2020 (2) TMI 1488

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....nder the Provisions of Companies Act, 1956 with CIN No. U51109DL2015PTC286863, having its registered office at 402, 4TH Floor, Aditya Tower, Laxmi Nagar, District Centre, Vikas Marg, New Delhi-110092. 3. The Corporate Debtor namely, M/s. J.P. Engineers Pvt. Ltd. is a Company incorporated on 20.03.2014 under the Provisions of Companies Act, 2013 with CIN No. U51504DL2014PTC266624, having its registered Office at Flat No. 3/8, II Floor Asaf Ali Road, New Delhi-110002. 4. The Authorized Share Capital of the Corporate Debtor is Rs. 30,00,00,000 and its Paid-up Share Capital is Rs. 28,25,41,800 as per the Master Data of the Company annexed. 5. It is the Operational Creditor's case that the Corporate Debtor had been a regular buyer of Aluminum Ingots and Wire Rods from the Operational Creditor. The Corporate Debtor had a running account with the Operational Creditor. 6. It is submitted by the Operational Creditor that the Principal Operational Debt pertains to purchase of Aluminum Ingots and Wire Rods during the period from 06.12.2017 to 16.04.2018. It is added by the Operational Creditor that the following invoices are pending for payment: "WWMPL/DG/0112, WWMPL/....

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....tter dated 01.04.2017. It has further added that the Operational Creditor confirmed the balance of Rs. 5,43,42,267 only as payable by the Corporate Debtor. 11. The Corporate Debtor further submits that the Ledger Account for the Financial Year 2017-2018 as filed by the Operational Creditor is factually incorrect as would be evident from the following facts. During the Financial Year 2017-18, the Corporate Debtor has entries of payment of Rs. 1,95,34,823 against the LC No. 016217LCOW0358 dated 21.10.2017 and Rs. 1,95,79,294 against LC No. 106217ILCOW0395 dated 10.11.2017 to Olympus Metal Private Limited reflected in the Ledger Account of the Corporate Debtor annexed at Page 41 and 42 of its reply. 12. The copy of Ledger account maintained by the Corporate Debtor reflecting the adjustment entries in favour of M/s. Olympus Metal Pvt. Ltd. is reproduced overleaf: 13. The Corporate Debtor submits that the same has been acknowledged by the Operational Creditor. To support its contentions, the Corporate Debtor has placed its communication vide letters dated 21.10.2017 and 10.11.2017 to the Operational Creditor, letters dated 21.10.2017 and 11.11.2017 to Olympus Metals Private Lim....

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.... : "7. We repeatedly asked Learned Counsel for the Respondent that is there any resolution passed by the Operational Creditor authorizing the Corporate Debtor to discharge its liability by paying the dues of M/s. Laxmi Wire Netting and Weaving Factory. We also solicited answer to another query with regard to the resolution passed by the Corporate Debtor accepting the assignment of the Petitioner's loan to be paid by it. It is well settled that Companies do not orally and the board resolution is the only way to transact the business of a Company. There is not even a single document placed on record showing that the Petitioner has authorized the Corporate Debtor to make payment on its behalf to M/s. Laxmi Wire Netting and Weaving Factory. It cannot therefore be inferred by any stretch of imagination that the payment made to M/s. Laxmi Wire Netting and Weaving Factory by the Corporate Debtor could be regarded as payment made on behalf of the Petitioner-Operational Creditor. Accordingly, we reject the aforesaid defense taken as it is moonshine". 20. It is further submitted by the Operational Creditor that the transfer of Rs. 1,95,34,823 and Rs. 1,95,79,294 alleged to ha....

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.... transferred to another concern in the absence of any specific agreement or specific Board resolution to that effect in favour of the Corporate Debtor. 24. In view of the above, this Bench is of the opinion that the dispute raised by the Corporate Debtor is illusionary and moonshine, which is upstretched with an intention to erase its liability and defeat the claim made by the Operational Creditor. 25. In the given facts and circumstances, the present Petition being complete and having established the default in payment of the Operational Debt beyond doubt, the Operational Creditor is entitled to claim its dues. The amount of default being above Rs. 1,00,000 for the unpaid invoice, the Petition is admitted in terms of Section 9(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section 14(1) (a), (b), (c) & (d), the following prohibitions are imposed, which must be followed by all and sundry: "(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, tr....

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....GST (INWARD) 1,38,193 00 Dr 13-Oct-2017 Purchase - 0039 30.02.014.00 INVOICE NO:39 1,95,34,823.00 PURCHASE GST LOCAL 25,40.580 00 Dr FREIGHT & CARTAGE CGST (INWARD) 3,500.00 Dr 2,28,967.00 Dr SGST (INWARD) 2,28,967.00 Dr 13-Oct-2017 Purchase - 40 30,20,443.00 INVOICE NO:40 Tour copy PURCHASE GST LOCAL 25,56,197.00 Dr FREIGHT & CARTAGE 3,500.00 Dr CGST (INWARD) 2,30,373.00 Dr SGST (INWARD) 13-Oct-2017 Purchase - 41 2,30,373.00 Dr 30,18,543.00 INVOICE NO:41 PURCHASE GST LOCAL 25,54,587.00 Dr FREIGHT & CARTAGE 3,500.00 Dr CGST (INWARD) 2,30,228.00 Dr SGST (INWARD) 2,30,228.00 Dr 13-Oct-2017 Purchase - 0042 29,56,420.00 INVOICE NO:42 PURCHASE GST LOCAL 25,01,940.00 Dr FREIGHT & CARTAGE 3,500.00 Dr CGST (INWARD) 2,25,490.00 Dr SGST (INWARD) 2,25,490.00 Dr 13-Oct-2017 Purchase -0043 29,26,022.00 INVOICE NO:43 PURCHASE GST LOCAL 24.76,180.00 Dr FREIGHT & CARTAGE 3,500.00 Dr CGST (INWARD) SGST (INWARD) 13-Oct-2017 Purchase -44 2.23.171.00 Dr 2,23,171.00 Dr 29,99,354.00 INVOICE NO:44 PURCHASE GST LOCAL 25,38,326.00 Dr ....

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.... PURCHASE GST LOCAL 28.60.53000 Dr FREIGHT & CARTAGE 3,000.00 Dr Бик сиру CGST (INWARD) SGST (INWARD) 2,57,718.00 Dr 2,57,718.00 Dr 9-Nov-2017 Purchase - 0067 32,23,587.00 BILL NO:0067 PURCHASE GST LOCAL 27,28,853.00 Dr FREIGHT & CARTAGE 3,000.00 Dr CGST (INWARD) 2,45,867.00 Dr SGST (INWARD) 2,45,867.00 Dr 9-Nov-2017 Purchase - 0065 19,63,381:00 BILL NO:0065 PURCHASE GST LOCAL 16,60,883.00 Dr FREIGHT & CARTAGE 3,000.00 Dr CGST (INWARD) 1,49,749.00 Dr SGST (INWARD) 1,49,749.00 Dr 9-Nov-2017 Purchase - 0064 14,88.659.00 BILL NO:0064 PURCHASE GST LOCAL 12,58,575.00 Dr FREIGHT & CARTAGE 3,000.00 Dr CGST (INWARD) 1,13,542.00 Dr SGST (INWARD) 1,13,542.00 Dr 9-Nov-2017 Purchase - 0063 14,70,460.00 BILL NO:0063 PURCHASE GST LOCAL 12.43,152.00 Dr FREIGHT & CARTAGE 3,000.00 Dr CGST (INWARD) 1,12,154.00 Dr SGST (INWARD) 1,12,154.00 Dr 10-Nov-2017 Purchase -0068 32,92,263.00 BILL NO:0068 PURCHASE GST LOCAL 27,87,053.00 Dr FREIGHT & CARTAGE 3,000.00 Dr CGST (INWARD) SGST (INWARD) 2,51,105.00 Dr 2,51,105.0....

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....KTGS From: 017102356244491/MAHABIR E Transfer From A/C 0062003211402A 64. 95.02.91.957.16 Dr 9,25,000.00 94,93,66,557.16 Dr NEFT INWARD SETTLEMENT ACCOUNT 16,00,000.00 94.77.66,957.16 Dr 23-10-2017 23-10-2017 XTCS From: 017102300572651/PREMIERLI RTGS From: 017102300790611/SHRI PASH 33,00,000.00 94.42,66,957.16 Dr 15,00,000.00 94.27.66,957.16 Dr 23-10-2017 XTGS TO : 0 23-10-2017 RTGS TO: 23-10-2017 RTGS TO: 49,92,217.603787 64. 71,00,000.603783 94.77,59,174.16 Dr 94.77.59.239.06 Dr 95,48,59,239.06 Dr 23-10-2017 XTGS TO : 64. 95,48,59,303.96 Dr Z3-10-2017 24-10-2017 NEFT IN: BARSW17297152303:MAHABIR ENTERPR -2017 24-10-2017 24-10-2017 24-10-2017 24-10-2017 24-10-2017 RTGS TO: 0 24-10-2017 RTGS TO: 23-10-2017 Transfer From A/C 0062003211402A NEFT INWARD SETTLEMENT ACCOUNT ,399.36 Dr 23-10-2017 RTGS From: 017102300841436/MAHABIR E 23-10-2017 NEFT OUT:PUNEH17296850046: VEDANTA LTD :ICIC0000103:SSLOCROCO NEFT CHRG: FUNBH17296850045:VEDANTA LTD ICICOCO0103:SSLCCR0000027736 BARBOVIDJAI: 29200400000307 NEFT IN: BARSH17297152579:MAHABI....