TaxTMI 
TaxTMI 
2020 (10) TMI 683
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Bankruptcy Code, 2016 (read with Rule 6 of the Insolvency and Bankruptcy Rules, 2016. The Operational Creditor has sought for initiation of the Corporate Insolvency Resolution Process ("CIRP" in Short) for the Corporate-Debtor namely, M/s. Sysco Industries Ltd. It is submitted that the Operational Creditor, M/s. Excel Tubes and Cones is engaged in the business of manufacturing of paper sleeves, cores, composite containers and corrugated boxes. The Operational Creditor is having its registered address at: A/101, Green Acre, Movietime Cinema Lane, Link Road, Malad (W), Mumbai, Maharashtra - 400 064. 2. The Petitioner states that the Respondent/Corporate Debtor, M/s. Sysco Industries Ltd. (incorporated on 01.09.2009 with the CIN: L51101GJ2....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of the present petition, the Respondent/ Corporate Debtor did not make any payment towards the aforementioned invoices. 7. It is submitted that the Corporate Debtor is liable to pay the aforesaid amount of Rs. 27,00247/- with an interest of 18% per annum from the date of default, which amounts to Rs. 1,78,991.58 (Rupees One Lakh Seventy-Eight Thousand Nine Hundred Ninety-One and Fifty-Eight paisa). 8. Thus, it is stated that the total sum of Rs. 28,79,238.58 (Rupees Twenty-Eight Lakhs Seventy-Nine Thousand Two Hundred Thirty-Eight and Fifty-Eight paisa) is due from the Respondent/ Corporate-Debtor. 9. Therefore, the Petitioner/Operational Creditor was compelled to issue demand notice in the prescribed form No.3 and Form No.4 of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e within 10 days of receipt of the demand notice. However, the Petitioner submits that a period of ten (10) days has already elapsed. 13. The Petitioner has submitted details of its bank account as being maintained in Bank of Baroda, SSI Vapi, Valsad bearing a/c. number: 02380200001168. It is stated that there is no amount received for the due payments from the Respondent/Corporate Debtor towards its dues within ten days of serving of notice by the Petitioner/Operational Creditor. The copies of the said bank statements are annexed as Annexure-7 to the present I.B. Petition. 14. In response to the present petition, the Respondent/Corporate Debtor has also filed its reply on 23.09.2019 in this bench, by stating that there exists a preex....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed that the material supplied to the Respondent was of the required/ordered standards, i.e. Strength: CS 450 as stated categorically and were supplied as per the industry standard. 21. It is averred by the Petitioner that Respondent produced certain documents produced at R-2 and R3. Out of which, it is said that the R-2 document is created an email within their own company and R-3 knowledge and it pertains only 4-5 batches of goods supplied. Further, the Petitioner in its Para (2) has clarified the objection of the Respondent/ Corporate Debtor and justified its outstanding debts against the Corporate Debtor Company. 22. We perused the material available on record and heard the counsels for both the parties and we are of the view that ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....edings against the corporate debtor including execution of any judgement, 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 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. ....