9911796707
TMI Blog2020 (9) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... s been filed by the Appellant (Corporate Debtor), aggrieved and dissatisfied by the impugned order dated 25.10.2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal) Mumbai Bench-IV in CP (IB) 1689/MB/C-IV/2019 whereby and whereunder, an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short IBC) was filed by Megamet Steels Private Limited -Respondent No. 1 (Operational Creditor) was admitted for initiation of 'Corporate Insolvency Resolution Process' (in short CIRP) against the Company (Appellant / Corporate Debtor). Brief facts of the case: - 2. The Appellant is one of the Promotors and the Managing Director of the Company- Respondent No. 2. Due to ill-health the Appellant executed Powe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nety-three only) as on 01.09.2017 which is the date of default. 8. The Operational Creditor had served a Demand Notice in Form 3 dated 13.04.2018 to the Corporate Debtor claiming Rs. 14,78,496/- along with interest. However, the Corporate Debtor has not replied to the Demand Notice. Thereafter, as stated above an application under Section 9 of the IBC was filed before the Ld. Adjudicating Authority and the Notices were issued to the Corporate Debtor. The Ld. Adjudicating Authority had taken note in para 7 of the impugned order that the Corporate Debtor has remained unrepresented in spite of many opportunities given to it to appear and submit a reply in the matter but Corporate Debtor did not appear. 9. The Operational Creditor / Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to paragraph 9 of the impugned order where the Ld. Adjudicating Authority has taken note of the 5 Invoices submitted by Respondent No. 1 / Operational Creditor. 14. It was submitted that out of the total 5 invoices, no goods were ever dispatched against invoices 306, 307 and 309 and while referring to invoices at Annexure- A-6 page 49 to 85 of the Appeal Paper Book submitted that when the goods were supplied, the details of Driver, Transporters name and Lorry Receipt Nos. were given. 15. While referring to Annexure- A-11 at page 141 to 145 of the Appeal Paper Book only the vehicle No. was given. Particulars of Driver, Transporters and Lorry Receipt No. is not given and these are the 5 Invoices, on that basis application under Section 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor / Appellant and reply to Demand Notice not received by the Respondent No. 1. 20. Learned counsel for the Respondent No. 1 while referring to paragraph 6 of the impugned order submitted that the Ld. Adjudicating Authority has taken note the Demand Notice was duly served upon the Appellant. 21. It was further submitted that despite receipt of the Demand Notice the Appellant failed to appear before the Ld. Adjudicating Authority to contest the case and also failed to reply the Demand Notice dated 13.04.2018, so taking all these facts and consideration the Ld. Adjudicating Authority passed the impugned order which is in accordance with Law, so there is no merit in the Appeal therefore, fit to be dismissed. Finding 22. We have heard th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d notice or copy of invoice to either point out that a dispute exists between the parties or that he has since repaid the unpaid operational debt. If neither exists, then an application once filed has to be disposed of by the adjudicating authority within 14 days of its receipt, either by admitting it or rejecting it. An appeal can then be filed to the Appellate Tribunal under Section 61 of the Act within 30 days of the order of the Adjudicating Authority with an extension of 15 further days and no more." ............ 24. Learned counsel for the Appellant by filing the Rejoinder to Reply filed on behalf of the Respondent No. 1 at page 45 and 46 of the Rejoinder i.e. emails dated 9th September, 2017 and 13th September, 2017 much prior t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional' and 'Committee of Creditors', if any, are declared illegal and set-aside. The 'Interim Resolution Professional / Resolution Professional' is directed to handover the records and assets of the 'Corporate Debtor' to the Director of the 'Corporate Debtor' immediately. The matter remitted to the Ld. Adjudicating Authority to decide fees and costs of 'CIRP' payable to IRP/RP, which shall be borne by the Operational Creditor / Respondent No. 1. The Appeal is allowed with the aforesaid observations and directions. No costs. Let the Registry to communicate the Judgment to the Ld. Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-IV. Copy of the Judgment be provided to the party concern as per Rule. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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