2022 (5) TMI 17

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Subhash Chandra Tiwary, Deputy General Manager of Rawmet Resources Private Limited ('Operational Creditor'), authorized vide Board Resolution dated 15 January, 2021, inter alia, praying for the following reliefs; a. For revival of the petition of the Operational Creditor being C.P. (IB) No. 09/KB/2018 and to list the matter for urgent hearing. 3. The Operational Creditor had initiated a proceeding under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('Code') against the Durgapur Projects Limited ('Corporate Debtor') before this Adjudicating Authority. Affidavit-in-reply was also filed by the Corporate Debtor. 4. During the pendency of the proceedings, the Corporate Debtor admitted that a sum o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ent of the sixth instalment of a sum of Rs. 35,53,240/- (Rupees Thirty Five Lakh Fifty Three Thousand Two Hundred Forty only). Refer to point No. 10 of the Petition Payment for the fifth instalment was made on 17 July, 2018. Refer to point No. 8 of the Petition. 6.4. On failure of payment of the sixth instalment the Operational Creditor issued a letter dated 04 July, 2019 to the Corporate Debtor but no response was received from the Corporate Debtor. 6.5. The Corporate Debtor is also liable to pay a sum of Rs. 49,65,768/- (Rupees Forty Nine Thousand Sixty Five Thousand Seven Hundred Sixty Eight only), which was waived by the Operational Creditor. Hence, the Corporate Debtor is liable to pay a sum of Rs. 85,19,008/- (Rupees Eighty Five....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r for the failure to provide STTG certificates). (d) The repayment was subject to the outcome of these proceedings, and the parties expressly agreed that the Corporate Debtor would recover the amount of Rs. 31,23,488/- along with interest and penalty from the Applicant, only upon the crystallization of the amount payable to the Central Excise Authority. (e) On 13 July 2018, the Assistant Commissioner, CGST, Durgapur-III Division, Durgapur, passed an ex parte order, whereby he directed the Corporate Debtor to pay the sum of Rs. 34,80,412/- along with interest and 100% penalty. Aggrieved with the aforesaid ex parte order, the Corporate Debtor preferred an appeal therefrom before the Commissioner of CGST and Central Excise (A....