TaxTMI 
TaxTMI 
2022 (4) TMI 1303
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....nitiation of Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor, namely Coromandel Agrico Pvt. Ltd. 2. In support of its claim, the operational creditor has placed on record copies of invoices that were raised for supplying certain pesticide products. The purchase order was dated 23.09.2015. In spite of requests by the operational creditor when the amount due was not paid, the operational creditor sent a demand notice dated 2nd April 2018 which was duly received by the corporate debtor and the same was replied to by the corporate debtor. Affidavit in compliance with Section 9(3)(b) and Section 9(3)(c) of IBC, 2016 has also been placed on record. Arguments on behalf of the Operational C....
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.... within the stipulated period of 10 days. 5. The learned counsel for the petitioner has also attached the copies of the ledger account maintained by the Operational creditor in their books of account which is annexed as Annexure 7 pg. 26 of the application and has also attached the bank statements of the Operational Creditor of 30.12.2017 of HDFC Bank which is marked on page 55 of the application in support of his application Arguments On Behalf of Corporate Debtor 6. The learned counsel filed their reply to the Demand Notice on 26.04.2018 and denied the averments made by the operational creditor. The debtor also contended that the creditor failed to reprocess Propozyte due to which the debtor suffered a loss of Rs. 20 Lakh which the deb....
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....e 21 as Annexure R-5. Since this issue couldn't be resolved, it caused a loss of Rs. 25,00,000 to the debtor i.e. the present value of 3.2 KL of PROPARGITE. 8. The learned counsel also submits that the operational creditor does not mention the name of any insolvency professional and the application not being in conformity and consonance with the provisions of the Insolvency and Bankruptcy Code of India, 2016 is liable to be dismissed on this ground alone. 9. Further another defence taken by the learned counsel for the corporate debtor is that the respondent company is not liable to pay the rate of interest as mentioned in the legal demand notice (Annexure 12) and has admitted in Part IV para 1 of the reply that the corporate debtor wa....
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....rmore, the operational creditor sent various emails to the corporate debtor requesting him to clear all outstanding dues with immediate effect. Also, the amount of Rs. 51,43,485 is not non-tenable on law or facts. Findings & Conclusion 12. During the course of hearings of this application on various occasions the Ld. Counsel appearing on behalf of the corporate debtor had sought time to arrive at an amicable settlement of the dues out of Court. On 16.02.2022 time was granted by this Adjudicating Authority to reach an amicable solution and the matter was listed on 23rd February 2022 and on this date of hearing, Ld. Counsel appearing on behalf of the corporate debtor submitted that despite best efforts the settlement could not be arrived at....
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....pplication filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor Coromandel Agrico Pvt. Limited is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) This Adjudicating Authority hereby appoints Mr. Sushil Kumar Singhal [Reg No. IBBI/IPA-001/IP-P01655/2019-2020/12536], having address at A-3/Flat no. 504, Krishna Apra Gardens, Plot No-7, Vaibhav Khand, Indirapuram, Ghaziabad- 201014, Uttar Pradesh [email: [email protected].], to act as the IRP under Section 13(1)(c) of the Code. iv) The IRP shall cause a public announceme....
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....financial sector regulator. ix) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. x) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. xi) The Interim Resolution Professional should convene a meeting of the Committee of Creditors and submit the resolution passed by the Committee of Creditors and shall identify the prospective R....