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TMI Blog2021 (8) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... prayer to initiate the Corporate Insolvency process against M/s Manju Enterprise Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is company incorporated on 02/06/2016 bearing No. N5301/2016/02 having registered office at: Av. De Catalunya 4, 08185 Llica de Vall Barcelona, Spain. The applicant is involved in the business of manufacturing medical equipment and supplies. 3. The Corporate Debtor is company limited by shares incorporated on 23/02/1996 bearing CIN No. U51311DL1996PTC076528 under the provision of Companies Act 1956 and having its registered office at J 209/3, Lane W-15A Western Avenue Sainik Farm New Delhi DL 110062 IN and email id: [email protected]. The corporate debtor is involved in the activities of importing, marketing, selling and distribution of products. 4. The applicant submits that the corporate debtor approached them in the year 2003, for the purpose of importing selling and distribution of cordynamic full range of products manufactured by the applicant at its manufacturing unit situated at Avda, Catalunva, 4, C.P. 08185 Kica De vall Barcelonea, Spain. The applicant appointed the corporate debtor on 16.10.2003 as the sole distributor of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant further submits that as a gesture of goodwill and good faith the applicant agreed to reduce the total debt of the corporate debtor and an agreement dated 15.09.2014, was executed between the parties whereby the total debt of the corporate debtor was reduced from USD 1,71,702 to USD 85,851. The repayment of debt was to start from the month of Jan 2015 in trenches of USD 15,000 per month, the complete payment to have been made till June 2015. The agreement also stipulated that the breach by either party of any commitment shall imply that the said agreement will be considered as never signed. The agreement dated 15.09.2014 is annexed. 9. The applicant states that in spite of reduction in the debts, the corporate debtor avoided repayment of debt, breaching the statement of agreement dated 15th September 2014 and as an afterthought started falsely complaining about the quality of the stents supplied to them. Further also stated that the nonpayment of even the reduced debt agreed by the corporate debtor, led to termination of the statement of agreement dated 15th September 2014, thereby reverting the total debt due towards the applicant amounting to USD 1,67,812, as original ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spute. 13. The applicant filed application under Section 9 of the I & B code to initiate the CIRP. As per Form V, the total debt outstanding is USD 1,67,812/-, (USD One Lakh Sixty Seven Thousand Eight Hundred and Twelve only). 14. The corporate debtor filed reply and denying the contentions of the applicant stated the following: a) That the application is not maintainable on grounds that the application has not been signed or verified by an authorized representative. The corporate debtor stated that a board resolution dated 27th June 2016 was passed by the Board of Directors of the applicant authorizing Mr. Aniceto Lopez Rodriguez. Further in terms of the said Board resolution, a SPA had been executed in favour Ms. Radhika Singh. The SPA was executed on 25.05.2016, which had been executed on a date prior to even the board resolution. Accordingly, the Mr. Anicto Lopex Rodreiguez was not authorized to execute the SPA. Hence the present petition is liable to be dismissed. b) That the claims of the applicant is time barred as transactions and the invoices raised are of the period March 2012 to June 2012 and even assuming a period of 90 days for repayment, the present application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the quality issues, no certificate or lab report evidencing inferior quality of products has been filed. Accordingly the corporate debtor has failed to establish any preexisting dispute. 13. As per Part IV from I, the debt fell due when the invoices were raised in the year 2011-12. The debt was admitted by the corporate debtor in terms of agreement dated 15.09.2014. The winding up proceedings, were initiated in the year 2016. The IBC demand notice was sent in July 2017 and the present application is filed on 22.01.2019. Hence the application is not time barred and filed within the period of limitation. 14. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 15. The present application is filed on the Performa prescribed under Rule 6 of the Insolvency and Bankruptcy Code, 2016 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 r/w Section 9 of the code and is complete. 16. Considering the documents on records and submissions made, we are of view that objections have been raised by the corporate debtor with regards the authorization to file the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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