9911796707
TMI Blog2021 (6) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor viz., M/s. Hema Engineering Industries Limited, declare Moratorium and appoint Interim Resolution Professional. 3. It is submitted by the Ld. Counsel for the Operational Creditor that the total amount of debt is Rs. 4,73,33,795/- which was due and payable by the Corporate Debtor as on 28.11.2019. It is stated that the Corporate Debtor had approached the Operational Creditor in the month of June, 2019 for purchasing the product "Flat C-45" (hereinafter referred as "Goods") and in pursuance of the said request; the Operational Creditor had supplied goods to the Corporate Debtor. It is further stated that the payment term for supplying of goods was 45 days from the date of issuance of invoices but later on it was extended t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record at Page 27 wherein it is deposed that the Corporate Debtor did not bring on record the existence of and/or pendency of any suit or arbitration proceedings filed before the receipt of the Demand Notice, as contemplated under clause (a) of sub-section 2 of Section 8 of the IBC, 2016. The Ledger Account is placed on record at Page 64 and the Bank Statement from 01.09.2019 to 07.05.2020 is also placed on record at Page 141 of the type-set petition. 7. The reply has been filed by the Corporate Debtor wherein the claims and contentions of the Operational Creditor were denied. Further, it is stated in the reply that the Corporate Debtor is a solvent company and there is genuine dispute with regard to the claim made by the Operational C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make, present, submit and file all applications, written statements, complaints, notices, plaints, petitions and other documents against M/s. Hema Engineering Industries Limited before any Court of law or any Tribunal or any quasi-judicial or statutory or administrative authority. The language of the Board Resolution is very clear and there is no ambiguity. It is noted that the Board Resolution gives an authority to the authorize person to initiate the action for filing suits and applications. Therefore, as per board Resolution, the application has correctly been filed for initiating the CIR Process against the Corporate Debtor. The Board Resolution cannot be read in a manner as suggested by the Ld. Counsel for the Corporate Debtor. The Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that an amount of Rs. 68,35,493.97/- has been paid to the Operational Creditor through Hero Moto Crop Limited during the year of 2020, no correspondence is placed on record to suggest that the said amount has been paid by the Hero Moto Crop Limited on behalf of the Corporate Debtor to the Operational Creditor. In rebuttal, it is submitted by the counsel for the operational creditor that there are separate business relations of his client with Hero Moto Crop Limited and the said amount is paid against the supply of material to the Hero Moto Crop Limited. The plea taken by the counsel for the corporate debtor is not substantiated with any documentary evidence. Therefore, the plea is rejected. 12. It worthwhile to record that during the cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no nexus with the Corporate Debtor. 13. The demand notice, invoices filed by the Operational Creditor, the detail of which is given under Para IV of the Petition, compliance with the requirements of Section 9(3)(b) and (c), and the report filed by the Independent Chartered Accountant, clearly established that the Corporate Debtor has defaulted in making the payments of the debt due to the Operational Creditor. Thus, the application is admitted, and the commencement of the CIRP is ordered against the corporate debtor viz., M/Hemam Engineering Industries Ltd, which ordinarily shall be completed within 180 days, reckoning from the day this Order is passed. 14. The moratorium is declared which shall have effect from the date of this Order til ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .in & Mobile No. 9910024380 is hereby appointed as IRP. The IRP is directed to take charge of the CD's management immediately including Bank accounts. The IRP is directed to cause public announcement as prescribed under Section 15 of IBC, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim by the creditors in the manner as prescribed. 17. We hereby direct the Operational Creditor to pay a sum of Rs. 2,00,000/- to the IRP to meet out the expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 18. The IRP shall comply with the provisions of S ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
