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TMI Blog2021 (6) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Huangyang Zhedong Rubber Auxiliay Imp./Exp. Co.Limited (for brevity 'Applicant') through its authorized representative, Mr. Akhil Sharma with a prayer to initiate the Corporate Insolvency process against Dalmia Polymers LLP (for brevity 'Corporate Debtor'). 2. The Applicant is a limited company based in China and is having its registered office at 14 Floor, General Chamber of Commerce Huangyan Laobei Road, Zhejiang Province China, PC 318020. 3. The Corporate Debtor is a LLP incorporated on 12.06.2015 with the Registrar of Companies, Delhi & Haryana, under the provisions of Limited Liability Partnership Act, 2008having identification no. LLPIN AA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of corporate debtor. 7. The Applicant filed present Application under section 9 of IBC, 2016 and served the copy of this application through speed post at its registered address as reflected on the MCA website. 8. The corporate debtor has replied to the application and has contended as follows: i. That the applicant has provided the goods to the corporate debtor deviating from the agreed quantity, quality and even timelines which has caused irreparable harm to the business of corporate debtor. ii. That the Applicant has breached the terms of the contract and also caused breach of trust, by changing the unit price there by consequentially resulting into huge financial loss to the corporate debtor. iii. That the applicant have d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the delay on part of applicant. Since, no evidence is placed, to show defects or loss. That in email dated 05.06.2019, the Corporate Debtor has admitted its complete liability without any demur. iv. That, on one hand, the Corporate Debtor is claiming losses and breach of contract and denying its liability to pay. On the other hand, the Corporate Debtor is offering settlement of the due debt. That the said settlement proposal was not acceptable to the applicant. 10. Heard both the sides and perused the documents on record, we observed that the default has occurred with respect to the payment of the operational debt due to the Applicant. It is observed that corporate debtor after receipt of goods, acknowledged its liability and due debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above." In the present case, there is no such dispute is pre-existing and the same is a merely a spurious defense. Further, that the proposal for settlement amounts to admission on part of the Corporate Debtor. We are satisfied that the operational debt has become due and default has occurred and application being complete needs to be admitted. 11. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 12. The date of default is 16.05.2019, and the present application was filed on 06.12.2019, hence the debt is not time barred and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 16. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 17. A copy of the order shall be communicated to the Applicant, Corporate Debtor and IRP above named, by the Registry. In addition, a copy of the order shall also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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