TaxTMI 
TaxTMI 
2022 (9) TMI 323
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....IRP") against Exotica Ventures Private Limited ("Corporate Debtor"). 3. The Corporate Debtor is a company limited by shares incorporated on 16 November 2011, having CIN: U45400WB2011PTC169466, under the Companies Act, 1956, with the Registrar of Companies, West Bengal, Kolkata. Its registered office is at DK1102, DLF Galleria, Premises No. 02- 124, Plot No. BG/8 Action Area I, New Town, Paraganas South, Kolkata- 700156, within the State of West Bengal. Therefore, this Bench has jurisdiction to deal with this petition. 4. The present petition was filed on 14 March 2018 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 46,68,629.99 (Rupees Forty-Six Lakh Sixty-Eight Thousand Six Hundred and Twenty-Nine and paise ninety nine only) which comprises of a sum of Rs.27,24,938/- (Rupees Twenty Seven Lakh Twenty Four Thousand Nine Hundred and Thirty Eight only) as the Prinicipal sum and an interest component @ 18% per annum totaling to Rs. 19,43,691.99/- (Rupees Nineteen Lakh Forty-Three Thousand Six Hundred and Ninety One Paise Ninety Nine only) till 30 November 2017. 5. The learned Counsel for the Operational Creditor....
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.... 8. The Corporate Debtor filed its reply affidavit. The learned Counsel for the Corporate Debtor has raised four points: a. Dispute as the existence of amount of debt under section 5(6)(a) of the Code ii. The learned Counsel placed reliance on several emails dating from 05 September 2016 till 26 September 2016 wherein the Corporate Debtor has time and again repeated that there is no outstanding dues; annexed and marked as Annexure C (coll.) of the Reply. iii. In respect of bills referred to in sl. .nos. 7 and 8 at page 28 of the petition, the transportation charges were paid by the Corporate Debtor on behalf of Operational Creditor; invoices annexed and marked as Annexure E at pages 216 to 220 of the Reply. iv. The transportation cost was thus deducted while making payment of the invoices raised by the Operational Creditor. Invoices dated 31.03.2015 being s1. nos.38, 39 and 40 were subsequently revised on 03.04.2015 which were sent by email dated 03.04.2015; copies are annexed at pages 221 to 223 of the Reply. v. The learned Counsel submitted that payments of these bills have already been made. The last payment was made by Corporate De....
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....h form part of the petition". ii. The learned Counsel submitted that contradictory case made out by any party, results in rejection thereof by a Court of Law and placed reliance on Steel Authority of India Ltd. v. Union of India (UOI) and Ors. AIR 2006 SC 3229 and Mati Lal Poddar v. Judhistir Das Teor and Ors. (1915) 22 CLJ 254, (para 3). d. The Corporate Debtor is financially solvent and is operating its business on a very large scale. The turnover and net worth of the Corporate Debtor for the financial year ending 2021-2022 is Rs.2765.90 Lakh and Rs.243.38 Lakh respectively. The Corporate Debtor is a commercially solvent, profitable and running concern. There is no averment by the Operational Creditor that the Corporate Debtor has lost its substratum or that the Corporate Debtor is commercially insolvent The learned Counsel placed reliance on Jignesh Shah and Another vs. Union of India and Another, (2019) 10 SCC 750 (paras 31 to 37) Rejoinder on behalf of the Operational Creditor to the reply of the Corporate Debtor 9. With respect to the aspect of limitation, it is submitted that the Company Petition was filed within three years from the date of ....
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....ion be granted under section 340 of the Code of Criminal Procedure, 1973 to prosecute Rashmi Garg and Shreyansh Garg for committing offences of perjury under sections 193 and 195 of the Indian Penal Code, 1860; b. Direction be made to impose suitable punishment and fine upon Rashmi Garg and Shreyansh Garg; c. Record findings against the alleged operational creditor, Rashmi Garg and Shreyansh Garg in respect of the acts of perjury committed by them and forward the complaint to the Chief Metropolitan Magistrate or any other learned Magistrate of the 1st Class having appropriate jurisdiction to take appropriate jurisdiction to take appropriate steps on the basis of such complaint; d. Take sufficient security, not less than Rs.1 Crore, from the alleged Operational Creditor, Rashmi Garg and Shreyansh Garg for securing their appearance before the concerned Magistrate and in the alternative arrest the Directors of the alleged Operational Creditor including Rashmi Garg and send them as accused into the custody of the concerned Magistrate. 15. The Applicant in the present case i.e. the Corporate Debtor in the main Company Petition has advanced the following gro....
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....is evident from the Bank Account statement that has been annexed with the Company Petition at page 238. 19. The main contention of the Corporate Debtor in brief is that the total amount of the forty bills was Rs.3,37,20,315/- (Rupees Three Crore Thirty-Seven Lakh Twenty Thousand Three Hundred and Fifteen only) out of which Rs,26,130/- (Rupees Twenty Six Thousand One Hundred and Thirty only) was deducted as the Corporate Debtor had made payment of the transportation charges. A further deduction of Rs.27,61,170/- (Rupees Twenty-Seven Lakh Sixty One Thousand One Hundred and Seventy only) was deducted on account of quality issue and the balance amount of Rs.3,09,33,015/- (Rupees Three Crore Nine Lakh Thirty-Three Thousand and Fifteen only) was paid to the Operational Creditor. 20. The Corporate Debtor has relied on various emails and GRNs and laboratory Test Reports to show the deficiency in quality of products. 21. The email to which the Corporate Debtor has relied on to show that the specifications of Soya DOC were informed to the Operational Creditor has been challenged by the Operational Creditor who has submitted that Kailash Garg is not concerned with the affairs of the ....