2021 (4) TMI 1146

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....tiate the Corporate Insolvency Resolution Process against Corporate Debtor M/s. Kankesh Exims Private Limited for the default amount of Rs. 5,83,420.62/- including interest and the date of default is 28.02.2017. 2. The Operational Creditor has submitted that the yarn had been supplied to the corporate debtor and seven (7) invoices were raised against the said supply. First invoice was raised by the operational creditor on 27.02.2016 and the last invoice was raised on 20.07.2016. Out of the total amount of raised invoices, the corporate debtor paid Rs. 28,867/- on 28.02.2017. Rs. 5,83,420.62/- is outstanding including interest of Rs. 1,96,445.62/-. Three (3) debit notes have been raised by the operational creditor for the said interest am....

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....ated by the corporate debtor that debit notes at serial no. 1 and 2 are concerned, the same have been issued in respect of interest but it has not been disclosed that against which bill the said debit note have been issued and no debit notes have received by the corporate debtor. Moreover, there is no agreement between the corporate debtor and operational creditor for the interest, though, the corporate debtor always paid the interest on delayed payment. 7. It is also stated by the corporate debtor that Rs. 4,00,000/- had been adjusted against the amount of invoices raised by the operational creditor as the goods purchased from the operational creditor by the corporate debtor were supplied to one M/s. General Politex Pvt. Ltd. (hereinaft....

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....emand notice. The corporate debtor purchased the goods from the operational creditor and sold to same General Politex. The goods supplied to the M/s. General Politex were yarn that is perishable and if there was any defect that must have been notified within one or two months from the date of supply. But, the corporate debtor claiming that supplied goods were defective after 24 months, hence, it does not have any merit. 9. The debit note raised by the corporate debtor is false and not related to the goods supplied by the operational creditor. The bill no. of the corporate debtor is different for debit notes raised by the M/s. General politics. It is also admitted fact that said debit note has never been handed over to the operational cre....

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....tation, i.e. 2 years 11 months, and 18 days. It is also noted that the ground raised by the corporate debtor that there is a pre-existing dispute because goods supplied by the operational creditor to the corporate debtor were defective as alleged. This ground is baseless as there being no supporting documents. If there was any pre-existing dispute that must be raised before filing this present application. In the present application, no other document is produced on record by the corporate debtor to prove the preexisting debt. Moreover, it is also baseless to suggest that the operational creditor had denied receiving the debit note as there are other modes are also available for delivery of the debit note. The inference is going against the....

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.... debtor in respect to the interest component are not required to be discussed as it is not relevant for the present application. The amount claim under this application meets the threshold limit for filing the present application as envisaged under section 4 of the IB Code. 12. The present application is defect-free and complies with the relevant provisions of the IB Code and Rules formed thereunder. The name of Resolution Professional is not mandatorily to be recommended by the operational creditor in the instant application, and the operational creditor has also not recommended the Resolution Professional to appoint as an IRP. We will appoint IRP from the IBBI Panel of Insolvency Professionals. 13. In view of the above facts and leg....

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....commended any Resolution Professional to appoint as an IRP, hence, we hereby appoint Mr. Rajendra Jain, having registration No. IBBI/IPA-002/IP-N00732/2018-2019/12353, e-mail [email protected], Mob No. 9323935181 to act as an IRP under Section 13(1) (c) of the Code. IV. The IRP shall perform all functions as contemplated, inter-alia, by Sections 17, 18, 20 & 21 of the Code. It is further made clear that all personnel connected with the Corporate Debtor, its Promoter, or any other person associated with management of the Corporate Debtor are under a legal obligation under Section 19 of the IB Code extend every assistance and co-operation to the Interim Resolution Professional. Where any personnel of the Corporate Debtor, its....