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TMI Blog2022 (5) TMI 654X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor, namely M/s. Shivalik cotsyn Private Limited. The amount of debt claimed to be in default is Rs. 65,36,488/-, and the date the default as on 09.09.2016. 2. In support of its claim, the Operational Creditor has placed on record copies of the five unpaid invoices which were raised for cotton that were supplied by the operational Creditor to the Corporate Debtor for the period ranging from 11.07.2016 till 09.09.2016 for the purchase orders that were issued by the corporate Debtor. In spite of repeated demand when the amount due was not paid then the Operational Creditor sent a demand noticed dated 01st January, 2018, which was duly received by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no contract of mutual set off of debit and credit nor any privity of contract was entered into between the three entities and the Corporate Debtor and it is also submitted that the audited balance sheet of the Corporate Debtor for the financial year 31.03.2017 also reflects the amount due to the Operational Creditor of Rs. 65,36,488/-. Further it is stated that no issue was ever raised with regard to the existence of dispute prior to the sending of demand notice under Sec. 8 of IBC, 2016. Arguments On Behalf Of Corporate Debtor 6. The learned counsel for the Corporate Debtor submits that in the reply to the demand notice, the Corporate Debtor has clearly mentioned that upon the instructions of Mr. Sheetal Garg, Director of the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor strong plea had been made that the Operational Creditor raises invoices in one entity. However, as per the understanding the payments payable to the Operational Creditor had been paid into those three entities against the supply made by one entity. In this regard a strong reliance was placed on e-mail dated 14.07.2016 received from the Operational Creditor whereby the Operational Creditor had walked out in outstanding balance payable by the Corporate Debtor at Rs. 5,82,516/- as on 13.07.2016. 11. Further it was strongly argued on behalf of the Corporate Debtor that the payment had been made to all the three entities against the supply made by the Operational Creditor and based upon that the Corporate Debtor had paid ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plete and complies with the requirements of the relevant provisions of IBC, 2016 read with Rules and Regulations made thereunder. The outstanding amount is more than the threshold limit of Rs. 1,00,000/- (Rupees One Lakh only). There does not exist any dispute within the meaning of provisions of Section 8 & 9 of IBC, 2016 16. Thus, the application, on the face of it, is liable to be admitted. Accordingly, this application is admitted on the following terms and conditions:- i) The application filed by the Operational Creditor under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor M/s. Shivalik Cotsyn Private Limited is hereby admitted. ii) We hereby d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. vi) The supply of essential goods or services rendered to the Corporate Debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vii) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. viii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. ix) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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