2017 (7) TMI 1420

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....his Corporate Debtor on the ground that this corporate debtor defaulted making payment to the goods i.e. Iron, Steel and raw-material supplied by the Operational Creditor in between 2011 and 2012 for an amount of Rs. 4,72,28,431 and also arrears of interest of Rs.10,70,493 on delayed payment made prior to 2011 i.e. from 01.04.2010 to 31.03.2011. Brief facts of the Case: 1. The claim of the Operational Creditor accrued on account of supply of iron, steel and raw-material to the Corporate Debtor supplied during the years 2011-12 basing on details of the invoices as well as the dates upon which the Corporate Debtor became in default in making payments given in annexure-1 (page 10), the same is set out as below: 2. When it has been put....

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....reditor, because Section 22 of SICA is applicable only to the cases where claim already pending as on date this company was declared as sick unit. In addition to these two defenses, the Corporate Debtor has also raised a defense that this debtor company has never confirmed this claim made by this Creditor. 3. In support of the defenses raised, the Debtor Counsel, to justify his contention, relied upon a judgment in between Deputy Commercial Tax Officer and others v. Coromandel Pharmaceuticals and others AIR 1997 Supreme Court 2027 and Polymermann (Asia) P. Ltd. v. Union of India & Others {2006} 133 Comp Cas 894 Bom, to say that suspension of legal proceedings in respect of dues against sick company applies only to such of those dues reck....

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....luded in the sanctioned scheme (given under section 29 of SICA). The point that should not get lost sight of is, in the case on hand, no such scheme has been sanctioned u/s. 29 of SICA, and therefore there was no occasion either to include or to exclude this claim when the scheme itself had not come into existence.     4. The paramount consideration given by the Supreme Court is that such amounts like sales tax, etc, which sick company is enabled to collect after the date of the sanctioned scheme legitimately belonging to the Revenue, cannot be withheld under the cover of section 22 of SICA.     5. Basing on the analogy above, the debtor cannot escape from the liability, because it is a fact that this due....

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....ears to us it is a defense set up for the sake of frustrating this claim, but not basing on any dispute as required under I & B Code. 8. The Creditor in this case has not claimed any interest over the value of the goods supplied in the year 2011-12, he has only added the arrears of the interest that is payable by the Corporate Debtor for delay that has happened in making payment in respect to earlier invoices in 2010-11. Since it has been showing in the accounts maintained by the applicant, we believe that this Creditor is entitled to claim the arrears of interest i.e. Rs. 10,70,400 over the dues of the year 2010-2011. To prove this claim, the Creditor having filed invoices for the goods supplied to the Corporate Debtor, as to default is....

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....the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.     ii) That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period.     iii) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.     iv) That the order of moratorium shall have effect from 31.07.2017 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under s....

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....6.2011 2011-12/MUM/54 4,96,189.00 13. 26.08.2011 2011-12/MUM/88 19,51,511.00 14. 26.08.2011 2011-12/MUM/89 17,14,965.00 15. 30.08.2011 2011-12/MUM/90 13,69,886.00 16. 30.08.2011 2011-12/MUM/91 19,89,260.00 17. 31.08.2011 2011-12/MUM/92 10,79,415.00 18. 02.10.2011 2011-12/MUM/105 14,22,013.00 19. 24.11.2011 2011-12/MUM/124 22,35,241.00 20. 23.01.2012 2011-12/MUM/155 8,96,103.00 21. 23.01.2012 2011-12/MUM/156 9,13,953.00 22. 24.01.2012 2011-12/MUM/158 12,47,254.00 23. 24.01.2012 2011-12/MUM/159 12,75,153.00 24. 25.01.2012 2011-12/MUM/160 12,15,795.00 25. 27.01.2012 2011-12/MUM/161 11,59,256.00 26. ....