2022 (4) TMI 1109

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....d default on the part of the Corporate Debtor having an outstanding balance of Rs. 31,08,473/- on account of supplying footwears to the corporate debtor. The details of transactions leading to the filing of this petition as averred by the applicant are as follows:- a. The Operational creditor is involved in the business of manufacturing of footwears. b. Further it is stated that for the goods supplied, invoices were raised by operational creditor bearing Invoice Nos. 1141, 1151 and 1178 for an amount of Rs. 8,22,150/-, Rs. 9,37,251/- and Rs. 1,42,506/- respectively. c. It is submitted that there were various emails in which the payment status and payment was demanded by the operational creditor and till date the corporate debtor has f....

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....m the corporate debtor of notice u/s. 8 of the code, the applicant filed application under Section 9 of the I & B code to initiate the CIRP. As per Form V, the total debt outstanding is Rs. 31,08,473/- as per terms of the invoices for the entire period of delay in payment and the bank charges. 2. The Corporate Debtor in its reply to the application submits that: a. The goods and products which are supplied by the operational creditor were having defects like stitching issues, bad material, holes etc. Further in the event of any defective/inferior quality supplied by the operational creditor leads to the low revenue from the respondent customer. b. It is submitted that despite the regular follow-up and alerts by the respondents not a si....

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....debtor has even paid partly by settling before Ld. MM, Tiz Hazari. Therefore, the contention of corporate debtor regarding disputes cannot be considered. 6. Considering the documents on records and submissions made, it is clearly established that the default in payment of the operational debt has occurred by the corporate debtor. Though the corporate debtor has raised dispute with regards the defective goods, but has not placed on record any document which proves the invoices were disputed. In view of the cheques issued and amount paid by corporate debtor. There is no merit in the so-called dispute raised by the corporate debtor as mere reply filed by the corporate debtor to the present application, is unable to establish any pre-existing ....

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....d the name of an IRP, therefore, this bench appoints Mr. Chetan Gupta as the Insolvency Resolution Professional of the corporate debtor. The registration number of the IRP being IBBI/IPA-002/IP-N01168/2020-21/13950 and email id. [email protected], IRP above named is appointed subject to the condition that no disciplinary proceedings are pending against him. The specific consent is required to be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and made disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016. 10. We direct the applicant to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, n....