TaxTMI 
TaxTMI 
2021 (10) TMI 490
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.... M/s. Nitin Plastic (hereinafter called "Operational Creditor") seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Prince MFG Industries Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Operational Creditor. This petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of Principal sum of Rs. 1,24,35,102/- (Rupees One Crore Twenty-Fo....
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.... etc. the said messages, emails are produced on record. f. The Operational Creditor sent a Demand Notice under section 8 in Form 4 of the Code dated 19.06.2020 on the email of the registered e-mail on MCA and also the Demand Notice was sent on the email id's of the Directors/officers due to Covid-19 pandemic. The Operational Creditor also sent physical copy of the Demand Notice to the Registered office of the Corporate Debtor Company dated 25.06.2020 which was successfully delivered. The Operational Creditor has annexed the courier receipt of the tracking report showing that the Notice was delivered to the Corporate Debtor. The Corporate Debtor did not file any Reply to the Demand Notice and no dispute was raised by the Corporate Debtor u....
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....hat the Invoices are not acknowledged nor there is any seal or stamp by the Corporate Debtor. d. The Corporate Debtor submits that a part payment of Rs. 25,00,000/- (Rupees Twenty-Five Lakhs Only) was made by the Corporate Debtor on 07.04.2021. The Corporate Debtor submits that by making the said part payment the amount claimed by the Operational Creditor has been reduced from Rs. 1,43,71,465/- to Rs. 1,18,71,466/-. Therefore, the present Company Petition filed by the Operational Creditor becomes in-fructuous. e. The Corporate Debtor further states that there were several purchase Orders placed by the Corporate Debtor and each Purchase Order create a separate cause of action therefore the Operational Creditor needs to file separate Comp....
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....ubmitted that the Corporate Debtor had requested the Operational Creditor not to deposit the cheque because of financial difficulty of the Corporate Debtor and assured to make the full and final payment on 31.01.2021. This Tribunal had granted last opportunity to the Corporate Debtor to settle the matter or the bench would pass appropriate Orders in the next hearing. 7. Subsequently, the matter got adjourned due to poor connectivity and paucity of time. Further on 05.04.2021 another advocate appeared on behalf of the Corporate Debtor and submitted that the Corporate Debtor is ready to settle the matter. The Corporate Debtor made a part payment of Rs. 25,00,000/- and the matter was listed on 09.04.2021 to report the settlement. The consent ....
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....not issue any reply within the statutory period in response to the demand notice nor raised any issue regarding to price, quality of service prior to issuing the demand notice. Therefore, the above contention raised by the Corporate Debtor will not stand to the test of legal scrutiny. Under these circumstances, this bench is of the view that there is no pre-existing dispute between the parties and accordingly the above issue is decided against the Corporate Debtor. 11. Further it is seen that the Corporate Debtor has filed an IA No. 1509 of 2021 thereby praying to dismiss the present Company Petition and also direct the Operational Creditor to refund the amount of Rs. 25,00,000/- with interest to the Corporate Debtor. The Corporate Debtor ....
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....of the present Company Petition. b. This Bench hereby appoints Mr. Kairav Anil Trivedi, Insolvency Professional, Registration No: IBBI/IPA-002/IP-N00728/2018-19/12332 as the Interim Resolution Professional having registered office at 23A, 5th Floor, Jyoti Bldg, Barquatali Dargah Marg to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Operational Creditor shall deposit an amount of Rs. 2 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate de....