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TMI Blog2021 (3) TMI 300X X X X Extracts X X X X X X X X Extracts X X X X ..... te, Mr. Arun Kumar Gupta, PCA For the Corporate Debtor : Mr. Avishek Guha, Advocate ORDER This is a Company Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter, the Code) by Darkwell Merchandise Private Limited, a company incorporated under the provisions of the Companies Act, 2013 and represented by its Director, Mr. Rajkumar Kedia, authorised by a Board Resolution dated 01.12.2019 (hereinafter, the Operational Creditor) seeking to initiate Corporate Insolvency Resolution Process (hereinafter, CIRP) against S K P Steel Industries Private Limited (hereinafter, the Corporate Debtor). 2. The Corporate Debtor is a company limited by shares incorporated on 26.08.1997, having CIN: U51909WB2016PTC210184, under the Companies Act, 1956, with the Registrar of Companies, West Bengal, Kolkata. Its registered office is at Diamond Prestige, 41A AJC Bose Road, 6th Floor, Suit No. 612, Kolkata-700017, within the State of West Bengal. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 17.12.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is barred under principles of acquiescence, waiver, estoppel and the principles analogous thereto. b. The Corporate Debtor denied that the amount of 5,01,42,192/- (Rupees five crore one lakh forty-two thousand one hundred ninety two only) is due and recoverable against sixty-one invoices raised between 30.03.2019 and 19.10.2019. There had been no transaction between the said period against which the Operational Creditor has received their dues. c. It shall be evident from the statements of the Operational Creditor made in Part IV of the Petition that the Corporate Debtor had made various payments on an account basis from time to time and the Operational Creditor has duly received such payment. That the entire payment made by the Corporate Debtor has not been adjusted against the invoices raised by the Operational Creditor as expected. d. It shall appear from the communications referred to by the Corporate Debtor dated 16.08.2019 and 18.11.2019 that the process of reconciliation of accounts was underway and without reconciliation, the actual amount payable to the operational creditor, if any, could not have been determined. e. It shall appear from the communication date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the person affirming the petition is concerned, from perusal of the records, it appears that one Mr. Rajkumar Kedia has affirmed the petition. The Board Resolution dated 01.12.2019, authorising him to do several acts including affirming the petition to be filed before the Adjudicating Authority amongst other fora, is annexed to the petition at page 360. Therefore, this objection of the Corporate Debtor is also baseless. 10. The Corporate Debtor then objects that the delivery of demand notice dated 01.12.2019 has not been effectuated properly, however, from perusal of the said demand notice, it is apparent that the same was delivered to the Corporate Debtor on 02.02.2019 and the receipt of the same has been acknowledged by the Corporate Debtor by putting its seal and signature. 11. Further, the Corporate Debtor argues that the goods supplied and delivered were of inferior quality. However, the Corporate Debtor did not bring on record any proof to support such contention. On the contrary, the Operational Creditor has produced on record, referred to and relied upon invoices issued, ledger account maintained by the Operational Creditor pertaining to account of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e default stands established and there is no reason to deny the admission of the petition. In view of this, this Adjudicating Authority admits this petition and orders initiation of CIRP against the Corporate Debtor. 16. The Operational Creditor has proposed the name of Mr. Uday Narayan Mitra, registration number IBBI/IPA-001/IP-P00793/2017-18/11360, residing at 72/1, Dawnagazi Road, Bally, Kolkata-711201, West Bengal, email: [email protected], as the Interim Resolution Professional (IRP) of the Corporate Debtor. The proposed IRP has given his written communication in Form 2 as required under rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 17. It is, accordingly, hereby ordered as follows:- a. The petition bearing CP (IB) No. 2171/KB/2019 filed by Darkwell Merchandise Private Limited, the Operational Creditor, under section 9 of the Code read with rule 6(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against S K P Steel Industries Private Limited (CIN: U27310WB1997PTC085261), the Corporate Debtor, is admitted. b. There shall be a moratorium under section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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