2018 (5) TMI 2098

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....7.07.2015, Lodging No. (L) No. OS.CPL/711/2015 (High Court) before the Hon'ble High Court for winding up by invoking the jurisdiction under section 433 and 434 of the Companies Act, 1956 read with Section 271(2)(0) of the Companies Act, 2013 pertaining to a Debt of Rs. 21,63,359/-. 2; The said Petition was transferred to NCLT and thereupon the Petitioner (Operational Creditor) has submitted Form No.5 under Rule 6 on 14.07.2017 therein under PART-IV, the total amount of Debt claimed of Rs. 22,71,110/- on account of franchise given by Operational Creditor to Corporate Debtor on the basis of MoU dated 16.08.2011 executed between the Operational Creditor and Corporate Debtor. 3. Brief particulars of the claim is as under:- 3.....

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.... of the stock and account, a sum of Rs. 21,63,359/- was due and payable by the Respondent Company (Rs. 9,65,238/- being the balance as per pay-out sheet and Rs. 11,98,121/- being the cost of 329 pieces of GAS Brand Jeans product found in short in stock). Though the Petitioner was following up the matter with the Respondent Debtor Company since January 2015, it is alleged that the Respondent Company did not give much heed to the request. 4. Aggrieved, the Petitioner/Operational Creditor issued an "Advocate Notice" dated 03.03.2015 on 04.03.2015 by Speed Post demanding a sum of Rs. 21,63,359/- with Interest @ 18% p.a. from the date of Notice till payment. This Notice was received by the Debtor Company on 05.03.2015. Despite the Notice, it ....

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....und also, prayed for rejection of the Petition. 6.2. The Respondent Debtor denied that the Petitioner ever reconciled the Stocks and Accounts with the Respondent during the tenure of the MoU and even thereafter, therefore, the alleged that amount shown as due and payable has no valid basis. 7. Copy of Bank statement downloaded for the period from 15-07-2011 to 31-03- 2012 from HDFC Bank showing the Receipts and Payments is also available on record. Admittedly the alleged. disputed amount had not been found credited in the Bank Statement. FINDINGS :- 8. In respect of the legal question raised that Section 8 Notice was issued after the service of Main Petition, at the outset the answer is that admittedly this case had been transfe....

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....pointed IRP has furnished the requisite Certificate on Form No.2 that no Disciplinary Proceeding is pending. On due consideration, the proposal of appointment is hereby confirmed. 10.Upon Admission of the Application and Declaration of "Moratorium" the Insolvency Process such as Public Announcement etc. shall be made immediately as prescribed under section 13 read with section 15 of The Code. The appointed IRP shall perform the duties as an Interim Resolution professional as defined under section 18 of The Code and inform the progress of the Resolution Plan and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. The IRP shall submit the Resolutio....