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TaxTMI 
TaxTMI 
TaxTMI 
2021 (8) TMI 20
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....te Limited (hereinafter called as respondent 'Corporate Debtor') for initiation of Corporate Insolvency Resolution Process against the corporate debtor. 2. The brief facts of the petition are stated hereinbelow : a. The petitioner is into the business of trading paper products since 2008 and is having its office at at Godown no. 9, C, RLY. Comp, Hussain Patel Marg, Mazgaon, Near Dockyard Railway Station, Mumbai 400 010. b. The operational creditor has continuous supply of art papers as per demand of corporate debtor from time to time under an agreement since 2016 for which he has raised the invoices of amount is of Rs. 9,50,000/- against the invoice raised by Operational Creditor on the Corporate Debtor date of default on 06.08.2019. ....
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....ptcy Code, 2016. j. The captioned matter was listed on various dates and finally listed on 26.07.2019, the corporate debtor agreed to settle the outstanding amount of Rs. 14,50,000/- and the Corporate Debtor handed over two pay orders aggregating to Rs. 5,00,000/- and one post dated cheque for Rs. 7,50,000/- No PDC received for balance Rs. 2,00,000/-. k. In the hearing held on 26.07.2019 the operational creditor request for withdrawal of petition with liberty to file fresh application in case of default by Corporate Debtor. l. First installment of Rs. 5,00,000/- has cleared; however second installment of Rs. 7,50,000/- vide cheque no. 100170 drawn on Bassein Catholic Bank dated 06.08.2019 has bounced. m. On 06.09.2019 demand notice ....
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....payment of Rs. 7,50,00/- to the corporate debtor. 7. The respondent submitted that, Mr. Ankit had been interrogated on various occasions by the MIDC Police Station in the meanwhile. Somewhere in the month of November we have been informed that the vouchers have been kept in the files which he used to maintain. After an extensive search, fortunately we have found the original cash vouchers intact. It pertinent to note that Mr. Mahavir who is owner of B.M. Agencies has signed the said cash vouchers and thus it is evident that even after knowing and accepting the cash Mr. Mahavir has deliberately lied on oath and has merely taken advantage of the situation where we had no proof and receipt of the payments made. 8. The respondent submitted th....
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....ice report against the said Ankit Gupta was acted upon by police. Even otherwise the Operational Creditor is not responsible for the said acts of the staff member of the corporate debtor as the corporate debtor alone is vicariously liable as a master for the acts of it's employees/servants. Even otherwise the Operational creditor issued demand notice for a balance amount of Rs. 9,50,000/- and even if the alleged discharge of Rs. 6,00,000/- is accepted assuming for a moment without admitting for argument sake, the Corporate Debtor still ows Rs. 3,50,000/- (which is more than 1,00,000/-) which is enough for admission of the company petition. Therefore, it is not legally correct to accept the contentions of the corporate debtor. Keeping in min....
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.... including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (e) That the supply of essential goods or services to the Corporate Debtor, if continuin....