TaxTMI 
TaxTMI 
2023 (2) TMI 1132
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....itiate Corporate Insolvency Resolution Process against Regma Ceramics Private Limited (hereinafter referred as "Corporate Debtor"). 2. From Part I of the Application, it is seen that the Operational Creditor is a Private Limited Company. 3. From Part II of the Application, it is seen that the Corporate Debtor is also a Private Limited Company and the registered office of the Corporate Debtor as per the Application is stated to be Sellur Village, Agalankannu Road, Thirunallar Commune, Karaikal, Pondicherry. The date of incorporation of the Corporate Debtor is stated to be 17.10.2000 and the authorized share capital and paid up share capital of the Corporate Debtor are Rs.160,000,000 and Rs.158,900,000 respectively. 4, From Part III of the....
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.... maintaining a running account for the business transactions between' the Operational Creditor and the Corporate Debtor. (iv) That, the Operational Creditor issued legal notice dated 16.12.2020 calling for the Corporate Debtor to pay the outstanding amount to the tune of Rs.1,91,55,230/- along with interest @ 24 % per annum within 30 days from the receipt of notice. (v) That the Corporate Debtor had failed to make any payments regardless of sending legal notice and the outstanding debt amount due and payable as on 31.03.2022 amounts to Rs.3,66,75,221/- (Principal + Interest). (vi) That the Operational Creditor issued statutory Demand Notice in Form-III dated 13.04.2022 to the Corporate Debtor and the same was duly served to the Co....
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....acilitation Council to arbitrate the dispute and provisions of Arbitration and Conciliation Act shall apply to Arbitration. (iii) That Section 18(4) of MSME Act gives the status of an Arbitrator and Conciliator to Facilitation Council or the Councils providing Alternative Dispute Resolution services. (iv) That the Applicant has filed a MSME Petition and the same is pending for adjudication. This will tantamount to a pre-existing dispute and hence this Application will be clearly hit by Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software (P) Limited; 2017 1 SCC Online SC 353. (v) Further it is submitted that the petitioner has not produced any records to prove the supply of materials such as purchase orders, consignment notes, airway bil....