2015 (8) TMI 1459 - HC - Companies Law

Corporate Insolvency Resolution Process - default in repayment of loan advanced to the corporate debtor - winding up petition filed against the Corporate Debtor has been admitted - Held that - There does not appear to be any doubt as to the amount claimed to be due by the petitioning-creditor. It would be evident from the certificate of February 17, 2014 and the company s e-mail of July 15, 2014 that the company has no defence to the claim. CP is admitted for the principal sum of ₹ 3,87,49,003/- together with interest thereon at the rate of 8 per cent per annum from February 11, 2014, which is the date indicated in the letter of February 17, 2014 issued by the company to the petitioner. If the company pays off the entire amount, inclusive of interest and costs assessed at 2000 GM, within a fortnight from date, the petition will remain permanently stayed. In default of such payment, the petition will be advertised once in The Statesman and once in Bartaman . The advertisements should indicate that the matter will appear before Court on the first available working day after the expiry of four weeks from the date of the publications being made. Publication in the Official Gazette will stand dispensed with.

Summary

Issues:
1. Claim of transportation service rendered by the petitioner to the company.
2. Dispute over the claimed amount and demand for documentary evidence by the company.
3. Company's agreement to pay outstanding dues in monthly installments.
4. Court's decision on the admitted principal sum and interest.

Analysis:
1. The petitioner claimed a sum of &8377; 3,87,49,003/- for transportation services rendered to the company at its unit nos. 3 and 4. The company disputed the claim, questioning the rates charged as excessive. However, the company had previously confirmed the amount due in a letter dated February 17, 2014, which was meant for the petitioner's bankers and not for general use. The company's subsequent actions indicated a lack of defense to the claim.

2. In response to a statutory notice, the company disputed the claimed amount and demanded documentary evidence to support the claim. The petitioner, in turn, provided documents and maintained that all necessary evidence had been submitted. Subsequent correspondence, including an email from the company agreeing to pay the outstanding dues in monthly installments, further demonstrated the acknowledgment of the debt by the company.

3. The company, in an email dated July 15, 2014, agreed to pay the outstanding dues by making monthly payments of &8377; 10 lakhs each, indicating an ongoing reconciliation process to ascertain the total outstanding amount. The company requested the withdrawal of legal notices and cases filed by the petitioner, showing a willingness to settle the dues amicably.

4. The Court admitted the petition for the principal sum of &8377; 3,87,49,003/- along with 8% interest per annum from February 11, 2014, as per the company's confirmation in the February 17, 2014 letter. The Court provided a stay option if the company paid the entire amount, including interest and costs, within a fortnight. In case of default, the Court mandated advertisements in specified newspapers and set a timeline for further proceedings, with the provision for urgent certified website copies of the order to be supplied to the parties upon request.