TaxTMI 
TaxTMI 
2021 (10) TMI 490
X X X X Extracts X X X X
X X X X Extracts X X X X
....ankruptcy 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-Four Lakhs Thirty-Five Thousand One Hundred Two Only) together with interest up to dated 18.06.2020 of Rs. 19,36,364/- @ 18% per annum aggregating to Rs. 1,43,71,465/- (Rupees One Crore Fort Three Lakhs Seventy One Thousand Four Hundred Sixty Five only). 3. The Submissions of the Operational Creditor are as follows: a. The Operational Creditor is engaged in the business of trading of Plastic Raw Materials i.e. PVC, PP, HDPE, LDPE, LLDPE etc. b. The Corporate Debtor had converted from partnership Firm to the Company under section 366 and other applicable provisions of the Companies Act, 2013 and incorporated as Private Limited Company dated 13.02.2019. c. The Corporate Debtor had purchased PPCP AER003N, PVC RESIN - 1 and also accordingly copy of invoices, E-way Bills and Lorry Receipts. The Corporate Debtor was suppo....
X X X X Extracts X X X X
X X X X Extracts X X X X
....porate Debtor made a ground as to Pre-existing dispute between the Operational Creditor and the Corporate Debtor. The Corporate Debtor submits that reason for nonpayment of the invoices is because the Operational Creditor failed and neglected to supply the quality as per the specifications as ordered by the Corporate Debtor Company. c. Further the Corporate Debtor alleged that materials were not sold and supplied to the Corporate Debtor for the Bills and Lorry Receipts which are annexed by the Operational Creditor in the Petition. The Corporate Debtor submits that 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 t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sent terms were executed but the Operational Creditor submitted that the consent terms were not according to the terms of the Operational Creditor. It is observed by this bench that the part payment made by the Corporate Debtor proves that it owes the claimed amount to the Operational Creditor and hence it is deemed to be an admission on the part of the Corporate Debtor. 8. Further it is seen that the Corporate Debtor itself has made contradictory statements in its written note of arguments as to first about the existing pre-dispute between the parties, denial of the goods received by the Corporate Debtor and part payment done by the Corporate Debtor. This conduct on the part of the Corporate Debtor speaks and proves that the Corporate Debtor is simply buying time even without filing any reply more so he is changing different advocates from time to time. 9. The Corporate Debtor submitted that they did not receive the demand notice. But it can be seen from the records that the Operational Creditor had also sent the emails on the email id of the Company and also on its directors. The stand taken by the Corporate Debtor that as the offices were closed, they were not able to acce....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Corporate Insolvency Resolution Process (CIRP) is ordered against M/s Prince MFG Industries private Limited. The IA 1509 of 2021 is hereby rejected in view of the admission 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 debtor 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....