TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 10
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....that Jai Bhagwan is a proprietorship firm engaged in the business of supplying sun flower seeds, mustard seeds etc. and was making supplies to Nath Solvent, long time for which proper invoices/bills were raised, supposed to be cleared immediately on receipt and on failure to do so, interest @18% per annum would be applicable. It is stated that the last delivery was made on 03.08.2016 and Rs. 24,10,170.96 is due from Nath Solvent. It is stated that interest of Rs. 7,00,000 was paid by Nath Solvent for FY 2016-17 and that for FY 2017-18, Nath Solvent deposited TDS of Rs. 22,240 but the interest was not paid. 4. The total amount outstanding is stated to be Rs. 32,76,147 including Rs. 24,10,170.96 on account of amount due plus Rs. 4,16,002.11 towards interest due up to 15.09.2018 and a sum of Rs. 2,36,432 for the year 2015-16 and Rs. 2,13,542 for the year 2016-17 as dues of Sales Tax for having failed to furnish Form D-1. 5. It is stated that demand notice under Section 5 of the Code in the prescribed Form 3 dated 18.09.2018 was issued calling upon Nath Solvent to pay the sum of Rs. 32,76,147.07 but Nath Solvent refused to accept the notice. A copy of the packet containing the notice....
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....s on 31.03.2017 and 31.03.2018 of Rs. 38,60,006.96 and Rs. 24,10,170.96 respectively. Therefore, almost the same balances are being shown by Nath Solvent in its books of account and to that extent, the debt can be said to be almost fully acknowledged. The explanation that Nath Solvent had no other option but to make entries in its books on the basis of information supplied by Jai Bhagwan negatives the claim of Nath Solvent that it was defrauded by supply at higher values. 12. It has been held in para No. 40 of Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. (Civil Appeal No. 9405 of 2017) by the Hon'ble Supreme Court as under:- "40. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Ther....
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.... no disciplinary proceeding pending against any resolution professional proposed under subsection (4), if any." 17. We find that the application under Section 9(2) of the Code is complete. We have already discussed above that in its account books, Nath Solvent has accepted almost the complete amount claimed to be in default. The dispute sought to be raised by Nath Solvent has been examined in detail above and rejected. No Interim Resolution Professional (IRP) has been proposed by Jai Bhagwan in the application. 18. The requirements of Section 9(5)(i) of the Code are satisfied. We therefore, admit the application for initiation of CIRP in the matter of M/s. Nath Solvent Extractions Pvt. Ltd. The order for moratorium and appointment of IRP are being issued below. 19. We declare the Moratorium in terms of sub-section (1) of Section 14 of the Code as under:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its asset....
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....bunal, New Delhi forwarding therewith a copy of letter No. IBBI/IP/EMP/2019/01 dated 31.12.2019 along with the guidelines and the panel of resolution professionals approved for NCLT, Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid for six months from 01.01.2020 to 30.06.2020. We select Mr. Krishan Rajesh Chaudhary appearing at Serial No. 13 of the panel to be appointed as Interim Resolution Professional. 25. The Law Research Associate of this Tribunal has checked the credentials of Mr. Krishan Rajesh Chaudhary and there is nothing adverse against him. In view of the above, we appoint Mr. Krishan Rajesh Chaudhary, Registration No. IBBI/IPA-001/IP-P00684/2017-2018/11161, E-mail: [email protected], M: 9899417444 as the Interim Resolution Professional with the following directions: 26. The following directions are issued in respect of the appointment of the Interim Resolution Professional:- i) Appoint Mr. Krishan Rajesh Chaudhary, Registration No. IBBI/IPA-001/IP-P00684/2017-2018/11161, E-mail: [email protected], M: 9899417444 as Interim Resolution Professional. ii) The term of appointment of Mr. Krishan Rajesh Chaudhary shall be in acc....