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TMI Blog2020 (6) TMI 391X X X X Extracts X X X X X X X X Extracts X X X X ..... editor. It is further noteworthy that the operational creditor filed a civil suit for recovery of its amount before the Hon'ble High Court, Calcutta which passed a decree in favour of the operational creditor which remained non-complied by the corporate debtor. Even, application for recalling of said decree filed by the corporate debtor has been dismissed by the Hon'ble High Court. There is no case of suppression of any material fact. Further, no material of whatsoever nature has been brought on record to show that there exists some dispute except making oral allegations within the meaning of Sec.5(6) of the Insolvency Bankruptcy Code, 2016 prior to initiation of this proceedings. Thus, there is an operational debt which is due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon'ble High Court, Calcutta. The Hon'ble High Court, Calcutta granted decree vide its order dated 7/3/2018 in favour of the operational creditor, directing the corporate debtor to make payment of ₹ 74,10,686/-. The operational creditor is also entitled to interest @ 9% per annum in terms of the said decree. The corporate debtor, however, did not make payment as per order of the Hon'ble High Court, Calcutta. 4. On 30/6/2018, a demand notice under 8 of the Insolvency Bankruptcy Code, 2016 read with rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 was sent to the corporate debtor. 5. Corporate debtor replied to the said demand notice wherein the only point raised by the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the operational creditor in June 2018 and this fact was not mentioned. Thus, for this material suppression, the petition was liable to be dismissed. He drew our attention to pages 132 to 135 containing reply to the notice of demand delivered on the corporate debtor under Sec.8 of the Insolvency Bankruptcy Code, 2016, wherein issues of quality of materials as well as non-submission of invoices were raised. Ld. Counsel for the corporate debtor also submitted that due to quality issues, the supplies made by the corporate debtor to the railway were rejected and the corporate debtor suffered financial loss for that reason. 10. On a query from the Bench whether any material, such as written document/communication were exchanged between the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons made by both sides and materials on record. It is noted that the supplies have been made by the operational creditor to the corporate debtor who has used such supplies to make the final products for consumption of its client i.e. the railway. It is also noted that such supplies were made by the operational creditor after inspection and approval by RITES Ltd., which is the competent authority, hence, there cannot be a dispute regarding the quality of material supplied by the operational creditor. It is further noteworthy that the operational creditor filed a civil suit for recovery of its amount before the Hon'ble High Court, Calcutta which passed a decree in favour of the operational creditor which remained non-complied by the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admit the application and order as under:- ORDER i. The application filed by the Operational Creditor under section 9 of the Insolvency Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Jay Prestressed Products Limited is hereby admitted. ii. We declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I C, 2016. iii. Moratorium is declared for the purposes referred to in section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under section 15. The public announcement referred to in clause (b) of sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded 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 Section 31 or passes an order for liquidation of corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Shri Nitesh Kumar More, IP Registration No. IBBI/IPA-001/IP-P01087/2017-18-11785 email id nmore209 [email protected] Mob. No.8336087901 is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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