9911796707
TMI Blog2017 (8) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Corporate Debtor (in the Territory of Andhra Pradesh) who is engaged in the business of manufacturing /processing food products. 2. An Agreement dated 1st May, 2014 was also executed in relation to the C&F Agency between the Operational Creditor and Corporate Debtor and subsequently, as per agreement, a sum of Rs. 5 Lakhs was also deposited with the Corporate Debtor by way of refundable security deposit and that the Operational Creditor was also authorized by the Corporate Debtor for obtaining a VAT & CST Registration in relation to the transfer of goods to the Depot address. 3. The Operational Creditor further claims that business of the Corporate Debtor was stopped in the State of Andhra Pradesh from 01.11.2015 and subsequent t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y called the AAA Rules, 2016, the petitioner was directed to serve the copy of the application and annexures to the respondent company and upon service, the respondent company is represented before us and was given an opportunity to file its reply. 6. From a perusal of the reply, it is the contended by the Corporate Debtor that the applicant had violated several clauses of the C&F Agreement and had also failed to discharge its obligations under the said agreement. It is further alleged that the Operational Creditor has not issued and sent Form 'F' duly signed and filed in relation to the stock transfers to him as per the Central Sales Tax Act. Further, the Operational Creditor under the C&F Agreement even though was specifically pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Application and the amount has been claimed under the following Heads, namely, 11. Government indirect Expenditure subject to reimbursement, * Other Expenditure subject to reimbursement , * Commission, rent aggregating in all to a total sum of Rs. 20,55,584/- * Out of which, it is claimed by the Operational Creditor a sum of Rs. 9,27,804/- has been received from the Corporate Debtor and a Balance sum of Rs. 11,27,780/- towards interest for delay in payment a sum of Rs. 6,11,842.96 has been claimed and the total net claim therefore comes to the extent of Rs. 17,39,623/-. 12. The above amounts claimed by the Operational Creditor is vehemently disputed by the Corporate Debtor on the grounds as already seen. Further, the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly, in view of the arbitration clause contained in the C&F Agreement dated 1st May, 2014 entered into between the parties on which the petitioner has also relied on for claiming the amounts. 14. Further, on going through the certificate as issued by the Bankers, it is seen that the said certificate is also not in consonance with the way it is required to be produced as it does not refer to the unpaid Operational Debt by the Corporate Debtor and about its non- payment. However, on the other hand, the certificate is bald in its content and produced in relation to the period between 13th March, 2017 and 17th March, 2017 and not in relation to the duration of the agreement period prior to termination. Therefore, taking into consideration the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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