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TMI Blog2021 (3) TMI 1356X X X X Extracts X X X X X X X X Extracts X X X X ..... arding scrap and other wastages on usage of inventory, functioning of some parts of equipments and on other claims of the applicant as shown in various mails attached in page no. 1468 to 1631 of the application and page no. 107 to 119 of the reply. This Adjudicating Authority is of the view that the instant petition does not qualify for admission under Section 9 of the 1B Code and therefore, the same is rejected - Petition dismissed. - C.P. (I.B) No.852/NCLT/AHM/2019 - - - Dated:- 15-3-2021 - HON'BLE MS. MANORAMA KUMARI, MEMBER JUDICIAL AND MR. CHOCKAUNGAM THIRUNAVUKKARASU, MEMBER TECHNICAL Ld. Advocate, Ms. Divya Bahl with Ld. Advocate, Ms. Amrita M Thakore appeared for the Petitioner. Ld. CA, Mr Sanjay Majmudar with Ld. CA, Mr Hiten Parikh appeared for the Respondent. ORDER Per se: Mr. Chockalingam Thirunavukkarasu, Member (Technical) 1. The present petition is filed by Mr Robert S. Yorgensen, on behalf of STR Holdings, Inc./Applicant under Section 9 of the Insolvency and Bankruptcy Code, 2016 ( IB Code' for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('IB Rules' fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor. Up to February 15, 2018, the Applicant remitted payments in settlement of the invoices by the respondent. Payments in settlement of all subsequent invoices raised by the respondent/corporate debtor were adjusted/ set off against payments due from the respondent to the applicant. After adjustment/ set-off of tolling fee and reimbursements due from the applicant to the respondent, the receivables from end customers were remitted by the respondent/corporate debtor back to the Applicant. From July 2, 2016, to October 20, 2018, the Applicant raised its Invoices against the supply of raw material to the respondent, giving a credit period of 12 months in each case, to enable the respondent/corporate debtor to recover payments from the end customers. In January 2019, the respondent withheld payments due to the Applicant despite receiving the same from the end customers. However, on April 26, 2019, the respondent terminated its tolling relationship with the applicant and agreed to identify alternate business models and simultaneously identified Item heads for Reconciliation of Accounts for closure of accounts between the Applicant and the respondent/ corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y stated that the transactions are covered under the Term Sheet and as per clause 5 of the term sheet the respondent was supposed to do only trolling (i.e. job work) utilizing the respondent existing manufacturing facilities and all raw materials and packing materials were to be supplied by the applicant and a tolling fee of US $ 0.125 per sq.m is agreed to be paid by the applicant to the respondent. The responsibility of the respondent is only to carry out the production as a job worker and give finished goods to the applicant. It is the responsibility of the applicant to sell the products. It is further submitted by the respondent that as per the term sheet the applicant s responsibilities include shift of their existing business from China to their JV, provide technology, sales and technical support and agreement to pay rent to the respondent for their factory. The respondent to lease their existing factory premises to the JV along with provisions for testing equipments, warehouse, etc. and pay royalty to the applicant on the sales made by JV. 10. It is submitted by the respondent that he has never raised any purchase order on the applicant or any of the suppliers of the impo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling and the respondent gets a tolling fee of will US$ 0.125/m2 from the applicant for the goods manufactured and supplied by him using the raw materials supplied by the applicant. Apart from the above, the applicant has claimed US$ 1698440 as the principal amount as per part IV of Form 5 of the application. The break up the claim as submitted in Exhibit QQ- page 1724 of the application is towards: a) Payments from end customer up to May 2019 US$ 15,50,525 b) Equipment US$ 1,89,880 c) Inventory US$ 2,58,880 d) Conditional Discount on Equipment added back US$ 20,000 Less: Payments received since May 2019 US$ 3,20,845 Outstanding Principal dues US$ 16,98,440 From the above, it is noted that the claim is for remittance of money collected from end customers, cost of inventory given for tolling/production not used or accounted for and supply of equipment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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