TaxTMI 
TaxTMI 
2020 (5) TMI 664
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....cts related to foundry and steel industries, such as, resins, coating for ferrous and non-ferrous foundries, sleeves, fluxes, metal treatment products of foundries. The corporate debtor regularly purchased various foundry and chemicals generally on creditor basis, the credit period being 30 days which was relaxed for another 15 days beyond the usual credit period as mentioned in the invoices. The operational creditor also granted 7 days as transit period for payment by post dated cheques. However, the corporate debtor failed to make any payment against outstanding debt. 3. It appears from the record that the materials supplied to the corporate debtor were retained and used by the corporate debtor. All these are reflected in the invoices, the details of which are provided in Annexure A annexed with the application. These are as follows:- Invoicedate Duedate Invoiceamount Balancedue 12/3/2018 11/4/2018 28,32,000.00 10,82,000.00 29/3/2018 28/4/2018 28,01,320.00 28,01,320.00 18/5/2018 17/6/2018 26,88,512.00 26,88,512.00 11/7/2019 31/8/2019 12,80,831.00 12,80,831.00 4. The corporate debtor never raised any grievances rega....
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....d 7 days' time for enabling the CD to settle the matter. However, the matter was heard, giving assurance to the CD that Iwill not pronounce the orders with in 7 days, but reserved the matter for orders. In the mean while Corona Virus Pandemic has disrupted the entire working of the country including judicial work and there by I was unable to pronounce the judgment immediately after 7 days or with in one month. Till date this bench was not in receipt of any communication from either of the parties that the matter was settled out of the Tribunal. On the other hand I was in receipt of an email sent by Ld. Advocate Mr. Sushovit Dutt Majumder, addressed to the Kolkata Bench referring two judgments and the mail is silent as to the submission on the side of the CD recorded by me on 13.05.2020. However Ld. Counsel for the CD being represented the CD on today, he was permitted to submit as to the reason for bringing to my notice the Judgments cited below on the day when this matter was listed for pronouncement of orders and not for hearing or for re-hearing. i). Sri Munisuvrata Agri International Pvt. Ltd. Vs 1. Bank of Baroda and Ors. [Company Appeal (AT) (Insolvency) No.84 of 201....
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....cals and allied products related to foundry and steel industries, such as, resins, coating for ferrous and non-ferrous foundries, sleeves, fluxes, metal treatment products of foundries. 10. According to the Ld. PCS for the operational creditor, since the corporate debtor failed to pay the amount, it is entitled to claim the amount due to the tune of Rs. 90,00,919.10. None of the invoices contains the terms stipulating the corporate debtor to pay interest for the delayed payment of the amount found due to the operational creditor. The corporate debtor having not disputed its liability, the amount as claimed by the operational creditor towards the material cost less the interest is found due and payable by the corporate debtor. 11. The Ld. PCS for the operational creditor, further submits that despite repeated demands, the corporate debtor failed to pay the operational debt and therefore a demand notice under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules), 2016, was issued and the Corporate Debtor was in receipt of the demand notice. The CD neither sent are ply nor paid the amount found due to the operational creditor and not raised any di....
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.... Bankruptcy Code, 2016 prohibits the following: 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 assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54of2002); d) The recovery of any property by an owner or less or where such property is occupied by or in the possession of the corporate debtor. v. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi. The provisions of sub-section(1) shall not apply to such transactions as may be notified by the Central Government in consultation with any fin....