TaxTMI 
TaxTMI 
2021 (10) TMI 1038
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....judicating Authority) Rules, 2016 by Kotak Commodity Services Private Limited (for brevity 'Operational Creditor'/'Petitioner'), with a prayer to initiate Corporate Insolvency Process (CIRP) in case of Cheema Spintex Limited (for brevity 'Corporate Debtor'/'Respondent'). The petitioner-operational creditor passed a resolution dated 29.05.2018 (Annexure - II(A) - 23) authorizing Mr. Sanjay N. Vyas to initiate appropriate proceedings against corporate debtor. There is an affidavit of Mr. Sanjay N. Vyas in support of the contents of the application at Page No. 112-113 of the petition. 2. The Corporate Debtor namely, Cheema Spintex Limited, is a Company incorporated on 10.10.1994 under the provisions of Compan....
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.... and ledger account is attached as Annexures-1 and 2 respectively of Diary No. 6582 dated 25.11.2019. 5. It is stated that the respondent-corporate debtor has failed to discharge its obligation towards the applicant-operational creditor, in as much as it failed to make the payment due to the applicant-operational creditor. 6. A demand notice under Section 8 of the Code dated 21.06.2018 (Annexure-I(A)-20) is stated to be served upon the corporate debtor by speed post as well as by e-mail. The demand notice was accompanied by statement of ledger account of corporate debtor maintained with the petitioner, copy of invoices, balance confirmation letter, undertaking dated 16.03.2016 given by the corporate debtor and the copy of complaint fi....
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....andigarh. The corporate debtor has further submitted that the raw material provided by the operational creditor is of bad quality being excess moisture. The corporate debtor has further raised objection regarding raising of debit notes and delivery of debit notes. It is submitted that all the invoices pertain to the years 2014 and 2015. Since the present application is filed on 13.07.2018, all the invoices are time barred except two invoices dated 30.07.2015. 11. We have heard the learned counsel for the petitioner and corporate debtor and have perused the records. 12. The first issue for consideration is whether the demand notice u/s. 8 of IBC, 2016 dated 21.06.2018 Annexure-1(A)-20 was properly served. The demand notice was sent to ....
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....ance Confirmation letter dated 31.03.2016 issued by the corporate debtor, that the corporate debtor has acknowledged the debt amounting to Rs. 93,05,491/- towards operational creditor. Thus, the CP is well within the period of limitation. 15. We have gone through the contents of the application filed in the Form No. 1 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 1,42,04,251/-. Operational creditor has supplied raw cotton to the corporate debtor and raised invoices Annexure 1(A)-1, Annexure 1(A)-13 and Annexure 1(A)-15 to Annexure 1(A)-18. Summary showing the computation of calculations of debt amounting to Rs. 1,42,04,251/- is found at Annexure-III (A)-2 (Page No. 111)....
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....14, 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, 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 action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2....