TaxTMI 
TaxTMI 
2021 (12) TMI 6
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....Process (CIRP) against Agrimas Chemicals Limited ("the Corporate Debtor"). The Operational Creditor claiming a sum of Rs. 26,50,927/- inclusive of interest @ 18% p.a. which is said to amount in default as on 08.01.2018 which is said to be the date of default. 2. The Corporate Debtor is a limited Company incorporated on 03.07.1973 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U99999MH1973PLC016649. Its registered office is at H-2, MIDC, Industrial Estate, Taloja, District Raigadh, Maharashtra. Therefore, this Bench has jurisdiction to deal with this petition. BRIEF FACTS OF THE CASE 3. The Petitioner is engaged in the business of dealing in plastic pails a....
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....ly thereby denying the contentions levelled in the Petition. a. No cause of action had ever accrued in favour of the Petitioner against the Corporate Debtor to invoke the provisions under the Code. b. The present petition is abuse of process of law and devoid of any substance and liable to be dismissed. c. The Petitioner instead of invoking arbitration clause and taking recourse to arbitral proceedings for adjudicating the disputed claims had approached the Hon'ble Tribunal with oblique motive of pressuring the Corporate Debtor. 8. The Corporate Debtor submits that sometime in December, 2017, January & February 2018 placed order for supply of Pet Bottles & Hope Bucket vide purchase order No. POACL/17-18/0480 dated 28.12.2017, POA....
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....cur due to supply of defective products. The Corporate Debtor continuously followed with the Petitioner and again and again recalled their promises to resupply the superior quality as well as to provide the credit notes but the Petitioner never supplied the products and left the Corporate Debtor with the burden of huge financial loss. 10. The Corporate Debtor also contended that in the month of April, 2019, the Corporate Debtor on the request of the Petitioner supplied goods amounting to Rs. 8,85,295/- vide Bill dated 13.04.2019 to the Group Associate Company of the Petitioner namely M/s. Max Indo Private Limited and the same was acknowledged upon receipt of goods and entry was also made to this effect in the ledger account/statement on 26....
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..../substantial evidence to show that the material supplied was against its wishes or requirement and the same is baseless. 14. The Petitioner neither caused any financial loss to the Corporate Debtor nor supplied products of inferior quality to the Corporate Debtor and there was no dispute in existence prior to the date of the issuance of Demand Notice u/s. 8 and also the Corporate Debtor has admitted the liability vide email dated 19.12.2018 i.e. much prior to the Demand Notice dated 15.02.2019. It is submitted that that the claim interest @ 18% p.a. is generally accepted norm and practice of the line of trade and it not contrary any of the legal provisions. FINDINGS 15. We have prudently gone through the pleadings available on record. Th....
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....ndia Private Limited. 17. The Corporate Debtor has not filed any proof of objection raised with regard to excess supply of quantities of Pet Bottles and Hope Buckets prior to the initiation of section 8 Demand Notice. The ledger account furnished with relation to payment of Rs. 8,85,295/- was in fact a ledger account of Indo Gulf Crop Sciences Limited which refers that BEING AMT PAYABLE TO AGRIMAS TRF TO MAX INDO PVT. LTD. & GROWMAX INDIA PVT. LTD." No inference can be drawn from this ledger account whether monies were paid to Max Indo or Grow India Private Limited. 18. It is undisputed fact that the Pet Bottles and Hope Buckets were delivered to the Corporate Debtor and the invoices raised remain unpaid. The Corporate Debtor has not demo....