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TMI Blog2017 (6) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be treated as bonafide one in the light of the Hon'ble Delhi High Court decision in the matter of Olam Agro India Limited Vs. Mother Impex Private Limited (2014 (4) TMI 944 - DELHI HIGH COURT) Present petition filed by the authorised signatory / managing Director of the operational creditor company and has further been ratified by the Board Resolution passed by the operational creditor companies is found There exists no previty contract among the interested / affected parties e.g. sundry creditors, nor it has been consented to or ratified by these sundry creditors / including the present operational creditors then writing of such liability cannot be treated to be valid one and have legal sanctity as per the Section 62 illustrati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in C.P. No. 16 of 2017 to M/s Arohul Foods Private Limited for Rs. and in C.P. No. 17 of 2017 M/s. Rungata Industries Private Limited for ₹ 14,97 ,879/-. It is apparent from the bank statements furnished and certificates issued by the financial institution that the operational creditors have not received so far full payment of supply of the goods made to the corporate debtor company against which invoices were raised. Further it is found in statutory return and the record of corporate debtor company itself that goods have been purchased and received from operational creditor's and their names are reflected in company's purchase list which was duly prepared by the corporate debtor company and submitted along with its Tax retur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Whether he has committed an act of Insolvency and or not. Hence the present corporate debtor being a corporate person fall within the definition of insolvent as it has committed the default for making payment and an action can be taken against him under section 55 to 58 of the Sales of Goods Act. The Hon ble Supreme Court in the matter of Shakti Tubes Limited Vs. State of Bihar came to examine the provisions of Section 62 of the Contracts Act and illustration C' given therein and observed if there is not assents of a third party, no new contract is said to have entered into between such parties. Further in the matter of Industries Ltd. Vs. ICICI Bank and another (Hon ble NCLAT Appeal (1B) Nos. 1 2 of 2017), it is held that the chang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstitute of Technology Vs. Pannalal Chowdhary (reported in 2015 (11) SCC Page 669) has settled the legal position in respect of ratification of an act done by an authorised signatory to retrospectively validate and it is permissible in law . As present petitions are filed by their authorised signatory / Managing Director and has further been ratified by its operational creditors company hence are found to be find properly and is in order. It is also found that unpaid debts / liability towards sundry creditors were duly entered and admitted in the books of account of corporate debtor company before signing of the MOU dated 19.05.2016 and only on the strength of such MOU these liabilities are written off and revised balance sheet is prepar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action of foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or less or where such property is occupied by or in the possession of the corporate debtor. 7. We further refer the matter to Insolvency Bankruptcy Board Of India for the limited purpose of nominating Insolvency Resolution Profession (IRP) including the name of proposed [RP by the operational creditor to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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