9911796707
TMI Blog2022 (2) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2016 for ₹ 1,18,315/- and the last payment received from Corporate Debtor is on 19.10.2016 of ₹ 94,064. Operational Creditor has made out case against Corporate Debtor for initiation of CIRP under the Code due to non-payment of Operational Debt of ₹ 6,66,667.40. The present application has been filed on 14.8.2019 with the last payment admittedly having been made by Corporate Debtor on 19.10.2016 on running account basis, the same is held to be within limitation u/s. 137 of the Limitation Act. Therefore, this Authority admits the present Application under section 9 (5) of the I B Code, 2016. Application admitted - moratorium declared. - IB-1924/ND/2019 - - - Dated:- 11-2-2022 - Bachu Venkat Balaram Das , Member ( J ) And Narender Kumar Bhola , Member ( T ) For the Appellant : Sukhbir Singh Associates For the Respondents : Dhruv Gupta , Adv ORDER Narender Kumar Bhola, Member (T) 1. Under consideration is IB-1924/ND/2019 filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred as 'IBC, 2016') R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement by Satkar logistics Pvt. Ltd. was generated. Immediately, the respondent had raised their concern issue with Mr. Rajan, Mr. Ronald Accounts department as there was no such charges quoted to as at the time of shipment and no additional (second Invoice) was received at that point of time. The same is evident from e-mails exchanged between the parties. It is further stated that the claim is barred by law of limitation. ii. The second Invoice no. Slpl-15-16/3317 raised on 04.01.2016 for ₹ 1,18,315.00/- for shipment with applicant in month of March 2015, after 11 months and rate was not same which was agreed with Mr. Rajan as per agreed rate Invoice amount should be ₹ 51,057.00. iii. The payment made to Satkar Logistics Pvt. Ltd. A/C Kotak Mahindra Bank A/C No. 02052980000012 through our Bank, The Nainital bank Ltd. Cash credit A/C No. -0546000000000044 for ₹ 2,61,439.00, which has not been accounted in Satkar Logistics Pvt. Ltd. (A/c Statement Books) has not been accounted for by the applicant in their books of account and thus not rendered the correct ledger and books of account. iv. A refund payment of F.Y. 2014-15 2015-2016 of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - Vessel Operator Common Carrier for M/s. A-One Hydraulics and M/s. Ferolite Jointing which are already reflected in separate ledgers of M/s. A-One Hydraulics and M/s. Ferolite Jointing. Said services were availed by the corporate debtor in the name of said firms, therefore payment was also made by the Corporate Debtor hence said payment cannot be credited in favour of the Corporate Debtor. Operational Creditor had been preparing separate ledger accounts for said firms and the claimed amount has already been credited in said ledgers. Said debt amount comes to ₹ 2,61,439/- payable by corporate debtor and it cannot rum from its liability. It is further stated with respect to the alleged refund amount that there is no agreement between the corporate debtor and operational creditor and with respect to TDS amount, it is submitted that corporate debtor has failed to raise the form-16A in favour of operational creditor and it cannot blame the operational creditor for its own acts of omission, commission and illegality. It also submitted that corporate debtor deducted the TDS amount and not deposited the same nor provided the certificate to the operational creditor, therefore, operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us. It is seen that Operational Creditor has issued notice under section 8 of the Code on 27.2.2019 and the said notice has been duly replied by Corporate Debtor on 7.3.2019, and the present Application has been filed on 14.8.2019. In its reply dated 7.3.2019 the Corporate Debtor has only raised issues with regard to certain payments not being accounted for by Operational Creditor and nothing is shown/claimed as being prior existing dispute between the parties. It is seen from copy of ledger account annexed with Section 8 notice that parties are having running account in respect of various invoices raised by Operational Creditor for the logistics/freight services provided by it to the Corporate Debtor during the period from 1.4.2014 to 18.2.2019. The last invoice as recorded in the said ledger account is no. SLPL/15-16/3317 dated 4.1.2016 for ₹ 1,18,315/- and the last payment received from Corporate Debtor is on 19.10.2016 of ₹ 94,064. 8. It is further seen from copies of invoices enclosed with Demand Notice dated 27.2.2019 u/s. 8 of the Code sent to the Corporate Debtor that all Invoices (page 101 to 158 of the Application) are made out in Corporate Debtor's nam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Professional, and shall be paid back to the Operational Creditor. 12. 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 and following shall remain prohibited during the moratorium: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. However, during the pendency of the moratorium period, the provisions of Section 14(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
