9911796707
TMI Blog2022 (5) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... l Creditor, M/s. Sahni International is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') of the Corporate Debtor viz., M/s. LRM Spices Private Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows:- a. The present petition is being filed by the Operational creditor for debt of Rs. 36,36,706/- (Rupees Thirty Six Lakhs Thirty Six Thousand Seven Hundred and Six Only) (Principal Rs. 29,68,740/- plus interest Rs. 6,67,966/- calculated at 18% per annum from September, 2018 till January, 2020) which is due and payable by the Corporate Debtor. It is stated that the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various cheques in favour of the Operational Creditor to discharge its liability in part towards the aforementioned outstanding payments due and payable to the Operational Creditor. One of the said cheques being Cheque No. 296964 of Rs. 5,19,199/- drawn on Vijaya Bank which was deposited by the Operational Creditor returned unpaid on the ground of insufficient funds. When confronted with the same, the Corporate Debtor requested the Operational Creditor not to deposit other cheques and assured the Operational Creditor that it shall soon clear the outstanding payments as it was in some financial difficulty at the time. Based on its requests and assurances, the Operational Creditor did not deposit the other cheques and trusted that the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he above poor quality of product, the corporate debtor did not purchase any material from operational creditor since 2018. Hence, prayed that in light of the above facts and circumstances, the petition may be rejected. 4. The Operational Creditor also filed rejoinder and reiterated all the facts mentioned in the petition and further submitted that the Respondent has filed false and fabricated documents i.e. details of allegedly rejected material from M/s. Navya Imports and Product Rejection Reports. It is pertinent to mention that the Respondent for the first time in the present reply has taken this objection that the goods of the Applicant were of substandard poor-quality as alleged. The said objection has never been taken by the Responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor on 10.07.2017, however, the production rejection report of bay leaves is dated 09.07.2017 i.e., one day prior, and how can such report be relied under such circumstances. The operational creditor further argued that there is dried ginger slices production rejection report dated 23.11.2017 with respect to invoice No. 137/2017-18, however, there is no supply of dried ginger slices as per invoice No. 137/2017-18 dated 23.10.2017. It is further stated that there is production rejection report dated 05.04.2018 of cumin whole as alleged to be supplied vide invoice No. 137/2017-18, however, there is no supply of cumin whole vide invoice No. 137/2017-18 dated 23.10.2017. Furthermore, there is production rejection report dated 06.04.2018 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is inclined to initiate the CIR Process of Corporate Debtor, therefore, the captioned petition is admitted. 7. The Applicant has not proposed any insolvency resolution professional. This Adjudicating Authority, hereby, appoints Insolvency Professional namely, Mr. Satish Kumar Chugh having Registration Number IBBI/IPA-003/IP-N00270/2020-21/13196 (Email [email protected]) as Interim Resolution Professional from the list provided by IBBI. The IRP is directed to take charge of the respondent corporate debtor's management immediately. He is also directed to cause public announcement as prescribed under section 15 of the IBC, 2016, within three days from the date of this order received, and call for submissions of claim in the manner as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll extend all assistance and cooperation to the IRP as stipulated under section 19 for discharging his functions under section 20 of the IBC, 2016. The Operational Creditor is directed to immediately pay an amount of Rs. 2,00,000/- as advance to IRP for performing the duties as per the relevant provisions of the Code and relevant regulations. The said amount of Rs. 2,00,000/- shall be adjustable upon constitution of Committee of Creditors by the IRP. 11. The Operational Creditor is directed to send the copy of this Order to the IRP with immediate effect, so that he could take charge of the corporate debtor's assets etc., and make compliance with this order as per provisions of IBC, 2016. 12. The Registry is directed to serve a copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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