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TMI Blog2020 (11) TMI 676X X X X Extracts X X X X X X X X Extracts X X X X ..... the other payments, since the applicant has agreed to bear the CGST payment provided the Bristo Foods Pvt.Ltd. cooperate in signing the documents and that they are ready to pay the upfront amount of ₹ 2,95,400/- provide the Bristo Foods Pvt.Ltd allow them to lift the machineries, there will not be any further dispute in those matters. They have also undertook to remove the machineries without causing any damage to the property of the Corporate Debtor. The applicant shall pay the CGST liability of ₹ 19,40,892/- demanded by the CGST Department and the Corporate Debtor Bristo Foods Pvt.Limited or Resolution Professional, as the case may be, sign the communications to be submitted to the Department, as the registration number is with the Bristo Foods Private Limited - applicant shall pay the upfront amount of ₹ 2,95,400/- towards the outstanding dues to the Bristo Foods Pvt.Limited. Application disposed off. - MA No.150/KOB/2020 IBA/49/KOB/2019 - - - Dated:- 5-11-2020 - Hon ble Mr. Ashok Kumar Borah, Member (Judicial) For the Applicant : Shri Sharad Joseph Kodianthara For the 2nd respondent (RP) : Shri Vinod PV, Advocate ORDER The applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 6. That the Interim Resolution Professional shall perform the duties as assigned under Section 15 and Section 18 of the Code and inform the progress of the Resolution Plan and the compliance of the directions of this Order within 30 days to this Bench. A liberty is granted to intimate even at an early date, if need be. 7. The commencement of the Corporate Insolvency Resolution Process shall be effective from the date of the Order of admission. 3. Thereafter the Corporate Insolvency Resolution Process of the Corporate Debtor commenced. The first CoC held on 24.1.2020 resolved with 84.49% voting to replace the existing IRP Shri Jasin Jose and to appoint Mr. Rajendran PR., Insolvency Professional having Reg.IBBI/IPA-001/IP-P00695/2017-2018/11225 as Resolution Professional. Hence this Tribunal vide order dated 30.01.2020 allowed the replacement of the IRP by appointing Shri Rajendran PR as the Resolution Professional. 4. The submission of the applicant herein is that as per the sub-contracting agreement dated 16.4.2019 all raw materials and packaging ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant was requested to clear the same, however, without stating anything regarding returning the machineries. However, the applicant stated that he is ready to settle any pending dues with the 1st respondent/Corporate Debtor and also give an undertaking to reimburse the demand amount, if any with regard to the CGST issue. 5. When the matter was taken up for admission on 14.10.2020, the learned counsel for the Resolution Professional Shri Vinod PV appeared and stated that if the dues of the Corporate Debtor as also the CGST Department is cleared by the applicant, the Resolution Professional is ready to return the machineries mentioned in the application. He has further stated that he will file a statement to that effect within two days. The learned counsel appearing for the applicant stated that after receipt of the statement he shall file an undertaking, as desired by the Resolution Professional. During the hearing, the Resolution Professional suggested that the applicant herein may take over the Corporate Debtor company and carry on the business, to which the learned counsel for applicant submitted that the applicant is not interested to take over the company and that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t amounting to ₹ 19,40,982/-during the Month of March to June, 2017 for manufacture and clearance of their finished products to the applicant without following the prescribed procedure and in contravention of Rule 7(b) ( e) of Rule 9(1), Rule 9(6) and proviso 3 to Rule 4 of CENVAT Credit Rules, 2004. This irregularity was committed by the applicant with respect to the distribution of CENVAT Credit made to the Respondent. Hence this amount has to be paid by the applicant herein. 7. It is further stated that the applicant has in the MA given an undertaking to meet the liabilities before removing the machineries. Since the liability are huge, the applicant should give an undertaking before this Tribunal that it shall meet all taxes, interest, penalty, legal costs and all expenses and liabilities payable by the Corporate Debtor on account of show cause notice issued by the Assistant Commissioner before removing the machineries. 8. On receipt of the written submission from the Resolution Professional, the applicant has filed an undertaking, which reads as follows: 1. We do hereby undertake to take up the issue and pay the final liability, if any, arising out of above ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he machineries, there will not be any further dispute in those matters. They have also undertook to remove the machineries without causing any damage to the property of the Corporate Debtor. 10. Since the applicant has filed an undertaking as desired by the Resolution Professional, this Tribunal pass the following order: (i) The applicant shall pay the CGST liability of ₹ 19,40,892/- demanded by the CGST Department and the Corporate Debtor Bristo Foods Pvt.Limited or Resolution Professional, as the case may be, sign the communications to be submitted to the Department, as the registration number is with the Bristo Foods Private Limited. (ii) The applicant shall pay the upfront amount of ₹ 2,95,400/- towards the outstanding dues to the Bristo Foods Pvt.Limited. (iii) The applicant shall also pay an amount of ₹ 75,000/- being the securities charges of the premises, to the Resolution Professional, (iv) No damage should be caused to the Factory premises of the Corporate Debtor. If any damage happened, that should be set right by the applicant, while taking the machineries. (v) If all the above conditions are complied with, the Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X
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