2022 (1) TMI 261

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (in short, 1BC, 2016') r/w Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against Argus Cosmetics Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor, declare a moratorium and appoint Interim Resolution Professional (IRP). 2. Part I of the application, sets out the details of the Operational Creditor from which, it is evident that the Operational Creditor is Sri Durga Departmental Store. As per Part II of the application, the Corporate Debtor is a Limited Company with Corporate Identification Number U24246TN1988PLC016431 and registered office of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Corporate Debtor had assured trade discount of 3% per month as per the agreement irrespective of the sales shown by the Respondent. After a few months of the above agreement, the Corporate Debtor stopped giving monthly discounts till November 2017. Thereafter, in December 2017, the Corporate Debtor approached the Operational Creditor for additional finance with the assurance of giving 25-30% extra supply to compensate for the earlier defaults. 7. It is further submitted that in August 2020, the Corporate Debtor again stopped supply to the Operational Creditor and have not responded to e-mail requests of the Operational Creditor, in turn, the Operational Creditor approached the local police station, where no solution arrived. Thereaft....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ddress the issues, the following definitions under IBC, 2016 are required to be taken into consideration; Sec. 3(6) "claim" means- (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; Sec. 3 (11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; Sec. 3 (12) "default....