TaxTMI 
TaxTMI 
2022 (10) TMI 521
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....ency 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 Petition for which the Operational Creditor....
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....re, 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 being filed in 2018 is barred by limitation. It is his further con....
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.... 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 issued legal notice on 06.05.2015 for winding up under section 434 of the Companies Act for which there was no reply on behalf of the Corporate Debtor. Thereafter, the Operational Creditor filed winding up petit....
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....pplies 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 current problem between our two companies and take it back to the same level as we have enjoyed in this 25 years of our relationship. Best Regards, Ambrish Shah 12. It is very clear from the above e-mail that the Corporate Debtor had once again acknowledged the debt on 02.02.2015 and the ab....
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....e 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 company petition is liable to be admitted and accordingly, the above Company Petition is admitted by passing the following; ORDER a. The above Company Petition No. (IB) 351 (MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s. Perfect Engineering Produc....
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....uction 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 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. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Be....