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TMI Blog2020 (3) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... v Advocates ORDER [Per: Mr. Prasanta Kumar Mohanty, Member (T)] 1. The present petition has been preferred by the Operational Creditor, Jayhind Steel Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a Code ) seeking for initiation of Corporate Insolvency Resolution Process ( CIRP in Short) against the Corporate Debtor Company namely, Saturn Pre Fab India Private Limited. 2. The Petitioner Operational Creditor is a registered company under the provisions of Companies Act, 1956, with a Company Identification Number (CIN) 77700007122. The registered office of the Petitioner is situated at 2, Stadium House, Opp. Municipal Swimming Pool, Nr. Stadium Six Road, Navrangpura, Ahmedabad-380009. The present Petition is filed through Authorised Person Shri K.G Sukhwani having address: C- 134, Sunrise Park, Drive-in-Area, Ahmedabad-380054. 3. The Respondent Corporate Debtor, namely M/S Saturn Pre Fab India Private Limited was incorporated on 19.07.2010 with CIN: 23959 ROC Gwalior. The authorised capital of the company is INR 80,00,000.00 (Rupees Eighty Lakhs Only) and the paid-up capital is INR 80,00,000.00 (Rupees Eighty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08.05.2017 16 320135.00 4. 15.05.2017 32 6257.00 5. 22.05.2017 33 833557.00 6. 22.06.2017 1 597593.00 7. 22.06.2017 2 166667.00 8. 23.06.2017 4 98630.00 9. 23.06.2017 5 354535.00 10. 23.06.2017 6 109988.00 11. 23.06.2017 7 163265.00 12. 26.06.2017 14 1236973.00 13. 26.06.2017 15 1450380.00 14. 26.06.2017 16 1434133.00 15. 26.06.2017 17 398 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and Twenty Nine Only). The fact that part payment was released fortifies the case of the applicant that the dues are admitted one and there is no dispute with respect to the same. Despite there being a part payment, Principal amount of INR. I,56,25,154.00 (Rupees One Crore Fifty Six Lakhs Twenty Five Thousand One Hundred and Fifty four Only) admittedly outstanding and payable. Furthermore, there was a specific clause in each invoices whereby the Applicant Company was entitled to Claim interest in case of delay in payment of invoice beyond the due date, at the rates mentioned in the respective invoices and since there is a gross and admitted delay in making payment of each invoices, interest amount of INR.25,36,268.OO (Rupees Twenty Five Lakhs Thirty Six Thousand Two Hundred Sixty Eight Only) on delayed payment of invoices is due and payable as on 10.07.2018. 8. It is further submitted that even after last part payment, a principal amount of INR. 1,56,25,154.00 (Rupees One Crore Fifty Six Lakhs Twenty Five Thousand One Hundred and Fifty Four Only) and interest thereon to the tune of INR.25,36,268.OO (Rupees Twenty Five Lakhs Thirty Six Thousand Two Hundred Sixty Eight Only) ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.4 It is submitted that some of the invoices annexed and marked in the Application by the Operational Creditor are fabricated and sham, as the invoices are incomplete for the want of address and are unacknowledged. Also the delivery challans annexed by the Operational Creditor are also unacknowledged by the Respondent. 9.5 It is further submitted that the Respondent Company through the account of its Associate Firm has made substantial payment to the account of Operational Creditor through banking channel on various dates for the goods supplied by the Operational Creditor. However, to the utter shock of the Respondent, the Operational Creditor in the ledger account as annexed in its Application has suppressed material fact and has not given adjustment to the undisputed amount. 9.6 It is submitted that there is a pre-existing dispute in relation to the amount which is to be paid by the Respondent Company and also with respect to the quality of the goods supplied. The Respondent had several times discussed with the Operational Creditor regarding the discrepancy in the ledger account of the Respondent Company maintained by the Operational Creditor, the Test Certificates (TC), w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pratapnagar, Vadodara awarded Tender No.DY/CE/C/1/BRC/CTD-Dhar-67 71, DY.CE/C/1/BRC/WS/03, DY.CE/C/1/BRC/450 to Corporate Debtor and as per the directions of the Corporate Debtor the Operational Creditor has delivered the steel material at various sites of Western Railway where Corporate Debtor has submitted the purchase bills of steels materials from the Applicant and obtained the Payment from Western Railway but not paid to the Applicant. A copy of letter No. BRC/G/542/ 1 Vol. VI dated 20.02.2019 received from Dy. Chief Engineer (C) I PIO, Pratapnagar, Vadodara. 10.5 It is submitted that the Applicant preferred the application under RTI on 09.01.2019 however, e information has not provided. It is further submitted that the Respondent Company has deliberately not provided all the copies of invoices and mislead the Hon ble Tribunal. It is submitted that the Applicant has filed the Central Sales Tax and GST for the month of February, March April-2017 and GST for the month of July, August October-2018 and Madhya Pradesh Sales Tax-2017 respectively. It is submitted that books of Accounts of the Applicant Company regularly audited and tax audit report for the financial year 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed on 08.11.2019 for operational debt due and defaulted of INR. 1,81,61,422.00 (Rupees one Crore Eighty One Lakhs Sixty One Thousand Four Hundred Twenty Two Only) as per the respective Invoices enclosed. 16.2 Date of invoice is between April 2016 to March 2018. 16.3 Date of first default is 30/11/2016. 16.4 Application is filed within the limitation period as the date of default is 30/ 11/2016 and the date of filing this petition under Section 9 of IBC is 11/07/2018. 16.5 No pre-existing dispute before the filing of this application is observed. ORDER 17. Considering the material, papers filed by the Petitioner on record and the facts mentioned in the Para No. 16, 16.1, 16.2, 16.3, 16.4 16.5 this Adjudicating Authority is satisfied that, a) Existence of operational debt is above Rs. One Lac; b) Debt is due; c) Default has occurred on 30/ 11/2016; d) Petition has been filed within the limitation period as the date of default is 30/ 11/2016 and the petition has been filed on 11/07/2018. e) Existence of any dispute, prior to the notice issued by the Operational Creditor is not found. Hence, the present 1B petition is admitted on 13.03.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Resolution Professional fees, paper publication costs etc., in the first month of the Corporate Insolvency Resolution Process. This is more, when Financial Creditor or other Operational Creditor is not there, COC is not formed and the Operational Creditor is not able to bear the CIRP expenses. 20. Hence, this Adjudicating Authority hereby appoints Shri Gopal Krishana Saraswat having Insolvency Professional Registration Number IBBI/IPA-OOI / IP- P00620/2017-2018/11076 having e-mail id drgksaraswat(@gmail.com Address, 387F 114 Scheme Part I Behind Diksha Girls Hostel, Sant Nagar, Lasudia Mori, Dewas Naka, Indore, Madhya Pradesh, 452010. The IRP is advised to file declaration disclosure statement within two days with this Registry. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor Company soon after receipt of an authenticated copy of this order and to act further as per the order [direction issued by this Adjudicating Authority and to follow the provisions Section 13 and 14 and relevant provisions of the Insolvency and Bankruptcy Code. The Interim Resolution Professional shall perform all his fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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