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TMI Blog2022 (6) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... ,09,299/- This acceptance by the Corporate Debtor ticks the check box of debt and default. Further this instant application was filed on 02 April, 2019, hence, it falls within the threshold limit applicable then under the Code. As envisaged under section 9(3)(b) of the Code, an affidavit has been filed by the Operational Creditor and also, from the available record, it is evident that the Corporate Debtor had neither raised any dispute with respect to the services of the Operational Creditor. It is also pertinent to mention that no interest component has been mentioned in the invoices. Application admitted - moratorium declared. - C. P (IB) No. 505/KB/2019 - - - Dated:- 20-5-2022 - Shri Rajasekhar V.K. : Member (Judicial) And S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Creditor is engaged in the business of trading and supplying of the Rice Brans. The Corporate Debtor in its usual course of business approached the Operational Creditor for purchasing 1054.76 quintals of Rice Brans, which was to be supplied in the month of November and December, 2018 at Rs.1700/quintals. 5.2 Thereafter, as agreed between the parties, the Operational Creditor supplied the Rice Brans to the Corporate Debtor at their depot at Galsi, against which several invoices dated 15 November, 2018, 16 November, 2018, 23 November, 2018, 29 November, 2018, 30 November, 2018, 05 December, 2018 and 06 December, 2018 were raised by the Operational Creditor. Annexure D of the Petition The invoices were duly received by the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 March, 2018 the entire amount was settled between the parties. 6.3 Further, the price of Rice Bran depends on the oil contained therein. The oil contained in the Rice Bran varies from 6% to 30%. From the demand of Rs.25,77,322/- on account of eleven disputed invoices by the Operational Creditor, it appears that they have claimed Rs.17000/- per metric ton. If taken into the agreed consideration of Rs.9000/- per metric ton against the eleven disputed invoices then the aggregate sum would be Rs.9,96,748/- 6.4 Whenever the Corporate Debtor received the Rice Bran they got it tested and also informed the Operational Creditor about the oil content of the material supplied and the Operational Creditor had duly acknowledged and confirmed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . However, after reconciliation, the forty-six invoices raised between 01 April, 2018 to 06 December, 2018 would come to a sum of Rs.40,62,119/- out of which the Corporate Debtor has already paid an amount of Rs.34,52,820/- and a sum of Rs,6,09,299/- is only due and payable to the Operational Creditor 7. In response to the Reply by the Corporate Debtor, the Operational Creditor in its Rejoinder submits that; 7.1 The Corporate Debtor in a desperate attempt to wriggle out of its obligation has made a case with respect to the said eleven invoices. On and from December, 2019, the representative of the Operational Creditor had been following up with the representative of the Corporate Debtor for the disbursement of the outstanding dues. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... categorically admitted that the outstanding due is of Rs.6,09,299/- This acceptance by the Corporate Debtor ticks the check box of debt and default. 11. Further this instant application was filed on 02 April, 2019, hence, it falls within the threshold limit applicable then under the Code. As envisaged under section 9(3)(b) of the Code, an affidavit has been filed by the Operational Creditor and also, from the available record, it is evident that the Corporate Debtor had neither raised any dispute with respect to the services of the Operational Creditor. It is also pertinent to mention that no interest component has been mentioned in the invoices. 12. It is, accordingly, hereby ordered as follows:- a) The application bearing CP (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Directions as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out his functions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the Code. f) During the CIRP period, the management of the Corporate Debtor shall vest in the IRP or the RP, as the case may be, in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. g) The IRP/RP shall submit to this Adjudicating Authority periodical reports with regard to the progress of the CIRP in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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