TaxTMI 
TaxTMI 
2022 (1) TMI 566
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....-users and applications in diverse industries such as textiles, cosmetics, personal care, rubber, plastics polymers and other allied industries. b) It is averred that corporate debtor is a company is in the business of manufacturing of master batches for the plastics industry. c) It is averred that corporate debtor would place purchase orders for varying quantities of certain products to the operational creditor on the terms and conditions which are mentioned in the purchase order. d) It is averred that corporate debtor has availed products from the operational creditor and thus had raised purchase orders. The details of the purchase orders are given below: * Order No. GBUR-155 dated 15.09.2018 * Order No. GKTD-449 dated 24.10.2018 * Order No. GBUR-247 dated 20.12.2018 * Order No. GKTD-634 dated 31.12.2018 * Verbal Order dated 03.01.2019 e) It is further stated that corporate debtor's representative viz Mr. Sharad Rathi, had orally raised a purchase order with the operational creditor on 03.01.2019 for 90 kgs of N9 Plastix SN which was recorded in an s internal email on the same date. Copies of the....
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....nd has nothing to do with the invoices relating to the present petition. l) It is further submitted that operational creditor issued legal notice to the corporate debtor on 21.11.2019. It is submitted that on 24.12.2019, the operational creditor received the reply from the corporate debtor by denying the debt despite the corporate debtor having previously acknowledged the debt on 27.04.2019 and on 13.11.2019. Furthermore, the corporate debtor adopts, inherently contradictory stands by, on one hand denying any commercial relationship with the operational creditor while, on the other hand falsely alleging that the operational creditor while stood as a guarantor for Sintex Industries ltd. m) It is further stated that on 01.01.2020, the counsel for operational creditor received an email from the corporate debtor who had once again makes blanket denials of the debt owed to the operational creditor and denies the issuance of purchase orders and receipt of material. n) It is stated that the reply mentions a dispute regarding purportedly defective material supplied by the operational creditor pre-dating October, 2018, i.e. invoice No. 50345 dated 26.09.2018. Furt....
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....editor, a legal notice dated 21.11.2019 was sent to the corporate debtor demanding payment of Rs. 1,68,02,812/- with interest. f) It is averred that a meeting was convened and all the representatives of the operational creditors are signatories. In view of the defective raw material supplied, the corporate debtor did not do any transactions with operational creditor after 05.10.2018 and the outstanding amount as on that date amounting to Rs. 20,92,860/- was cleared on 22.03.2019 and there were no dues thereafter from the corporate debtor. g) Further stated that there was pre-existing dispute prior to the demand notice. In the context, the decision of Hon'ble NCLAT in CA (AT) (Insolvency) No. 58/2017 in the matter of VDS Plastics Pvt. Ltd., versus Pal Mohan Electronics Pvt. Ltd., held that if dispute existed prior to the demand notice with regard to the services and no steps taken thereafter except issuing demand notice, the petition filed by the operational creditor to be rejected. h) Corporate debtor has relied on the Judgement of Hon'ble NCLAT in the matter of CA(AT)(Insolvency) No. 73/2017 held on the same proportions of law. Another decision o....
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.... present petition is with regard to the Invoice No. 50345, 50413, 50529, 50554, 50570, 50578, 50585 & 50617 which were issued by the operational creditor to the corporate debtor. There is no pre-existing before receipt of demand notice. f) Further the case laws cited by corporate debtor don't apply since the facts of the present case are different. Thus the petitioner/operational creditor prayed the Hon'ble Tribunal to admit the petition and to initiate the CIRP against the corporate debtor. 5. OBSERVATIONS a. We have heard the Learned Counsel for Operational Creditor and Learned Counsel for Corporate Debtor. Perused the records. b. It is the case of operational creditor that corporate debtor would place purchase orders for varying quantities of certain products to be supplied by the operational creditor. Based on the terms and conditions mentioned in the purchase orders and with respect to the purchase orders, invoices were raised by the operational creditor on various dates as per the quantity of material supplied. It is contended that corporate debtor had duly accepted and it is evidenced by the acknowledgements made on freight bills. The fu....
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....e debtor was in respect to invoices B1552 and B1553 which are between the corporate debtor and Sintex. In so far as, the present petition is concerned the same is filed with regard to eight invoices of 50345, 50413, 50529, 50554, 50570, 50578, 50585, and 50617 which were issued against purchase orders placed by the corporate debtor in respect of material supplied. It is reiterated by the learned counsel that there is no pre-existing dispute between operational creditor and corporate debtor before the receipt of the demand notice under Section 8 of IBC. f. Having heard the learned counsels for both sides, and on careful perusal of the records before us, we find that the plea of the corporate debtor, that a pre-existing dispute regarding the material supplied by the operational creditor has been in existence, even before the reply to the demand notice has been issued remain unsubstantiated. Further we also observed from the record before us that even though the representatives of operational creditor and the corporate debtor have participated with Sintex in the triparty meeting the record does not show any dispute being raised by corporate debtor in any of the meetings. In f....
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....tral Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period. (e) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (f) That the order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (g) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. ....