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TMI Blog2022 (3) TMI 867X X X X Extracts X X X X X X X X Extracts X X X X ..... , an error occurred does not receive any support and moreover is stands contradicted by the fact that the e-mail given by the Corporate Debtor along with the two separate statements of Corporate Debtor and M/s. Vaishnavi Impex would show that the two accounts were properly maintained without any mincing. The contention of the Operational Creditor that the two companies are managed by the same person is not refuted - It is clear from the material on record that the Corporate Debtor has incurred a debt of ₹ 3,60,11,075/- and defaulted in discharging the same inspite of the demand notice. Hence, the petition is liable to be admitted and as such it is admitted. Petition admitted - moratorium declared. - CP (IB) No. 60/9/AMR/2020 - - - Dated:- 7-3-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : M. Maharshi Viswaraj, Advocate For the Respondents : V. Raghunath and V. Chandra Sekharam, Advocates ORDER Telaprolu Rajani, J. (Member (J)) 1. This application is filed by M/s. Chevuri Enterprises ( hereinafter referred to as Operational Creditor ) seeking initiation of Corporate Insolvency Resolution Process in respect of M/s. Sindhura Paper Priva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor's Books of Accounts. Later the Corporate Debtor's Statutory Auditor rectified those accounting mistakes by passing the necessary journal entries during the audit for the year 2019-20 and issued certificate stating that the debit balance of ₹ 2,47,97,175.50/- is excess over the credit balance. ii. The specific case of the Operational Creditor is the claim of ₹ 3,60,11,075/- for the period of 14.11.2017 to 30.11.2019 arising out of 284 invoices. It is true that the Corporate Debtor made the aforementioned purchases. Despite that the Operational Creditor did not mention the payments made by the Corporate Debtor, the Corporate Debtor so far paid ₹ 13,63,22,059/- from 01.04.2017 to 31.03.2020 to the Operational Creditor on various dates. Whereas, the purchases and opening balance of the Operational Creditor is ₹ 11,15,24,883/-. The excess balance of ₹ 2,47,97,176/- is arrived as debit balance over the credit in the Corporate Debtor's accounts. The Corporate Debtor's Statutory Auditor declared the debit balance of ₹ 2,47,97,176/- and issued a certificate. The Operational Creditor in lieu of paying back excess balance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he year 2017 said Mr. P. Nageswara Rao approached the Operational Creditor and requested to supply goods to the Corporate Debtor as well as to his firm in the capacity of managing partner of M/s. Vaishnavi Impex. He addressed a letter dated 17.07.2017 to Operational Creditor requesting to supply goods to M/s. Vaishnavi Impex. ii. The management and employees of Corporate Debtor and M/s. Vaishnavi Impex are one and the same and are being managed by Mr. P. Nageswara Rao who is the MD of the Corporate Debtor. Since the Corporate Debtor and M/s. Vaishnavi Impex are managed by the same person, there cannot be any possibility of collusion between M/s. Vaishnavi Impex and Operational Creditor. Both the companies are being run in the same premises and the same is admitted in the counter. iii. The Operational Creditor supplied goods to the Corporate Debtor and M/s. Vaishnavi Impex as per their respective purchase orders/instructions. The Authorized Signatory of M/s. Vaishnavi Impex informed the Operational Creditor that they have instructed their sister concern i.e., the Corporate Debtor to make payments to the Operational Creditor from the account of the Corporate Debtor on behalf of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that arise for considerations are: I. Whether the Operational Creditor could prove that the Corporate Debtor has failed to discharge the debt that is due to the Operational Creditor and whether CIRP can be initiated against the Corporate Debtor. II. To what result. I. Whether the Operational Creditor could prove that the Corporate Debtor has failed to discharge the debt that is due to the Operational Creditor and whether CIRP can be initiated against the Corporate Debtor. There is no dispute that the Operational Creditor used to supply goods to the Corporate Debtor and there is a clear admission in the counter that the Corporate Debtor made the purchases covered by the 284 invoices pertaining to the period from 14.11.2017 to 30.11.2019. The Counsel for the Operational Creditor draws the attention of this Tribunal to the mail dated 26.02.2019 addressed by the Operational Creditor to the Corporate Debtor stating that they have sent their account copy from 01.04.2018 to 26.02.2019 in M/s. Vaishnavi Impex and M/s. Sindhura Papers Limited and called upon them to send their account copy. The said mail was addressed to the Corporate Debtor/Sindhura Paper Limited. In response t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person is not refuted. In the said circumstances, any collusion between M/s. Vaishnavi Impex and the Operational Creditor as alleged cannot be assumed. Hence, it is clear from the material on record that the Corporate Debtor has incurred a debt of ₹ 3,60,11,075/- and defaulted in discharging the same inspite of the demand notice. Hence, the petition is liable to be admitted and as such it is admitted. II. To what result. In the result, the Company Petition is admitted. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence. The Operational Creditor has suggested one name i.e., Ms. Narala Varalakshmi, Insolvency Resolution Professional (IRP). Hence, the Tribunal is inclined to appoint the above proposed IRP as prayed for. i. Ms. Narala Varalakshmi, (Registration No. IBBI/IPA-002/IP-N00620/2018-2019/11980), having office at 1-8-588/29/A, Achhainagar, Baghlinngampally, Backside RTC Kalyana Mandapam, Hyderabad, Telangana-500044; e-mail: [email protected]; Mobile: +91 9000987444 is appointed as the Interim Resolution Professional. No disciplinary proceeding is pending ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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