9911796707
TMI Blog2020 (8) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant should come to the Corporate Debtor. There are no fault with the directions of the Adjudicating Authority as recorded in paragraph-21 of the Impugned Order. The actions taken by the Resolution Professional were placed before the CoC and even CoC had found that the Appellant should clear the outstanding dues of the Corporate Debtor before goods could be returned. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 846 of 2019 - - - Dated:- 4-2-2020 - [Justice A.I.S. Cheema] Member (Judicial) , (Kanthi Narahari) Member(Technical) And (V P Singh) Member(Technical) For the Appellant : Mr. Rajiv Ranjan, Sr. Advocate along with Mr. Anirudh, Advocates For the Respondent: Mr. Sumesh Dhawan and Ms. Vatsala Kak, Advocates JUDGEMENT A.I.S. Cheema, J: This Appeal has been filed by Orbit Lifescience Private Limited which had moved Application CA No. 171 of 2019 claiming to be Intervener in Insolvency proceeding CP(IB) No. 102/Chd/CHD/2018. Appellant sought release of raw material/stock lying at the plant of Corporate Debtor as belonging to it and sought further directions The original proceedings were initiated by Operational Creditor M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inly seeking following reliefs: .. (a) Notwithstanding any other issues concerning the alleged pending dues or otherwise, and considering the perishable nature of the Raw Materials/Stock, pass appropriate orders for the immediate release of the Raw Materials/Stock lying with the Corporate Debtor; (b) Pass appropriate orders to set aside the RP s claim for the alleged dues; (c) Pass appropriate orders directing the RP to accept the difference amount in Debtor s Account and add the same to the admitted claim of the Appellant; (d) Pass appropriate orders directing the RP to compensate the Appellant for the damages incurred by the Appellant on account of delay caused by the R.P. till date of release of goods which in turn has deteriorated the conditions of the Raw Materials/Stock. [Emphasis supplied] 3. In short, the case of the Appellant is that on 01.05.2018 a Bailment Agreement was executed between the Appellant and the Corporate Debtor. In view of the Bailment Agreement, the Appellant was to deliver Raw Material/Stock to the Corporate Debtor for converting the same into finished products. The Corporate Insolvency Resolution Process (in short ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the difference amount was due to Books of Entries of the Corporate Debtor and he was told that Debtor s account was missing from the Books of the Corporate Debtor. The Appellant claimed that in spite of efforts put in by the Appellant, the Resolution Professional did not agree to release the claim. The Appellant applied to the Resolution Professional to recover Raw Materials which were lying at the Plant of the Corporate Debtor but he could not get back the Stocks and the Committee of Creditors (in short CoC ) did not accord permission to remove Raw Materials/Stocks lying with the Corporate Debtor. CoC on 05.01.2019 passed resolution to appoint Stock Auditor for conducting stock audit and verify the stocks. The Appellant claimed that the stocks lying had expiry date after which it would lose value. According to the Appellant, the Adjudicating Authority in the Impugned Order raised following two issues as under: b) The Hon ble Tribunal may be pleased to pass an order directing the Corporate Debtor/RP/COC to release the Intervener s raw material/stock lying at the Corporate Debtor s plant immediately. c) The Hon ble Tribunal may be pleased to pass an order directing the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he month of September in terms of the Agreement. As per Resolution Professional, CoC resolved that the Appellant should clear the outstanding dues of the Corporate Debtor in terms of the Agreement dated 01.05.2018 before the issue of return of goods belonging to the Appellant could be taken up. 9. The Resolution Professional has further taken a stand as per Section 170 of the Indian Contract Act, 1872, that the Corporate Debtor has right to retain the Raw Materials provided for converting the Raw Materials into finished product as the Appellant has not cleared the pending dues. It is further argued by the Resolution Professional that the Appellant did not press the difference amount before the Adjudicating Authority and it was only now that the same is being pressed. From the claim submitted in Form-B, the Resolution Professional could verify the claim of ₹ 8,08,40,571/- in terms of the supporting documents and Books of Account of the Corporate Debtor. 10. At the time of argument before us for the Resolution Professional it has been further submitted that the Appellant never came to the Resolution Professional after the Impugned Order was passed and now Company Appeal(A ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
