TaxTMI 
TaxTMI 
2022 (10) TMI 521
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....r") seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Engineering Products Limited (hereinafter called "Corporate Debtor") by invoking the provisions of Section 8 & 9 of Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present Petition is filed before this Adjudicating Authority claiming that the Corporate Debtor failed to make the payment for a sum of Rs. 76,01,262/-(Rupees Seventy-Six Lakhs One Thousand Two Hundred and Sixty Two Only) along with an interest @ 18% per annum (Rs 27,36,454.68/-). 3. The Corporate Debtor filed a detailed reply dated 03.01.2020 opposing the above Company....
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....017, the last date for compliance was 15.07.2017, therefore, the transferred Petition from the Hon'ble High Court stood abated. 3. However, as per the 1st Proviso to the Notification, liberty is granted to the Petitioner to file Fresh Petition as prescribed under the Code." FINDINGS 7. As mentioned above, the Corporate Debtor is resisting the admission of the above Company Petition primarily on the ground of Limitation and also on the ground of are pre-existing disputes between the parties. 8. Let us deal with the plea of limitation raised by the Corporate Debtor. It is the contention of the Corporate Debtor that the claim arises out of the invoices pertaining to the period of 2011-2012 and the present company petition....
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.... 5 lacs per week will be paid from 10 dec 2012) B. New Supplies : Basic Rate Rs. 11/Kg + E.D. + VAT December, 2012 4 Trucks (60 tons) Rs. 8,34,272/-/- January, 2013 8 Trucks (120 tons) Rs. 16,68,544/- February, 2013 8 Trucks (120 tons) Rs. 16,68,544/- March, 2013 10 Trucks (150 tons) Rs. 20,85,680/- Total Rs. 62,54,040/- New Supplies will be made against 120 days PDC initially and try to bring it down to 90 days. Review in January, 13 to bring down to 60 days depending on market situation. Amrish Shah Perfect Engg. Products Ltd 07/12/12 Kunal Janwalikar/E.K. Merchant Shree Satya Minerals pvt Ltd 10. Thereafter, the Operational Creditor got iss....
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....eing 76 Lacs. Balance 36 Lacs will be cleared in 4 equal installments of May, June, July & August 2015 Once again I apologise for this delay and also re-assure you of our intensions of meeting above payment commitment. Further as discussed we can resume supplies as per the following agreed price & terms a) Price - Rs. 9.40 per kg + Excise + Tax b) Delivery - Ex our factory Lonavala c) Payment terms prior to shipment. -Advance against proforma We are sending the purchase order as per above terms. Once again sincerely request you to accept the price of Rs. 9.40/ Kg for production supplies as well. We thank you for your understanding and assure you of our sincere intent to overcome the curr....
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....d, it is important to observe here that the Operational Creditor has got issue a legal notice before filing winding up petition before the Hon'ble Bombay High Court for which the Corporate Debtor did not choose to even send any reply. Even otherwise, the Corporate Debtor having admitted the liability through the minutes of meeting dated 07.12.2012 as well as email dated 02.02.2015 is estopped from raising the issue of quality of goods and thus this bench is of the considered opinion that the above plea of preexistence of disputes raised by the Corporate Debtor is a palpable defence that does not require any further investigation and is liable to be rejected. 15. For the aforesaid reasons, this bench is of the opinion that the above compa....
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....er authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. e. 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. f. That the p....