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TMI Blog2018 (12) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... The Rules) M/s. KCL Limited (The Operational Creditor) against M/s. NUI Pulp & Paper Private Limited (The Corporate Debtor), having its registered office at Surror Chenakkal, Calicut University P.O., Calicut University, Kerala-673635. 2. The amount claimed by the petitioner against the corporate debtor is Rs. 23,91,847/- including a sum of Rs. 2,41,53/- towards interest on the total due amount calculated as on 30.06.2018. 3. The operational creditor is engaged in the business of manufacturing plywood pallets, corrugated boxes, paper cartons and different types of packing boxes, etc,. 4. The Corporate debtor approached the Operational Creditor and expressed interest in purchasing carton boxes and establishing business relationship with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11 710271 6410 1,79,480.00 10-10-2017 10-10-2017 08-01-2018 12 710283 6710 1,87,880.00 14-10-2017 14-10-2017 12-01-2018 13 710290 7680 2,15,040.00 20-10-2017 20-10-2017 18-01-2018 14 710305 1070 29,960.00 27-10-2017 27-10-2017 25-01-2018 15 710306 2032 56,896.00 27-10-2017 27-10-2017 25-01-2018 16 710307 4768 1,33,504.00 27-10-2017 27-10-2017 25-01-2018 17 710336 6380 1,78,640.00 08-11-2017 08-11-2017 06-02-2018 18 710356 2805 73,350.75 15-11-2017 15-11-2017 13-02-2018 19 710366 4980 1,39,440.00 17-11-2017 17-11-2017 15-02-2018 20 710374 1,57,499.25 20-11-2017 20-11-2017 18-02-2018 Total 24,26,974.00 5. The Corporate Debtor h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cartons have bulged due to improper stacking and mishandling in transit. However, even assuming that the goods shown were supplied by the Operational Creditor herein, the Corporate Debtor has asked for replacement of the entire goods supplied when by their own admissions only a few were allegedly damaged. 8. The Operational Creditor cannot identify or confirm the origin of the cartons depicted in the picture that was sent since they lack proper identification and the goods could have belonged to any supplier of the Corporate Debtor and there is no proof that the goods which are shown were in fact supplied by the Operational creditor. 9. The Operational Creditor has further stated that, they have systems in place to ensure proper qual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he goods by the Operational Creditor. It is also stated that with the intention to maintain a long lasting business relationship with the Corporate Debtor, the Operational Creditor had also offered to replace the goods but were surprised to find that the goods were already in use and were in fact had been exported to the Dammam port, Saudi Arabia. 13. In the preliminary objections filed by the Corporate Debtor on 04.10.2018, it has been stated that they do not admit any averments made in the Application. Further it has been stated that Application itself discloses that there is a notice of dispute. The reply notice dated 30.04.2018 would show that the goods supplied by the applicant were defective due to which respondents suffered huge los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order the commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within 180 days, reckoning from the day this order is passed. Since the petitioner has not recommended any name for IRP, we appoint Mr. Subbarayan Nachimuthu as IRP from the list provided by the IBBI dated 28.06.2018. The IRP is directed to submit his consent in Form-2 within three days of issue of this order. There is no disciplinary proceedings pending against the IRPand his name is reflected in IBBI website. The IRP is directed to take charge of the Respondent/Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the IBC, 2016 within 3 days from the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l not apply to such transactions, as notified by the Central Government. The IRP shall comply with the provisions of Sections 13(2), 15, 17 & 18 of the Code. The Directors, Promoters or any other person associated with the management of the Corporate Debtor are directed to extend all assistance and cooperation to the IRP as stipulated under Section 19 and for discharging his functions under Section 20 of the IBC, 2016. The Financial Creditor/Applicant as well as the Registry is directed to send the copy of this order to IRP so that he could take charge of the Corporate Debtor's assets etc. and make compliance with this Order as per the provisions of the IBC, 2016. The IRP is directed to maintain accounts regarding the proceeds from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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