TaxTMI 
TaxTMI 
2021 (3) TMI 1356
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.... STR Holdings, Inc./Applicant under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('IB Code' for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('IB Rules' for short) for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, M/S. Lucent Cleanenergy Private Ltd. for the payments of the unpaid Operational Debt due of USD 1,698,440. 2. It is submitted by the Petitioner that the Respondent Company, M/s. Lucent Cleanenergy Private Limited having its registered address at 14/ 15, First floor, Pushpak Apt., Opp. Kaladarshan Flats, Prernatirth Derasar Road, Satellite, Ahmadabad-380015, Gujarat, India and was incorporated on 0....
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....toms duty, freight for raw materials and finished goods, transportation to end customers, GST and other incidental expenses undertaken by the corporate debtor in selling the PV encapsulants to the end customer. 4. Further, stated by the Applicant for ease of business, the orders for PV Encapsulants were placed with the Corporate Debtor and payments were received into the account of the corporate debtor. Up to February 15, 2018, the Applicant remitted payments in settlement of the invoices by the respondent. Payments in settlement of all subsequent invoices raised by the respondent/corporate debtor were adjusted/ set off against payments due from the respondent to the applicant. After adjustment/ set-off of tolling fee and reimbursements du....
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....remittance of USD 103,320 to the Applicant and on July 24, 2019 the Respondent affected a remittance of USD 217,525 to the Applicant against partial payment of outstanding dues. The remittance of USD 108,732 is captured in the Account Reconciliation Statement forwarded by the Respondent/corporate debtor to the Applicant on July 11, 2019. 6. The Applicant has issued a Demand Notice dated 25.09.2019 for the remaining payment of USD 1,698,440/- along with interest without annexures. The Applicant has attached the proof of acknowledgement of receipt/ delivery report of a demand notice under section 8 of IB Code. This Petition is filed on 02.12.2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid Operational Debt due ....
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..... It is the responsibility of the applicant to sell the products. It is further submitted by the respondent that as per the term sheet the applicant's responsibilities include shift of their existing business from China to their JV, provide technology, sales and technical support and agreement to pay rent to the respondent for their factory. The respondent to lease their existing factory premises to the JV along with provisions for testing equipments, warehouse, etc. and pay royalty to the applicant on the sales made by JV. 10. It is submitted by the respondent that he has never raised any purchase order on the applicant or any of the suppliers of the imported raw material. The respondent also submitted that as per the relationship between....
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....s used that do not meet customer requirements (iii) agree to limit recycled material content to less than 5% of the finished goods by weight (iv) agree to compensate STR for raw materials used beyond an agreed-upon scrap rate of 3%. STR shall (i) provide raw materials necessary to fulfil manufacturing requirements (ii) provide packaging materials as needed (iii) provide technical assistance to maximize efficiency and throughput on the extrusion line. STR will also provide (i) raw materials for trials and (ii) blending equipment. The blending equipment and any unused raw materials are to be returned to STR at their request. The transactions carried out were as per the above clause and is falling in the category of job worker for tolling and....
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....of inventory given for tolling/ production not used or accounted for will also not come under operational debt and in addition, there are disputes regarding quantum of allowable scrap and about wastages in conversion/ tolling between the parties before the issue of demand notice as shown in various mails enclosed with the application. In respect of the claim towards Equipment, the agreed value between the parties is US$ 400,000 and the invoiced value is US$200,000. As agreed between the parties vide mail dated 15.03.2018 and 19.03.2018 as shown in Exhibit J - page no. 1468 to 1470 of the application the balance of US$ 200,000 is by way of recovery by a discounted tolling fee of US$ 0.04 per sm. Invoiced value of US$ 200,000 is paid by the r....