TaxTMI 
TaxTMI 
2022 (10) TMI 1012
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....ate Debtor i.e. Matiz Metals Pvt. Ltd. is a Private Limited Company incorporated as per Companies Act, 1956 having its registered office situated at the address Plot No. 18, EPIP, Byrnihat-793101, District Ri-Bhoi, Meghalaya. It has been trading in gold, gold Jewellery, Jewellery of other precious metals, diamonds and copper waste and scrap. As per the information available on the website of Ministry of Corporate Affairs, the authorized share capital of the Corporate Debtor is Rs. 6,00,00,000.00 (Rupees Six Crore only) and paid-up capital Rs. 89,20,000.00 (Rupees Eighty-Nine Lac Twenty thousand only). A true copy of the Master Data of the CD Company as available on the Ministry of Corporate Affairs website has been annexed with the Petition. 3. The Petitioner/Operational Creditor submits that: 3.1. The Operational Creditor is a Company which has sold and delivered, 2,300,000 gm. of Gold Bars 995 material under Tax Invoice bearing No. 21-22/110 dated 01.02.2022 of Rs. 1,13,47,510.00 (Rupees One Crore Thirteen Lakhs Forty-Seven Thousand Five Hundred Ten only) by Delivery Challan No. 110/21-22 dated 01.02.2022 on the same day. Copies of Tax Invoices and Delivery Challan have been an....
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....the Operational Creditor for the Period 01.02.2022 to 09.03.2022 has been annexed. 3.8. The Corporate Debtor even after accepting and acknowledging its liability has failed to pay outstanding amount with the sole intention to prejudice the rights of the Operational Creditor in respect of its legitimate claim. The Corporate Debtor has not made any attempt to act and/or clear the outstanding dues as on date. This act clearly shows its intentions of purposely delaying the payment. The Corporate Debtor has not denied the claim, however conveniently not complied with the demand notice also. 3.9. The Operational Creditor humbly submits that, thus admittedly the corporate debtor is liable to pay amount of Rs. 1,13,47,510.00 (Rupees One Crore Thirteen Lakhs Forty-Seven Thousand Five Hundred and Ten Only) on this ground alone the petition ought to be admitted. Hence from the aforesaid it is clear and evident that the Corporate Debtor despite acknowledging its liability has miserably failed to honour the claim of the Operational Creditor, namely Anvi Metcorp Pvt. Ltd. 3.10. Hence, the Operational Creditor humbly prays that the instant application u/s. 9 of the IBC be admitted and Corporat....
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....ulfill its obligation." In reference to this issue raised by the Respondent, it is submitted that the Respondent by alluding such issues, admitting the fact that the debt is due and there is default on its part, hence raising such issue after occurrence of default is irrelevant. Further, it is lucidly clear that the Respondent has grossly failed to pay the debt amount which is due and payable as confirmed by the Respondent in terms of Section 3(12) of IBC, 2016, and application under 9(1) of IBC-2016 was filed by the Operational Creditor to trigger CIRP against the Respondent on the occurrence of default, which is its substantive right of Operational Creditor and further such application is in compliance of section 9(1), (2), (3) & (4) which justify that the application must be admitted 5.2. In Compliance of NCLT Order dated 13-05-2022, Submission relating to the nature of transaction, source of procurement of gold, certificates, and Trade Licence has been made by the OC as under: 5.3. Nature of Transaction: The nature of transaction between Applicant & Respondent is well evident from the GST invoice, raised by the Applicant for the supply of Gold Bar under the HSN Code '7108....
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....ed with. Under this circumstance, the Hon'ble Bench may graciously be pleased to admit this application. 6. In compliance to our order dated 17.06.2022, the Applicant further submits that: 6.1. The Operational Creditor/Applicant has sold and delivered, 2300 gms of Gold Bar 995 under HSN Code 71081200 vide E-Tax Invoice bearing No. 21-22/110 dated 01.02.2022 of Rs. 1,13,47,510.00 (Rupees One Crore Thirteen Lakhs Forty-Seven Thousand Five Hundred and Ten Only) by Delivery Challan No. 110/21-22 dated 01.02.2022 on the terms of immediate payment. 6.2. The Operational Creditor has sent the reminder letter dated 04.02.2022 to the Corporate Debtor for payment of outstanding amount Rs. 1,13,47,510.00 on that Corporate Debtor expressed in making payment because of financial difficulty and asked for two days' time to clear the outstanding amount. 6.3. The Operational Creditor has granted two days' time to the Corporate Debtor to clear the outstanding amount vide letter dated 08.02.2022 but the Corporate Debtor has failed and neglected to pay the said due amount of Rs. 1,13,47,510.00. Hence, it compelled the Operational Creditor to send demand notice to the Corporate Debtor on....
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....ove Rupees One Crore. b. Debt is due and defaulted. c. Default occurred on 02.02.2022 and continuing, d. Demand Notice dated 18.02.2022 has been served at the Registered and Administrative office of the CD and proof of delivery of notice has been filed by the OC/Applicant. e. Petition has been filed within the limitation period, as the default date is 02.02.2022 and onwards when the petition under Section 9 of the IBC has been filed on 22.03.2022 f. Existence of dispute prior to the issue of demand notice is not found. Hence, the application filed by the Petitioner under Section 9 of the IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process in respect of the Corporate Debtor. 9. Accordingly, the petition filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating Corporate Insolvency Resolution Process in respect of the CD-Matiz Metals Private Ltd. The date of admission of this petition is 30.09.2022. 10. Moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016 is hereby declared. The moratorium is declared for the purposes r....
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....r, K.C. Choudhary Road, Ram Prasad Complex, Chatribari, Guwahati-781001, Kamrup (M), Assam, having IP Registration No. IBBI/IPA-002/IP-N00413/2017-18/11205, as an Interim Resolution Professional. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the provisions under Section 13 and 14 and other relevant provisions of the Insolvency and Bankruptcy Code. The IRP is to file Assignment Declaration Form with the Registry within 3 days from receipt of this Order. 12. The Operational Creditor has to deposit Rs. 3,00,000.00 (Rupees Three Lakhs Only) in the account of the IRP within three days for initial expenses of CIRP including paper publication etc., which will be apportioned as per the provisions of the Code and reimbursed the amount approved by the CoC to the Applicant upon formation of the Committee of Creditors. 13. The Interim Resolution professional is directed to strictly comply with the model timeline for CIRP as provided under Regulation 40A of ....