nd and 3rd Floor, Tower B, Peninsula Business Park, G.K. Marg, Lower Parel, Mumbai - 400 013. 1.1 The said CP(IB) No. 48/2017 was admitted on 18-7-2017 by this Adjudicating ....
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....5 of 2019 on 10-6-2019 The instant IA. No. 326 of 2019 on 10-6-2019 The instant IA. No. 327 of 2019 on 10-6-2019 2.1 Facts of IA No. 321 of 2019 to IA No. 327 of 2019 2.2 For the sake of convenience, the facts of IA No. 321 are mentioned hereunder in detail. However, the facts of the other IAs are of similar nature with or less similar prayers, hence not dealt with separately. 2.3 The IA No. 321 of 2019 in CP(IB)No. 48/2017, is filed by the applicant, the Operational Creditor of the Corporate Debtor Company, who is a supplier of raw materials to the Corporate Debtor that are essential for the immediate functioning of the Corporate Debtor M/s. Alok Industries Limited, under section 60(5)(C) of the Insolvency ....
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....ment and informed the Applicants to adjust all payments towards CIRP invoices, by stating an inadvertent error in applying accounting principles. Thus, RP played a fraud upon the Applicants making the Applicants to believe that Applicants would be paid for invoices both pre-CIRP invoices and CIRP invoices. 2.5 It is submitted by the Applicants' lawyers that Applicants are suppliers of raw materials to the Corporate Debtor that are essential for the immediate functioning of the Corporate Debtor and these raw materials are required to be supplied on a short weekly basis. Without the provision of these raw materials, the operation of the Corporate Debtor as a going concern would cease immediately given the nature of the business of the ....
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....2 IA 323 IA 324 IA 325 IA 326 IA 327 1 AMOUNT OF CLAIM AS PER FORM-8 45,70,78,910 6,47,90,800 4,04,95,771 9,76,52,835 3,06,50,722 5,78,47,567 8,29,82,493 3,30,29,932 2 AMOUNT OF CLAIM ADMITTED BY IRP 24,44,51,253 6,46,12,159 3,16,63,038 9,48,13,028 3,06,21,075 5,78,47,567 7,47,97,243 3,30,29,332 3 AMOUTN PAID AGAINST OLD INVOICES 13,38,22,092 2,95,65,136 1,41,49,256 5,74,59,973 3,06,50,722 2,57,26,112 7,47,89,447 2,57,26,080 4 AMOUNT (VALUE) OF GOODS SUPPLIED POST NCLT I.E. 18-7-2017 TO 7-3-2019 17,63,88,008 3,04,15,075 1,41,28,022 7,41,52,138 5,25,39,308 3,45,85,780 13,38,99,636 2,99,81,377 5 AMOUNT P....
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....nvoices and protection of supplies made during CIRP as per IRP Cost, this Adjudicating Authority do not find any evidence, in the form of any communication, in black and white to prove their contentions. We have also observed that RP vide his e-mail dated 25-10-2018 informed the Applicant that all payments made on or after 18th July, 2017 until today have been against the supplies made by the Applicant since 18th July 2017 and the Applicant would be free to set off their bills against supplies made by the Applicant from 18th July 2017 onwards. It is observed that in spite of receiving this clarification from the RP, the Applicant continued to make supplies as is evident from the Invoices No. AOPL/138/18-19 dated 31-10-2018 onwards. 3.2 A....