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TMI Blog2019 (12) TMI 1310X X X X Extracts X X X X X X X X Extracts X X X X ..... entertain and try this application. Application admitted - moratorium declared. - Company Petition No. IB-1177/ND/2019 - - - Dated:- 19-12-2019 - Hemant Kumar Sarangi, Technical Member, Dr. Deepti Mukesh, Judicial Member For the Applicant : Ms. Ritwika Nanda and Ms. Petal Chandhok, Advs. For the Respondent : Harsh Tayal ORDER HEMANT KUMAR SARANGI, TECHNICAL MEMBER 1. The present application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s Health Care at Home India Private Limited (for brevity 'Applicant'), through its authorized signatory Mr. Sukhvinder Singh, authorizing him to file present application vide Board resolution dated 22-1-2019, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP), against M/s. Satyam Drugs Pvt. Ltd. (for brevity 'Respondent'). 2. The Applicant, the Operational Creditor, namely M/s. Health Care at Home India Private Limited, is a company incorporated on 27-9-2012, under the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9/0763 13-10-2018 16,08,217.80/- DEL/18-19/0765 15-10-2018 12,55,464/- DEL/18-19/0769 16-10-2018 10,13,254.20/- DEL/18-19/0772 17-10-2018 11,49,632.30/- DEL/18-19/0776 18-10-2018 7,89,876.40/- DEL/18-19/0778 18-10-2018 16,94,284.20/- DEL/18-19/0780 22-10-2018 10,97,123.40/- 5. The Applicant further states that, the Corporate Debtor never raised any dispute with regard to the goods supplied to him and further, against a part outstanding/payable amount of the above mentioned invoices and towards a part discharge of its legally enforceable debt and admitted legal liability, the Respondent through its directors issued the following cheques to the Operational Creditor: S. No. Cheque Date Cheque No. Cheque Drawn on Sum of the Cheque (in Rs.) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aforementioned cheques, the said cheques were returned unpaid by the Respondent's bank. 6. The Applicant further states that, thereafter, it initiated complaint cases under Section 138 of the Negotiable Instruments Act, 1881 with regard to the aforementioned Cheques thus, Complaint Case Nos. 2140 of 2019, 2142 of 2019, 1028 of 2019, 2143 of 2019, 2144 of 2019, 2145 of 2019 and 2146 of 2019, were initiated against the Corporate Debtor at Patiala House Courts. The said Complaint Cases are presently pending adjudication before Ld. Metropolitan Magistrate and on the last date of hearing, the Ld. Metropolitan Magistrate was pleased to issue summons to the accused parties. 7. In spite of various requests made and reminders sent by the Applicant, the respondent did not reply. On failure to pay the outstanding dues by the Respondent, the applicant sent a demand notice dated 25-2-2019, under section 8 of the Insolvency and Bankruptcy Code, 2016 to the respondent. However, owing to certain inadvertent errors, the notice under section 8 dated 25-2-2019 was withdrawn vide letter dated 16-4-2019. Further, the Operational Creditor sent a fresh notice under section 8 of the I B Code, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates that, as per the ledger of the respondent, the respondent is having a sum of ₹ 1,97,06,210/- as outstanding dues recoverable from the petitioner on account of the reverse sales made by the respondent to the petitioner (reverse sale is also acknowledged and reflected in the ledger annexed with the petition). On the other hand an amount of ₹ 2,24,15,101/- as outstanding dues is payable by the respondent to petitioner on account of the purchases made by the respondent. Therefore, after adjusting both the recoverable and payable amounts, a net sum of ₹ 27,08,891/- is payable by respondent to the petitioner, and the respondent has already made offer to the petitioner to receive the said amount of ₹ 27,08,891/- subject to issuance of a full and final receipt against all its claims against respondent inclusive of the claims made in aforesaid complaint cases U/S 138 of the N.I. Act. 13. Pursuant to the reply of the Corporate Debtor, the Operational Creditor has filed its rejoinder, in its rejoinder the Applicant states that, it is denied that there have been any reverse sales amounting to ₹ 1,97,06,210/- made by the Corporate Debtor is being put ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional Ms. Rashmi Agarwalla to meet out the expenses to perform the functions assigned to her in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Operational Creditor. The amount however will be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the Operational Creditor. 20. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the Code shall come in force. 21. The Registry is directed to communicate a copy of the order to the Operational Creditor, the Corporate Debtor, the Interim Resolution Professional and the Regis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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