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TMI Blog2020 (2) TMI 391X X X X Extracts X X X X X X X X Extracts X X X X ..... f CIRP against the Corporate Debtor. Application admitted - moratorium declared. - CP (IB) NO. 2144/MB/C-IV/2019 - - - Dated:- 6-12-2019 - Rajasekhar V.K., Judicial Member And Ravikumar Duraisamy, Technical Member Girish B. Kedia and Ms. Shivangi Kedia, Advs. for the Appellant. Amit Gharte, Adv. for the Respondent. ORDER Rajasekhar V.K., This is a Company Petition filed under section 9 of the Insolvency Bankruptcy Code, 2016 (IBC) by M/s Rasayano, represented by its proprietor, Mr Purushottam G Khetan ( the Operational Creditor ), a proprietorship concern represented by its proprietor, Mr Purushottam G Khetan seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Katariya Pet Private L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 21.05.2018 for a sum of ₹ 24,18,174.00 (pp.46-52 of the Petition); The payment in respect of the invoices was to be made within thirty days (para 1 of Part IV at page 3 of the Petition); (b) Against receipt of the goods covered under the two invoices, the Corporate Debtor made part payment of ₹ 7,00,000/-, leaving a balance principal sum of ₹ 41,36,348/- as due and payable (para 1 of Part IV at page 3 of the Petition); (c) In discharge of the said liability, the Corporate Debtor issued several cheques, all of which were dishonoured upon presentment. The Corporate Debtor gave written acknowledgement in the form of a note signed by the Director of the Corporate Debtor, confirming the contents and terms as set out i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr Anup Kulkarni, on 28.05.2018 itself (para 3 at page 122 of the Reply); (c) The Corporate Debtor sold the supplied material as scrap for a sum of ₹ 2,80,000/-. A loss of ₹ 27,70,320 was caused to the respondent, with an additional loss of ₹ 4,80,000/- in manufacturing of scrap material. The Corporate Debtor also had to hire a godown for storing the scrap material, and this is valued at ₹ 7,20,000/-. All in all, a sum of ₹ 2,73,972/- is recoverable from the Operational Creditor (para 3 at page 123-124 of the Reply); (d) The Corporate Debtor has invoked Arbitration Clause provided under the Sales Contract dated 07.03.2018, on 28.06.2019, and this fact has been intimated to the Operational Creditor (para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor on 24.04.2019, as per acknowledgement at page 39 of the Petition. The reply to the earlier legal notice simpliciter dated 08.04.2019 came to be issued by the Corporate Debtor only on 14.06.2019. (b) There was no reference whatsoever to the IBC or proceedings thereunder in the legal notice simpliciter dated 08.04.2019. However, in the reply dated 14.06.2019, which purports to be a reply to the said legal notice simpliciter, the Corporate Debtor has specifically mentioned in para 6 that the proceedings under IBC cannot be invoked. (c) It is clear from this one statement that the reply, though ostensibly stated to be a response to the legal notice alone, was actually drafted after receipt of the legal notice dated 08.04 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cturing of scrap i.e. ₹ 2Lakh excess of realised value. We have also noted that no one has adjudicated the amount of loss incurred by the Corporate Debtor to the tune of ₹ 27,70,320/- and the proof of the above has not been submitted. Therefore, we are of the view that the above submissions are without any justification, documents and do not hold any water. 14. Therefore, the application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of one lakh rupees stipulated under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to den ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) The provisions of sub-section (1) of section 14 of the IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any sectoral regulator. (d) The moratorium shall have effect from the date of this order till the completion of the CIRP or until this A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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