TaxTMI 
TaxTMI 
2021 (12) TMI 1272
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....of NUI Pulp and Paper Industries private Limited in collusion with the officials of the 4th Respondent and initiate appropriate action against the said respondents including under S.68 of the Insolvency and Bankruptcy Code, 2016 for the same. d. Direct the 5th Respondent to conduct an investigation through the SFIO into the affairs of NUI Pulp and Paper Industries Private Limited as envisaged under Section 213 of the Companies Act, 2013. 2. The facts of the case in brief are, that the Applicant/Operational Creditor had filed an application under Section 9(6) of the IBC, 2016 against NUI Pulp & Industries Private Limited (Corporate Debtor) on 20/5/2019 before the NCLT Chennai Bench as IBA No. 598/2019 which has been transferred to this Bench and re-numbered as TIBA No. 25/KOB/2019. 3. It is submitted that the Operational Creditor, inter alia, engaged in business of export of cup stocks baseboard used in the manufacturing of paper cups and cups stocks. The Operational Creditor stated that the Corporate Debtor and the Roxcel Handel have been entered into several Proforma Invoice/Order confirmation in their business transactions. Thereafter, the disputes arose between th....
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....ts of accounts of both NUI and Matheel on 5/2/2020 ii. Board Resolution, Proforma Invoice dated 9/2/2017, Transfer of accounts from Roxcel Handel to Roxcel Trading, Driving License on 14/4/2020. iii. Incorporation Certificate of Roxcel Trading issued by relevant authority on 19/5/2020. iv. Invoice dated 3/9/2017, 6/3/2017 (2 Invoices), 13/4/2017, 18/4/2017 on 31/5/2020. v. Clarificatory email on USD 2,91,502 amount apportioned, Board Resolution (as per the requirement of the 1st Respondent), mail submitted to the IRP, Minutes of the Extraordinary General Assembly Resolution, Statement of Accounts on 18/6/2020. vi. Self-certified Interest calculation sheet, ledger abstract of both Roxcel Handel and Roxcel Trading, Division Agreement (including its translation with annexures), Claim petition filed against Matheel before Saudi Arabia Court with translation, Confirmation from Saudi Lawyers regarding the restriction of claims to the supplies made to Matheel on 10/7/2020. vii. Division Agreement-Annexures-AOA of Roxcel Handel, AOA of Roxcel Trading Balance Sheets transfers, Clarification from Deloitte on the Balance sheet on 19/7/2020....
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....uant to the public announcement made by the IRP Mr. Balakrishnan Baburajan, the applicant herein submitted a claim of USD 16,74,303.61, which includes an additional claim of USD 6,62,096.40 against two disputed invoices i.e., 2017INV09404 and 2017INV10887 and interest on delayed payment in addition to the claim of USD 10,12,207.21 claimed before this Tribunal. The details are as under: - 1 Dues against undisputed invoice (claimed in the Application in TIBA/25/KOB/2019 USD 10,12,207.21 2 Dues against disputed invoice USD 4,68,920.10 3 Interest on delayed payment USD 1,93,176.30 Total USD 16,74,303.61 According to the applicant, amounts were pending against the following invoices as under: - Invoice Number Date Amount in USD Undisputed Invoices 1 2017INV02295 06/03/2017 1,18,958.50 2 2017INV02294 06/03/2017 4,09,349.70 3 2017INV03697 13/04/2017 1,18,885.32 4 2017INV03820 18/04/2017 4,06,991.79 Disputed Invoices 5 2017INV09404 03/09/2017 2,91,502.20 6 2017INV10887 13/10/2017 1,77,417.90 Total 14,81,....
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.... 1,87,55,759 2,74,000.00 4 VIIJAYA BANK 30500301000430 CA 11/05/2017 27,10,260 42,000.00 5 VIIJAYA BANK 30500301000430 CA 02/08/2017 1,04,16,719 1,61,741.61 6 VIIJAYA BANK 30500301000430 CA 06/10/2017 1,91,14,248 2,91,502.20 7 Advance from MD- Shameel 31/03/2018 74,54,700 1,10,000.00 8 Rebate/Discount Received 31/03/2019 2,05,51,801 3,12,613.40 Total 12,03,59,767 18,11,857.21 Balance Payable to Roxcel 91,05,993.26 1,41,847.05 11. It is stated that as per the books of accounts an amount of Rs. 91,05,993.26 equivalent to USD 1,41,847.05 is only payable to the Applicant, which is the amount reflecting in the audited financial statements of the Corporate Debtor. This fact was also confirmed by this Tribunal in the judgment while admitting the application. The applicant has not disputed the fact that no payment has been received from the corporate Debtor. It is also stated that the present claim by the Applicant is arising out of the amount already paid by the Corporate Debtor but adjusted by th....
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....ntant resulting in coming to a conclusion that the Applicant/Operational Creditor is entitled to get Rs. 91.05 Lakhs, but as to the opinion of the Auditor, nothing is required to be payable. The money remitted by the Applicant/Operational Creditor in 2016 and 2017 from the Bank account of the Corporate Debtor were not fully credited by the Applicant/Operational Creditor to the accounts of the Corporate Debtor. The Applicant/Operational Creditor has added some untenable stories and submitted a statement which mixes the account of different entities in different countries, which clearly shows that it is a concoction of various transactions and most of which are not pertaining to the Corporate Debtor. 14. Since the Applicant/Operational Creditor supplied inferior goods, a dispute exists which has already been pointed out by the Respondent No.1/RP and is mentioned in the Counter to Section 9 Application, filed by the Applicant/Operational Creditor, much before the commencement of CIRP. Therefore, the entire amount relates to the inferior goods, must be written off. The disputed Invoices dated 9th October 2016 and 7th November 2017, are as under: - Sl. No. Date Invoice No. ....
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....by the Applicant/Operational Creditor, themselves, that the invoices referred to in Para IV(2)(l) and (m) are disputed and no amount is payable on account of these invoices and that they do not form part of the claim. The respondents contended that no claim could be added against the said invoices and, therefore, to that extent also the claim is unsustainable. It is also stated by the respondents that it is only after thoroughly verifying the facts and records, independent professional chartered accountant, statutory auditors of the Corporate Debtor, the Respondent No.1/RP and COC have come to a conclusion that only Rs. 91.05 Lakhs is to be admitted. The Applicant/Operational Creditor has moved the above-mentioned Application on 12th December, 2020. Therefore, there is nothing in this Application except a bald statement with respect to fraudulent and fabricated transactions, warranting an investigation into the affairs of the Corporate Debtor. Rejoinder filed by the Applicant in reply to Counter 17. In the rejoinder it is stated that the crux of the counter filed by the 1st Respondent [RP] is that the Applicant has unilaterally [i.e., without the concurrence of the Company un....
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.... invoices amount to USD 3,12,613.43 was as reduction on the disputed invoices. The Chartered Accountant after inspecting all the records opined that the manner in which the amount is disputed are to be dealt with the claim are given in the table below: - Date of Email from RP Annexure Reply Email from Applicant Annexure 25/12/2019 22 28/1/2020 23 1/2/2020 24 5/2/2020 25 8/4/2020 26 14/4/2020 27 19/5/2020 28 19/5/2020 29 22/5/2020 30 31/5/2020 31 3/6/2020 32 11/6/2020 33 18/6/2020 34 20/6/2020 35 7/7/2020 36 10/7/2020 37 19/7/2020 38 20/7/2020 39 30/7/2020 40 3/8/2020 41 29/8/2020 42 31/8/2020 43 3/9/2020 44 20/9/2020 45 21/9/2020 46 20. It is also submitted that the account audit team have not commented upon the interest claim made by the applicant since the interest if any will have to be calculated on the claim finalized by the Tribunal. 21. We have heard the learned counsel for the Applicant, learned counsel for R2 ....