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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 ..... uly authorizing Operational Creditor to receive payment on behalf of third-party manufacturers from Corporate Debtor. It is pertinent to mention that the corporate debtor in its reply submitted that he reconciled his account after being issued notice of dispute, however no such documentary proof regarding any dispute regarding accounts reconciliation or with regard to material supplied has been annexed with the reply affidavit - 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 ₹ 30,00,000/- towards final settlement. 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 - Application admitted - moratorium declared. - IB-2916/(ND)/2019 - - - Dated:- 23- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kraft Paper reels in the financial year 2013-2014, 2014-2015, 2015-2016, 2016-2017 for a total consideration of ₹ 1,25,08,755/- (Rupees One Crore Twenty Five Lac, Eight Thousand Seven Hundred Fifty Five) and, that Corporate Debtor gave direction to the Operational Creditor to supply the Kraft Paper Reels to his sister concern i.e. Rashmi Printer and as per the direction of Corporate Debtor, the Operational Creditor had supplied Kraft Paper in the F.Y. 2013-2014 for ₹ 31,02,752/- (Rupees Thirty One Lac Two Thousand Seven Hundred Fifty Two Only) through manufacturer company. That total supplied material since F.Y. 2013-2014 till F.Y. 2016-2017 was ₹ 1,56,11,507/- (Rupees One Crore Fifty-Six Lac Eleven Thousand Five Hundred Seven). The Operational Creditor further stated that the Corporate Debtor had previous balance for the F.Y. 2012-2013 of ₹ 57,70,834/-. The total supply of material since 2012-2013 till 2018-2019 was ₹ 2,13,82,341/- (Rupees Two Crore Thirteen Lac Eighty-Two Thousand Three Hundred Forty One). iv. That the Corporate Debtor has taken Kraft Paper reels from the Operational Creditor through manufacturer company by way of Letter of Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor submitted that he further reconciled his account after issuing of the notice of dispute and found that payments to the tune of ₹ 20,91,526/- has already been made in favor of Operational Creditor through its bank account. c. The Corporate Debtor submitted that against the total debt of ₹ 29,12,815/-, the Corporate Debtor has already made payment of amount of ₹ 20,91,526/- and further submitted that the Corporate Debtor owes a payment of ₹ 8,21,289/- to the Operational Creditor and rest of the invoices upon which the Operational Creditor relied upon are time barred or had been paid by the Corporate Debtor. d. It was submitted that the Operational Creditor has misrepresented before the Tribunal by annexing invoices amounting to total amount of ₹ 1,36,65,410/- as they have been either already paid or are barred by the Limitation. The corporate debtor further stated that the attached invoices bearing no. 131, 462, 177, 222, 272, 983, 325, 1598, 1699, 1768, 970, 3039, 3141, 3466, 3655, 0042, 0392, 1665, 3188, 3399 cannot be taken into consideration for computation of amount due and payable. e. The Corporate Debtor further su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 81,93,330/-. The Statutory Demand Notice dated 26.07.2019 under section 8 of IBC, 2016 has been sent by the Operational Creditor to the Corporate Debtor. The Corporate Debtor replied to the Demand Notice by way of letter dated 06.08.2019 and raised pre-existence of dispute in respect of proceedings under section 138 of Negotiable Instruments Act, 1889. 4. Firstly, the corporate debtor has contended that the present application is barred by limitation as the invoices attached with the application are prior to January, 2015. However, the applicant along with the application has annexed the ledger account maintained between the operational creditor and corporate debtor from 01.04.2013 to 30.11.2017 substantiating that the parties had a continuous running account and business relationship. Along with that the operational creditor submitted that the last sale invoice sent to the corporate debtor was on 15.09.2017 and as submitted by the corporate debtor in its reply that the last payment was made to the operational creditor on 23.01.2018. The above said facts clearly establish that both the parties were maintaining a running account in lieu of which invoices were being raised and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quired under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. 10. The Applicant shall deposit a sum of ₹ 2 lakhs to enable the IRP to meet the immediate expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP. 11. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional, immediately (3 days as prescribed by Explanation to Regulation 6(1) of the IBBI Regulations, 2016) with regard to admission of this application under Section 9 of the Insolvency Bankruptcy Code, 2016. 12. We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flow from the provisions of Section 14(1) (a), (b), (c) (d) of the Code. Thus, the following prohibitions are imposed: (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Interim Resolution Professional, as may be required by him, in managing the day-to-day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of his obligation, imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 16. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi Haryana, at the earliest possible but not later than seven days from today. The Registrar of Companies shall update its website by updating the status of 'Corporate Debtor' and specific mention regarding admission of this petition must be notified to the public at la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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