TaxTMI 
TaxTMI 
2020 (1) TMI 1390
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....rporate Debtor, declare moratorium and appoint Interim Resolution Professional. 2. Part-I of the Application sets out about the Operational Creditor from which, it is evident that the Operational Creditor is a Private Limited Company with CIN:U01403MH2009PTC291309. 3. Part II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN U15311TZ1986PTC001889 which was incorporated on 15-12-1986 and that its nominal share capital and paid up capital is Rs. 1,50,00,000 each (Rupees One Crore and Fifty Lakhs only). The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 5, Vinayakar Koil Street, Krishnaswamy Nagar, Ramanathapuram, Coimbatore 641 045, Tamil Nadu. 4. Part-III of the Application shows that the Operational Creditor has not proposed the name of Interim Resolution Professional and left it to the discretion of this Tribunal to appoint the IRP. 5. From Part IV of the Application, it is seen that a sum of Rs. 2,27,71,221 (Rupees Two Crores Twenty Seven Lakhs Seventy One Thousand Two Hundred and Twenty One only) along with the ....
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....ion has been moved by the Operational Creditor stating that the Corporate Debtor has failed and neglected to pay the Operational Creditor its legitimate dues of an amount of Rs. 2,27,71,221 (Rupees Two Crore Twenty Seven Lakh Seventy One Thousand Two Hundred and Twenty One only) along with interest @ 18% per annum from the date of default till the date of payment/realization. 11. In the Reply Affidavit filed by the Authorized Representative of the Respondent/Corporate Debtor on 5-12-2019, it has been inter alia stated that: (a) the Respondent/Corporate Debtor procures wheat from Food Corporation of India (FCI) by way of allotment and tender imported from Australia and Ukraine-Russia, Direct procurement from wheat growing areas like Punjab, Haryana, UP-Delhi and through agents who were working for traders and Merchants. The grinding capacity of the Mill is 1800 MT per month. Respondent/Corporate Debtor was also doing trading activity of wheat buying and selling. The Wheat would be converted into Maida, Rava, Atta and bran at the mills and the wheat products are sold to wholesalers and the retailers in Tamil Nadu, Kerala and Karnataka. (b) It has been su....
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....t supplied under your above mentioned invoice. We regret to note that you have not replied to our complaint so far. As already agreed by you orally, the loss works out to Rs. 63 lacs [2100 MT into Rs. 3000 per MT]. Please send the Credit Note immediately." (f) Thereafter, the Applicant issued Demand Notice dated 16th August, 2018 on 17th August, 2018 and the Application was filed before the Hon'ble Tribunal in April, 2018 and was listed on 06th June, 2018. (g) The above application was again listed on 9th July, 2018 and thereafter on 2nd August, 2018. On that day the Respondent/Corporate Debtor filed the Memo stating the schedule of payment after serving copy to the Counsel for Applicant in it is stated as follows: "WITHOUT PREJUDICE - SCHEDULE OF PAYMENT FILED BY THE RESPONDENT" 1. "Out of the outstanding debt of Rs. 2,27,71,221 claimed in Form 5, a sum of Rs. 63,00,000 is disputed owing to quality issues. This is recorded in the letter dated 18-8-2016 and 21-9-2016. 2. For the balance sum of Rs. 1,64,71,221 the Respondent offers to pay the same as per the following schedule of payment:" Six (6) Equated Monthly Instalment from Au....
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....ually an exercise for recovery of money due which they would otherwise have gone through the due process of law through suits and proceedings in a manner known in law. In order to cut short such legal proceedings the Operational Creditor has taken the IBC route. (l) The Respondent has stated that the claim with respect to the dispute could not be adjudicated before this Hon'ble Tribunal and the same has to be decided by the parties mutually or by the process of mediation. (m) It is further represented that since there are pre-existing disputes with respect to the claim made by the Operational Creditor and as well as mala fides on the part of the Applicant/Operational Creditor to invoke insolvency proceeding with a view to putting pressure for recovery of money, the Corporate Debtor has prayed to dismiss the Application filed by the Operational Creditor under section 9 of the Insolvency and Bankruptcy Code, 2016 as this Application is not maintainable. 12. In the Rejoinder filed by the Applicant/Operational Creditor to the affidavit of the Corporate Debtor, it has been inter alia stated that: (a) Corporate Debtor has failed to produce any document e....
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....editor vehemently disputes the authenticity of the said letters. (e) The Operational Creditor has stated that they are not aware of any dispute and it is only when the Operational Creditor filed the application before the National Company Law Tribunal, the Operational Creditor was appraised of the dispute and the fabricated letters which were never handed over to the Operational Creditor earlier and even the Corporate Debtor as per the procedure of the IB Code failed to reply to the Demand Notice dated 16th August, 2018 and hence the dispute raised in the present matter is false and mere an afterthought by the Corporate Debtor to avoid payment of the balance outstanding amount. Further, the Corporate Debtor had also not initiated any proceedings against the Operational Creditor rather the Corporate Debtor was making payments to the Operational Creditor with last payment received of Rs. 15,00,000 on 27th April, 2017 and till then there was no intimation of alleged dispute by the Corporate Debtor. (f) It has been submitted by the Operational Creditor that as per the procedure of the IB Code, 2016, when a Demand Notice is received by the Corporate Debtor a reply to t....
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....is Tribunal on various dates as/described below: Sl. No. Date of Direction by the Tribunal Gist of Direction 1 09-7-2018 To file Counter on the next date of hearing and posted for arguments. 2 02-8-2018 He has disputed claim of Rs. 63,00,000 to give response to the proposal given by the Corporate Debtor. 3 31-8-2018 To make compliance with the order dated 23-8-2018. 4 11-9-2018 To accept part payment of Rs. 26,86,608 and to settle the dispute. 5 04-10-2018 To accept part payment of Rs. 26,86,666 in two cheques and to negotiate and settle the dispute. 6 12-11-2018 Both the parties presented and requested time to report for settlement. 7 16-11-2018 Both the parties presented and requested time for making balance payment 8 05-11-2018 To accept part payment of Rs. 13,36,666 in two cheques and to negotiate and settle the dispute. 9 09-1-2019 To accept part payment of Rs. 80,86,668 in six cheques and to negotiate and settle the dispute. 10 26-3-2019 Both the parties present and are exploring the possibilities of settlement. 11 28-6-2019 Both the parties are present and requested ti....
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....(Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of section 9(5) of the Code, the moratorium as envisaged under the provisions of section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent 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 respondent 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 respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 19. However, during the pendency of the mo....