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TMI Blog2020 (12) TMI 1323X X X X Extracts X X X X X X X X Extracts X X X X ..... gh email on the same date demanding the arrears of the Annual Listing Fee. However, no dispute is raised by the corporate debtor. Time Limitation - HELD THAT:- Admittedly, the petitioner received the last payment on 28.06.2013 amounting to ₹ 67,416/- for the Financial Year 2013-2014. However, the petitioner in Form-5 has stated that debt fell due on 01.04.2015. Further, on perusal of page no. 12, at para-2.10 of the petition, it is found that the respondent has made payment of annual listing fee to the applicant till Financial Year 2013-2014 only. The last payment being received on 28.06.2013 for an amount of ₹ 67,416/-. Thereafter, the corporate debtor did not pay any amount in respect of Annual Listing Fee to the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one for the Respondent-Corporate Debtor. ORDER 1. The present Company Petition is filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 [ I B Code for short] read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, [ Rules for short], by the Operational Creditor, viz., BSE Limited, through its Authorized Signatory, Mr. Atul Dhotre, for initiating Corporate Insolvency Resolution Process (CIRP) in respect of ACIL Cotton Industries Ltd., (hereinafter referred to as Corporate Debtor). 2. The Petitioner-Operational Creditor is incorporated under the provisions of the Companies Act, 1956 and is a recognized stock exchange under the provisions of the Securities Contracts (Regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the terms and conditions of the Listing Agreement and the Rules, Byelaws and regulations of the petitioner. 5. It is further stated that the corporate debtor had made payments of the Listing Agreement till Financial Year 2013-2014 and an amount of ₹ 67,416/- was received from the corporate debtor on 28.06.2013. Thereafter, the respondent had failed to pay the Annual Listing Fee, as per the terms and conditions of the agreement dated 27.06.1995, to the petitioner-operational creditor. The total operational debt due and payable by the corporate debtor comes to ₹ 11,33,922/- (₹ 10,37,470/- [Principal] + ₹ 96,452/- (Interest) (Rupees Eleven Lac Thirty Three Thousand Nine Hundred Twenty Two only). 6. That the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed any reply, as such, paper publication was effected on 13.11.2019. Since the service is complete, the matter has been heard in absence of the corporate debtor. 9. On perusal of the record, it is found that along with the petition, the petitioner has produced on record copy of the agreement dated 27.06.1995, invoices at page no.29 to 35, dated Ol-APR-15, Ol-APR-16 and Ol-APR-17, demand notice, etc. 10. On perusal of the record, it is found that the Demand Notice was issued by the applicant on 15.03.2019, under Section 8 of the I B Code, through registered post on 19.03.2019. However, the same was returned with a postal remark addressee moved . The applicant has also issued Demand Notice through email on the same date demanding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of default in Form-5, Part-IV in clause No.2 is not reflected which makes Form-5 incomplete. However, while calculating from the due date as per Form5 which is shown 01.04.2015, is beyond three years. 13. On perusal of the record, it is found that the present 1B petition is filed on 15.05.2019, when the amount was due on 01.04.2015. Further, the agreement so entered between the parties are of 1995. However, on perusal of the agreement, it is found that some of the pages/ places, i.e. at page no.26 are found blank and no remark is given to that effect. However, the agreement contains the initial of the parties only in the last page and none of the pages of agreement contains the signature of the parties. On perusal of the agreement, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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