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TMI Blog2018 (6) TMI 844X X X X Extracts X X X X X X X X Extracts X X X X ..... R. M. B. GOSAVI, JJ. For The Operational Creditor : Mr. Soumya Sujit Mishra, Pr. CS For The Corporate Debtor : Mr. Sangram Keshari Mishra, Advocate ORDER Per Shri Jinan K. R., Member (J) This is an application filed by Nile Traders/Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the I B Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority Rules 2016 for initiating Insolvency Resolution Process against the respondent Company/Corporate Debtor Rukmani Infra Projects Private Ltd. 2. The Operational Creditor, Nile Traders is a proprietorship firm. Mr. Bisweswar Mahapatra is the sole proprietor of Nile Traders. Nile Traders is engaged in the business of supplying industrial goods (both industrial consumables and industrial machineries). The office of the Operational Creditor for correspondence is situated at Sarala Niwas, Sriram Nagar, Madhupatna, Cuttack-753 010, Odisha. 3. The Corporate Debtor, Rukmani Infra Projects Pvt. Ltd., having Identification No. U281120R2008PTCO10247 is a company incorporated under the Companies Act, 1956 on 13th August ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... December 31, 2017 being ₹ 55,69,582/-, inspite of repeated reminders and much consideration being afforded to the Corporate Debtor for payment. 6. The operational creditor also contends that as per terms agreed on the debt fell due on and from 30 days from the date of respective invoices, the details specifying such transaction has been annexed to the notice and marked as Annexure-A. Further, the operational creditor stated that the corporate debtor had never raised any dispute with regard to the invoices raised by the operational creditor and had accepted the same without any dispute. 7. In support of the claim of unpaid operational debt, the operational creditor has submitted the following documents. (i) Copies of all other documents referred to in the application as Annexure 2 at pages 28 to 192 of the application. (ii) Copies of relevant accounts from the Banks of the Operational Creditor confirming that there is no payment of the relevant unpaid operational debt as Annexure 3 at pages 193 to 406 of the application. (iii) Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 1,11,59,511.00 (one crore eleven lakhs fiftynine thousand and five hundred eleven Only) including interest @24% up to 31.12.2017 as the unpaid operational debt due to Nile Traders to be paid by the Corporate Debtor. The petitioner further contends that respondent did not repay the amount but sent an evasive reply as above raising untenable contentions with an intention to avoid insolvency resolution process against the corporate debtor and thereby the Operational Creditor filed the instant application under Section 9 of the I B Code for initiating corporate insolvency resolution process as against the respondent. 12. The respondent/corporate debtor entered appearance and filed reply affidavit contending in brief is the following:- (a) The Corporate Debtor contends that averments made in the petition are based on conjectures and surmises. Regarding demand notice issued by the Operational Creditor, the Corporate Debtor contends that they confirm the payment of ₹ 55,89,930/- as outstanding towards supplying of materials but has denied and rejected the demand amount of ₹ 55,69,581/- towards interest claim @ 24% p.a. as the liabilities are incurred in course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arding the existence of any amount of debt, the quality of goods or service, or breach of a representation or warranty. The Corporate Debtor only disputed the interest component claimed by the Operational Creditor without showing any cogent grounds. On perusing the tax invoices, it came to our notice that the invoices contained a clause with regard to the charging of interest @24% if the payment was not made after due date. The invoices were signed and stamped by the Corporate Debtor, thus, accepting the terms and conditions present in the invoices. This made them liable to pay the interest component at the agreed rate beyond the due date. Besides, the Corporate Debtor assured the the Operational Creditor to repay the principal amount once its financial condition strengthens. 16. This application being filed under Section 9 of the I B Code, 2016 provides we have to satisfy the ingredients as provided under section 9(5) (i) of the Code. To fulfil all requirements under section 9(5), the Operational Creditor has furnished along with the application (a) copies of the invoices demanding payment and the demand notice delivered by the operational creditor to the corporate debtor; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate debtor. The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during the moratorium period. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The order of moratorium shall affect the date of admission till the completion of the Corporate Insolvency Resolution Process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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