TaxTMI 
TaxTMI 
2022 (6) TMI 824
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.... and Bankruptcy Code, 2016 ('the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr. Rahul Khaitan, Director, Khaitan Rice Mill Private limited ('Operational Creditor'), duly authorized vide Letter dated 22 March, 2019 Annexure - B, page 17 of the Petition. to initiation of Corporate Insolvency Resolution Process ('CIRP') against Radhashyam Industries Mills Private Limited('Corporate Debtor'). 3. The present Petition was filed on 02 April, 2019 before this Adjudicating Authority. The total amount claimed in default is Rs.25,77,322/- (Rupees Twenty Five Lakh Seventy Seven Thousand Three Hundred Twenty Two), inclusive of interest calculated @18% p.a. till 06 December, 2018, wh....
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....outstanding stood due and payable. 5.4 Thereafter, a statutory notice dated 04 March, 2019 under section 8 of the Code was sent by the Operational Creditor and the same was received by the Corporate Debtor. 5.5 The parties had also entered in a separate agreement for supply of 250 quintals of 'Mota' Rice Brans of lower quality at Rs.900/quintals. However, said transaction is not the subject matter of the instant application. 6. Submissions by the Corporate Debtor in its reply 6.1 In pursuance of the statutory notice dated 04 March, 2019, the Corporate Debtor replied to the Operational Creditor vide reply notice dated 27 March, 2019. However, no such reply was brought on record with respect to the said notice by the Operational C....
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....n their separate accounts. 6.6 During the conciliation between the parties it was noticed that a sum of Rs.22,76,950/- was paid in excess to the Operational Creditor, which the Operation Creditor was supposed to return to the Corporate Debtor. However, after some family dispute, the operational Creditor raised eleven disputed invoices with incorrect and higher calculation at Rs.17000/- per metric ton. After conciliation, a sum of Rs,6,09,299/- is only due and payable to the Operational Creditor. 6.7 After making a detailed enquiry with the accounts department, following facts were revealed; i. During the period 01 April, 2018 till 27 March, 2019 the Operational Creditor raised forty-six invoices. ii. From the records....
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....rned documents annexed to the Petition. 9. It is pertinent to mention that the matter was heard from time to time 23 July, 2021, 02 September, 2021, 26 October, 2021, 25 November, 2021, 17 December, 2021, 07 January, 2022, 18 February, 2022, 28 March, 2022, 27 April, 2022 but none appeared on behalf of the corporate Debtor. Though there was no representation on behalf of the Corporate Debtor at the hearing held on 23 July, 2021, 02 September, 2021, 26 October, 2021, 25 November, 2021, 17 December, 2021, 07 January, 2022, 18 February, 2022, 28 March, 2022, 27 April, 2022. However, a reply affidavit has been filed the Corporate Debtor through its Advocate Mr. Ayan Kumar Boral. The last appearance of the Advocate on behalf of the Corporate ....
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....moratorium under section 14 of the IBC. c) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of Corporate Debtor under section 33 of the IBC, as the case may be. d) Public announcement of the CIRP shall be made immediately as specified under section 13 of the Code read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. e) Ms. Priyanka Ajitsaria, registration number IBBI/IPA-001/IP-P-02360/2021- 2022/13858, email: [email protected], is hereby ....