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TMI Blog2022 (3) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... s application as averred by the Operational Creditor are as follows: i. That the Operational Creditor is in the business of trading of Kraft Paper Reels and the Corporate Debtor used to give purchase orders to the Operational Creditor for purchase of the Kraft Paper Reels. The Operational Creditor submitted that the Corporate Debtor used to give purchase orders from their official email address i.e., [email protected] and as per the specification of the Purchase order operational creditor used to supply goods through manufacturer. ii. It was submitted that the Operational Creditor is not manufacturer of Kraft Paper reels and that the Corporate Debtor used to give purchase orders to the Operational Creditor, thereafter Operational Creditor forwarded these orders to the manufacturer company as per the direction provided by the Corporate Debtor to Operational Creditor for specific manufacturer company, then that manufacturer company supplied material directly to the Corporate Debtor. That in this transaction as per the direction, instruction & demand by the Corporate Debtor, Operational Creditor supplied material to the Corporate Debtor through manufacturer companies such as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Creditor. That all the cheques when presented got dishonored. Thereafter, the Corporate Debtor provided new cheques to the Operational Creditor towards his liability but all cheques when presented again got dishonored. That the Operational Creditor filed criminal complaint u/s. 138 of N.I. Act against the Corporate Debtor and the same is pending before the Karkardooma Courts, Delhi. vi. That on 26.07.2019 the Operational Creditor issued the statutory Demand Notice under section 8 of IBC, 2016 upon the Corporate Debtor demanding the payment of Rs. 81,93,330/- which was duly served upon the Corporate Debtor. It was further submitted that the Corporate Debtor vide its reply dated 06.08.2019 raised dispute regarding the claimed Outstanding debt and further stated that only amount of Rs. 31,23,929/- remains outstanding for which the corporate debtor intended to settle the matter by offering an amount of Rs. 30,00,000/-. However, the operational creditor denied the offer. 2. Consequent to the notice issued by this Tribunal the Corporate Debtor filed its reply affidavit submitting the following: a. That the Corporate Debtor in year 2016 and 2017 issued various Purchase orders dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor submitted that the claim must either have a right to payment or a right to remedy for breach of contract. In the present case the operational creditor does not have right to payment against the invoices in which he does not have authority to claim payment from corporate debtor on behalf of third parties. Hence, the invoices wherein the operational creditor does not have authority to collect payment on behalf of third parties cannot be deemed fit to be admitted in computation of "debt" due and payable against the answering Respondent under the Insolvency and Bankruptcy Code. g. The Corporate Debtor further submitted that the operational debt is not owed to the Operational Creditor as the operational creditor has not supplied goods or services to the Corporate Debtor. Further, the invoices bearing number 0042 and 0392 amounting to Rs. 5,53,403/- and Rs. 5,09,581/- are issued to M/s. Rashmi Printers, which is a separate entity from the Corporate Debtor, therefore corporate debtor cannot be held liable to pay liability of M/s. Rashmi Printers. 3. We have heard the arguments advanced by the Learned Counsels for both the parties and perused the documents filed, the Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egard to material supplied has been annexed with the reply affidavit. 7. It is further pertinent to mention that the corporate debtor in its reply to the Section 8 demand notice has stated that during the course of hearing of complaint filed by operational creditor under section 138 of N.I. Act, the corporate debtor offered an amount of Rs. 30,00,000/- towards final settlement. 8. In the light of the above said facts and after giving careful consideration to the entire matter, hearing the arguments of the Learned Counsel for the Operational Creditor as well as the Learned Counsel for the Corporate Debtor and upon appreciation of the documents placed on record to substantiate their respective claims, this Adjudicating Authority is of the view that there is an operational debt which is due from the corporate debtor and the corporate debtor has defaulted in making payment of the amount due and along with that, in the absence of any preexistence of dispute, this tribunal admits this application and initiates CIRP on the Corporate Debtor with immediate effect. 9. This Adjudicating Authority, hereby appoints Mr. Aishwarya Mohan Gahrana, (Email [email protected]), Reg. No: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. 14. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government and the supply of essential goods or services to the Corporate Debtor, as may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition, as per the Insolvency and Bankruptcy Code (Amendment) Act, 2018, which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14(3)(b) of the Code. 15. The Interim Resolution Professional shall perform all his functions contemplated, inter-alia, by Sections 15, 17, 18, 19, 20 & 21 of the Code and transact proceedings with utmost dedication, honesty and strictly in accordance with the provisions of the Code, Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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