TaxTMI 
TaxTMI 
2021 (3) TMI 300
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.... Registrar of Companies, West Bengal, Kolkata. Its registered office is at Diamond Prestige, 41A AJC Bose Road, 6th Floor, Suit No. 612, Kolkata-700017, within the State of West Bengal. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 17.12.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 5,01,30,146/- (Rupees five crore one lakh thirty thousand one hundred and forty-six only) from the date of default i.e. 05.09.2019. 4. The learned Counsel for the Operational Creditor states as follows:- a. The Operational Creditor sold TMT bars to the Corporate Debtor between 30.03.2019 and 19.10.2019 and raised 61 invoices total amounting to Rs. 5,01,42,192/- (Rupees five crore one lakh forty-two thousand one hundred ninety-two only) including SGST and CGST. The bill-wise detail of invoices due and ledger statement are annexed to the petition and marked as Annexure C at pages 18 to 26. b. The Corporate Debtor has made various payments on an on-account basis from time to time. Accordingly, an amount of Rs. 12,046/- (Rupees twelve thousand forty-six only) has bee....
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....ional Creditor as expected. d. It shall appear from the communications referred to by the Corporate Debtor dated 16.08.2019 and 18.11.2019 that the process of reconciliation of accounts was underway and without reconciliation, the actual amount payable to the operational creditor, if any, could not have been determined. e. It shall appear from the communication dated 20.09.2019 addressed by the Operational Creditor to the Corporate Debtor that a substantial amount of Rs. 4,20,80,660/- had been paid. It is, therefore, evident that the Corporate Debtor had never intended to withhold payments or deprived the Operational Creditor from their legitimate dues. f. It shall further appear from the contemporaneous communications in between the parties that there were certain difficulties as regards cash flow of the Operational Creditor on account of recessionary trends in the steel industry at national level and beyond. In view of such difficulties, there were immaterial delays in honouring the dues of the Operational Creditors. In such circumstances, in hot haste and in lackadaisical manner, the Operational Creditor proceeded to institute the instant application. g. The demand notic....
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....oods supplied and delivered were of inferior quality. However, the Corporate Debtor did not bring on record any proof to support such contention. On the contrary, the Operational Creditor has produced on record, referred to and relied upon invoices issued, ledger account maintained by the Operational Creditor pertaining to account of the Corporate Debtor, copies of the letters of the amount outstanding and acknowledgment of the same by the Corporate Debtor dated 10.07.2019, 13.08.2019, 16.08.2019, 20.09.2019, 15.10.2019, 15.11.2019 and 18.11.2019, copy of the Bank Statements showing nonpayment by the Corporate Debtor to Operational Creditor after 05.09.2019, statutory notice under section 8 dated 01.12.2019, and an affidavit in terms of section 9(3)(b) affirming that no notice of dispute has been received by the Operational Creditor to prove its case. 12. The Corporate Debtor has, for the first time, raised the issue regarding quality of goods supplied and delivered to it in Reply Affidavit filed in opposition to the Petition under consideration. Such issue at the belated stage that too without any supportive evidence, in my considered opinion, is not tenable. If the Corporate Deb....
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....d, the Operational Creditor, under section 9 of the Code read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against S K P Steel Industries Private Limited (CIN: U27310WB1997PTC085261), the Corporate Debtor, is admitted. b. There shall be a moratorium under section 14 of the IBC. c. The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d. Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e. Mr. Uday Narayan Mitra, registration number IBBI/IPA-001/IPP00793/ 2017-18/11360, residing at 72/1, Dawnagazi Road, Bally, Kolkata-711201, West Bengal, email: [email protected], is hereby appointed as the IRP of the Corporate Debtor to carry out the functions as per t....