TaxTMI 
TaxTMI 
2019 (12) TMI 1582
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....de, 2016 (IBC) by Vedanth.Com Worldwide Limited [CIN: U64602WB2000PLC091491] ("the Operational Creditor"), a Public Limited Company represented by its Manager Mr. Subodh Vichare, duly authorised by the Board Resolution dated 27.05.2019 (Exhibit 'A' to the petition at p.9), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Karthik Alloys Limited [CIN: U31200GA1992PLC001969] ("the Corporate Debtor"). 2. The Corporate Debtor is a public company limited by shares and incorporated on 30.12.1992 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its Corporate Identity Number (CIN) is U31200GA1992PLC001969. Its Registered Office is at L6 L7 Cuncolim Industrial Estate, Cuncolim Sal....
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.... have been placed on record as Exhibit 'C' at pp.13-170. The invoices provide for interest in case of delayed payments, to be charged at the rate of 18% per annum. Bank statements are also attached as Exhibit 'E' at PP. 172-213. The total debt due and payable to the Operational Creditor is Rs. 34,11,111/- (Rupees thirty-four lakhs eleven thousand one hundred and eleven only), as mentioned at page 3 of the Petition. 6. The Operational Creditor had served a Demand Notice in Form 3 by Speed Post on 10.04.2019 to both the addresses of the Corporate Debtor i.e. South Goa and Durgapur, West Bengal. (Exhibit 'J', pp.246-249). The Demand Notice has been received by the Corporate as per speed post proof of Delivery placed ....
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....erials and accounts have also been reconcile between the Operational Creditor and Corporate Debtor. d) The Demand Notice in Form-3 as received by the Corporate Debtor is undated and same not maintainable under the Insolvency and Bankruptcy (Application to Adjucating Authority) Rules, 2016 as the Corporate Debtor has a counter-claim due to the loss and damage suffered against delayed supplies of raw materials, short supplies of raw materials and inferior quality of raw materials. e) The Corporate Debtor has raised following main defences: i) The Corporate Debtor vide reply dated 03.05.2019 has countered the claim of the Operational Creditor against his undated Demand Notice through its counsel, regarding pre-existi....
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....n accordance with the provisions of IBC 2016. ii) Further there is no record to substantiate/justify the counter claim made by the Corporate Debtor for an amount of Rs. 23,97,616/- as claimed by Corporate Debtor. Further the said quantum of amount has also not been adjudicated by any relevant Authority. 11. The application made by the Operational Creditor is complete in all respects as required by law. The Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. In view of this, this Adjudicating Authority admits this P....
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....urity interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Operational Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by ....