TaxTMI 
TaxTMI 
2020 (3) TMI 1255
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....ith a Company Identification Number (CIN) 77700007122. The registered office of the Petitioner is situated at 2, Stadium House, Opp. Municipal Swimming Pool, Nr. Stadium Six Road, Navrangpura, Ahmedabad-380009. The present Petition is filed through Authorised Person Shri K.G Sukhwani having address: C- 134, Sunrise Park, Drive-in-Area, Ahmedabad-380054. 3. The Respondent Corporate Debtor, namely M/S Saturn Pre Fab India Private Limited was incorporated on 19.07.2010 with CIN: 23959 ROC Gwalior. The authorised capital of the company is INR 80,00,000.00 (Rupees Eighty Lakhs Only) and the paid-up capital is INR 80,00,000.00 (Rupees Eighty Lakhs only). The register d office of the Corporate Debtor Company is situated at: 727 ,728 Sector-3, Industrial Area, Pithampur, District Dhar, Madhya Pradesh-454774. 4. The present petition has been preferred by the Operational Creditor, Jayhind Steel Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a "Code") seeking for initiation of Corporate Insolvency Resolution Process ("CIRP" in Short) in respect of the Corporate Debtor Company namely, Saturn Pre Fab India Private Limited. It is submitted ....
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....9.00 22. 31.08.2017 GST63 1052499.00 23. 31.08.2017 GST64 1052945.00 24. 28.10.2017 GST108 991967.00 25. 28.10.2017 GST109 1105839.00 TOTAL 1,73,94,065.00 5. It is submitted that the said invoices/ bills are still outstanding and have remained unpaid till date. That as on date there is an outstanding amount of INR 1,81,61,422.00 (Rupees One Crore Eighty One Lakhs Sixty One Thousands Four Hundred Twenty Two Only) which is due and defaulted and payable by the Corporate Debtor. Date on which the first Default occurred is 30.11.2016 6. It is submitted that the Form No.3 demand notice was issued by the operational creditor on 13.06.2018 under the provisions of Insolvency and Bankruptcy Code, 2016 calling upon the Respondent Company to pay an aggregate Amount of INR. 1,56,25,154.00 (Rupees One Crore Fifty Six Lakhs Twenty Five Thousand One Hundred and Fifty Four Only) from the date of receipt of the demand notice and till the actual payment or realization within 10 days of the receipt of the notice. The said notice was served upon the Respondent Company on 20.06.2018. 7. It is submitted that the Operationa....
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....oes not have any legal status and the present application has been filed in the name of partnership firm and not in the name of the partners. 9.2 It is submitted that the Applicant in the application under Part-Il, wherein the particulars of the Corporate Debtor are to be provided is incomplete and incorrect, as the Identification Number of the Corporate Debtor is mentioned as 23959 ROC Gwalior, however, the CIN No. of the Corporate Debtor is 23959 ROC Gwalior. Further it is submitted that the Operational Creditor has submitted in the Part IV of the Application that the details of the transaction are as per the Annexure-I. However, there is no such Annexure-I attached to the Application submitted by the Operational Creditor. 9.3 It is submitted that the Respondent Company along with its associate sole proprietorship firm working in the name and style of M/S Saturn Fabricator (Formerly known as M/S Saturn India) is in the business relationship with the Operational Creditor since year 2016. The Respondent Company has placed several purchase orders for MS Plates, TMT Bars, Binding Wire, MS Angle etc. with the Operational Creditor. The Operational Creditor supplied th....
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.... of an amount of INR. 23,31,647.00 by M/S Bhagwati Constructions, which was given on behalf of the Respondent Company. 9.9 It is submitted that the present proceeding are fraudulent and there is no intention on the part of the Operational Creditor for resolution of Insolvency of the Respondent Company and the only intention is to extort money, create undue pressure by fraudulently initiating the present proceeding while filing of present Application several facts have been concealed by the Operational Creditor which were to be brought before this Hon'ble Tribunal. 10. In response to the present I.B. Petition filed by the Petitioner, the Petitioner has filed its Additional Documents as: 10.1 It is submitted that the particulars of Corporate Debtor as provided in the Company master data are provided in Part-Il, however, complete identification number of the Corporate Debtor has been provided by the Corporate Debtor therefore, there is no point that, incomplete particulars of the Corporate Debtor are Provided. 10.2 It is submitted that the all copies of Invoices cum delivery challans are provided at Annexure- IC (Page No.30 to 136 of the Paper book), ....
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....use public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims in accordance with Clause (b) of Sub-section (1) of Section 13 read with Section 14 of the Insolvency and Bankruptcy Code, 2016 to be admitted and be pleased to pass any further order in the interest of justice. 12. Now, the Petition is filed on 11.07.2019 under the Section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid Operational Debt due of INR. 1,81,61,422.00 13. The case was taken up by this Adjudicating Authority on 10.08.2018 on the request of the Petitioner's Counsel. The matter was heard on 18.09.2018, 2.11.2018, 13.12.2018, 30.01.2019, 13.03.2019, 03.05.2019, 09.07.2019, 21.08.2019, 13.09.2019, 21.10.2019, 08.11.2019. Arguments of the counsels of the Operational Creditor and Respondent were heard. 14. The matter was finally heard on 08.11.2019. During the arguments, the Learned Counsel for the Operational Creditor submitted that the Petition may be admitted and an Interim Resolution Professional appointed in accordance with the provisions of the Section 16 of the Insolvency and Bankruptcy Code, 2016. Further, it is submitted....
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....created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. II. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. III. The provisions of sub-section (I) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. 19. The Petitioner/ Operational Creditor has not suggested the name of any Interim Resolution Professional in the present Petition. Though it is not mandatory on the part of the Applicant to propose an Interim Resolution Professional when the application is filed under Section 9 of the IBC, 2016, but in that case, the Adjudica....