TaxTMI 
TaxTMI 
2020 (8) TMI 865
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....lus an interest amount calculated as per the provisions of the MSME Act, 2006. 4. The Petitioner states that the Petitioner is also registered under the MSME Act, 2006 and is engaged in the business of manufacturing and trading of fabrics and garments. 5. The Petitioner and the Corporate Debtor had business relations since September, 2013. The Petitioner sold goods worth Rs. 47,35,79,752/- to the Corporate Debtor during the period of September, 2013 to October, 2014 as per the requirements of the Corporate Debtor, the delivery of which was duly received and acknowledged by the Corporate Debtor. 6. The Corporate Debtor had paid the outstanding dues to the Petitioner from time to time. Under the enclosed outstanding invoices, the total value of the goods supplied to the Corporate Debtor was Rs. 97,55,851/- and the same was payable by the Corporate Debtor to the Petitioner. The details of the outstanding invoices as payable by the Corporate Debtor to the Petitioner are as follows: Invoice No. Date Amount TEPL/RIL/024/14-15 27.10.2014 17,84,640/- TEPL/RIL/025/14-15 27.10.2014 23,32,624/- TEPL/RIL/026/14-15 28.10.2014 14,68,125/- TEPL/RIL/....
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.... the Corporate Debtor during the period of September, 2013 to October, 2014 and accordingly sales invoices were raised by the Petitioner and the Corporate Debtor from time to time has paid the Petitioner the outstanding dues. b. The Corporate Debtor mentions that the demand notice dated 10.09.2018 has not been served upon the Corporate Debtor. He mentions that the alleged acknowledgement card annexed at page no. 78 of the petition clearly shows that it is served upon one Brahmecha Modi & Company, a Chartered Accountants Firm and not upon the Corporate Debtor. The Corporate Debtor denies and disputed the service of demand notice and mentions that the Petitioner has directly handed over a copy of the petition before any order was passed by this Hon'ble Tribunal. The petition is not maintainable due to the non-compliance of the mandatory provisions hence this Hon'ble Tribunal be pleased to dismiss this petition. c. The Corporate Debtor denies and disputes the invoices and delivery challans relied by the Petitioner. The Petitioner has not annexed any lorry receipts in support of his contentions and claims before this Hon'ble Tribunal. The Corporate Debtor denies and d....
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.... by the Corporate Debtor denying and disputing the invoices and delivery challans does not have any foundation. 15. The Petitioner has also duly produced the running Books of Account of the Corporate Debtor regarding the transactions and invoices. This shows an outstanding Debt of Rs. 90,49,843/- due from the Corporate Debtor as on 31.03.2018. This clearly shows the amount due from the corporate Debtor. 16. This Bench on examination, finds that the Demand Notice dated 10.09.2018 has been duly served through registered post by the Petitioner at 604, Kaushal point, 4th floor, behind Uday cinema, Ghatkopar (W), Mumbai. A proof of delivery by way of acknowledgment card has been attached by the Petitioner with his Petition. That it is the correct address for delivery of Demand Notice is borne out by the fact this address is mentioned as the Registered address of the Corporate Debtor company even in their Annual Report of 2018-2019. This Bench, therefore, has no doubt that the Demand Notice was duly served upon the Corporate Debtor and it chose not to contest it. 17. The Petitioner is registered under the MSME Act, 2006.Since the default amount as per the petition is Rs. 90,49,8....
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....ion process against the Corporate Debtor deserves to be admitted. 21. This application is filed under Section 9 of I&B Code, 2016, filed by Tanaya Enterprises Pvt. Ltd., against Risa International Ltd., for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s 14 of I&B Code with consequential directions as mentioned below: I. That this Bench as a result of this prohibits: 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, 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 activity 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 ....