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TMI Blog2019 (11) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... or The Applicant : Mr Shivangshu Naval And Mr Raunak Bupna For The Respondent : Mr Uddyam Mukherjee, Advocate ORDER 1. This Application has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016), read with Rule 6, of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Suryaa Chamball Power Limited (for brevity Applicant ) claiming to be an Operational Creditor, with a prayer for initiation of Corporate Insolvency Resolution Process against Prakriti Power Private Limited (for brevity Corporate Debtor ). This Application is filed through Mr. Girish Agarwal an Authorised Representative of the Applicant, authorised vide Board Resolution dated 01.08.2017. 2. The Applicant is a Public Limited Company, registered with Registrar of Companies, Jaipur bearing CIN: U31909RJ1997PLC013826 and the Registered Office of the Applicant is at Village- Rangpur, Tehsil - Ladpura, Kota- 324002 (Rajasthan). 3. The Corporate Debtor is a Private Limited Company incorporated under the provisions of the Companies Act, 1956 on 08.06.2007, duly registered with Registrar of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. The total amount claimed by the applicant as mentioned in Part IV is a sum of ₹ 12,93,542/- excluding interest of ₹ 8,79,609/- as an outstanding amount which is due and payable by the corporate debtor as described below: PART IV Sr. No. Particulars of Operational Debt 1. Total amount of debt, details of transactions on account of which debt fell due, and the date from which such debt fell due. ₹ 12,93,542/-(Principal Debt) + Interest @12 % p.a. from 01.04.2013, till the date of payment 2. Amount claimed to be in default and the date on which the default occurred. * ₹ 12,93,542/-(Rupees Twelve Lakh Ninety-Three Thousand Five Hundred and Forty-Two Only) as Principal and ₹ 8,79,609/- (Rupees Eight Lakh Seventy-Nine Thousand Six Hundred Nine Only) as Interest. Total amount claimed: ₹ 21,73,151/- * Date of default is the date of last ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zed from its sale will be refunded to Suryaa Chamball after adjusting demurrage charges/expenses incurred by Prakriti towards its storage/civil work . 11. The Corporate Debtor submits that on 01.11.2017, the advocate for Mr. Sanjay Bagrodia (Petitioner before NCLT, New Delhi Bench in C.P. No. 350/2017) addressed a letter to the Advocate for the Corporate Debtor setting out a proposal for an amicable settlement. It is stated in the said letter that under item 3 of the Summarized Balance Sheet of Prakriti Power Pvt. Ltd. ₹ 12.94 lakh were owed to Sundry Creditors . Further, Alternative 2 of the settlement proposal required ₹ 12.94 to be paid to the Applicant who was the Sundry Creditors therein. 12. The Corporate Debtor submits that due amount of ₹ 12,93,542/- had been disputed by the Corporate debtor and submits that it is evident from email dated 21.08.2017, that the cheques for the amount of ₹ 12,93,542/- sent by the Applicant to obtain signatures of the Authorized Signatories of the Corporate Debtor had been sent back unsigned. The Corporate Debtor disputes the purchase order dated 22.12.2011, as the same was signed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rformance of the terms of this Agreement, the Parties, for themselves and their shareholders, personnel, advisors, officers, representatives and affiliates, do hereby relinquish, waive, release, acquit and forever discharge each other of and from any and all claims, disputes, actions, charges, contractual obligations, complaints, causes of action, rights, demands, debts, damages, or accountings of whatever nature, at law or in equity, known or unknown, asserted or not asserted, which they have now or may have in the future against one another, based on any actions or events prior to the date of this Agreement, including without limitation, the Disputes and any matters arising out of or related to the Prakriti SHA, as well as Articles of Association of Prakriti, and any claims for delay, disruption and impact and any claims (including claims based on statute or equity) for attorneys fees and costs incurred in connection with each of the aforesaid, and any claims for interest and from the date of completion of all actions Contemplated under Clauses 4 and 5 of this Agreement, acknowledge and agree that the Prakriti SHA shall automatically stand terminated. 15. The Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso observed that Applications bearing CP No. 350(ND)/2017, CP No. 49/71/ND/2018 and IB-108(PB)/2017 dismissed as withdrawn in view of the Settlement Agreement by the NCLT, Jaipur Bench, were filed by Mr. Sanjay Bagrodia and not by the Applicant and also as stated by the Applicant the subject matter of these Applications were not related to the subject matter in the present Application. Thus, there is no payment of the unpaid operational debt. 20. Section 5(6) of the Insolvency and Bankruptcy Code, 2016, defines the term Dispute as under: dispute includes a suit or arbitration proceedings relating to- (a) the existence of the amount of debt; (b) the quality of goods or service; or (c) the breach of a representation or warranty; 21. As it is observed above, that the Corporate Debtor has acknowledged the debts through Confirmation of Accounts and also it is seen that the Corporate Debtor has admitted in its Balance Sheet dated 31.03.2015, that ₹ 112,93,542/- is due from the Applicant. The corporate debtor has not produced evidence that the Corporate Debtor has objected/disputed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC, 2016, in relation to the Corporate Debtor. (iii) The said IRP shall act strictly in compliance with the provisions of IBC, 2016. With a view to defray his expenses to be incurred and fees on account, the Operational Creditor is directed to deposit a sum of ₹ 2,00,000/- (Two Lakh only) to the account of IRP within 3 days from the date of this order. The IRP shall duly file the status report appraising this Tribunal about the progress of CIRP unfolded in relation to the Corporate Debtor. In terms of Sections 17 and 19 of IBC, 2016, all personnel of the Corporate Debtor including its promoters and Board of Directors, whose powers shall stand suspended will extend all cooperation to the IRP during his tenure as such and the management of the affairs of the Corporate Debtor shall vest with the IRP. (iv) In terms of Section 9 of IBC, 2016, a copy of this order shall be communicated to the Operational Creditor, Corporate Debtor as well as the Interim Resolution Professional appointed by this Tribunal to carry out the CIRP at the earliest not exceeding one week from today. A copy of this order shall also be communicated to IBBI for its records. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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