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TMI Blog2019 (9) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against M/s. Gujarat Liqui Pharmacaps Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. SBF Pharma, having its registered office at Block No. 263, Santej, Tal. Kalol, Dist. Gandhinagar, Gujarat State and engaged in the business of manufacturing various kind of phosphates. 3. That, the respondent/corporate debtor M/s. Gujarat Liqui Pharmacaps Private Limited is a company incorporated under the Companies Act, 1956 on 30.10.1995 and having its registered office at GIDC Industrial Estate, Waghodia, Dist. Vadodara, Gujarat State, having Identi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000/- and Rs. 9,40,449/- under the genuine belief and understanding that such payments were towards full and final settlement of all the outstanding amounts due and payable to the applicant. That, the respondent is ready and willing to pay an additional sum of Rs. 7,50,000/- to the applicant which amount is shown as due and payable even as per the ledger account of the respondent maintained by the applicant. That, the respondent had sent a letter dated 28.02.2019 enclosing therewith a demand draft for Rs. 7,50,000/- towards full and final settlement of outstanding dues, however, the same was not accepted by the applicant. That, even as per the ledger account of the respondent in the books of the applicant, a sum of Rs. 7,50,000/- is due an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- towards principal, Rs. 2,47,500/- towards interest and Rs. 50,000/- towards legal charges, totally amounting to Rs. 10,47,500/- (Rupees ten lakhs forty-seven thousand five hundred only) and subsequently filed the instant petition on 1st April, 2019. 8. To decide the issue, it is desirable to refer to the decision of Hon'ble NCLAT in the matter of Binani Industries Ltd. vs. Bank of Baroda & Anr. in Company Appeal (AT) (Insolvency) No. 82 of 2018 14th November, 2018 which reads as under: - "17. To decide the issue, it will be desirable to notice the object of the I & B Code; object of 'Resolution' and what is expected from the Committee of Creditors; as summarized below: 1. The Objective of the I & B Code As evident from the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent to settle the issue. At this juncture it is desirable to refer to the decision taken by this bench on in White 'N' White Minerals (P.) Ltd. v. Hiltop Concrete (P.) Ltd. [CP No. (IB) 205/9/NCLT/AHM/2018, dated 30-5-2019] wherein, it is held that... "16. It is evident that the corporate debtor has agreed to clear the principal outstanding amount and has tried to settle the issue amicably but the applicant was reluctant. That, it will be open to the applicant to move before a court of competent jurisdiction for realisation/recovery of their dues instead of initiating resolution process which will have adverse effect on a going concern. That, keeping in mind the basic objective of the IB Code as also considering the fact that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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