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TMI Blog2022 (6) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... help immediately. The Corporate Debtor Company were under the process of arranging fund as they were facing huge cash flow problems - Hence, it is evident that the Corporate Debtor Company were not in a position to pay the debt and also any contentions of the Corporate Debtor were not raised/replied to the Demand Notice sent by the Operational Creditor to the Corporate Debtor dated 17.05.2018. The Operational Creditor has successfully demonstrated and proved the debt and default in this case and has also proved that there is absolutely no reason for the Corporate Debtor to hold on to the payment of the invoices. Petition admitted - moratorium declared. - CP No. 2939/IBC/MB/2018 - - - Dated:- 17-6-2022 - Hon ble Member (Judicial) : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an amount of Rs. 17,34,131/- for supply of (i) 1.890 MT of Ivax 111, (ii) 5.060 MT of Ivax 999 and (iii) 2 MT of Ivax Floc 102 was raised. Further as per the terms of Purchase Order dated 17.10.2014, the payments were to be made within 60 days from the date of the invoice. The invoice is dated 22.10.2014, therefore the debt fell due from 21.12.2014. 5. Lorry receipts bearing no. 9544 dated 22.10.2014 issued by S.R. Logistics reflecting the delivery of the goods is annexed to the petition. Thereafter, emails dated 10.09.2015, 21.09.2015, 24.09.2015, 16.11.2015, 18.11.2015, 10.12.2015 and 09.02.2016 were exchanged between the Operational Creditor and the representatives of Biltube Industries Limited (through a group entity). Further, by em ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Creditor cannot be assumed as acknowledgement for extension of period of limitation. It is evident from the rejoinder dated 26.02.2016, filed by the Operational Creditor at pg. no s 17 and 18 that there are 2 separate transactions of the Operational Creditor one from the Corporate Debtor and other with Anax Industries Private Limited. 10. The emails correspondences relied upon by the Operational Creditor are not from the Corporate Debtor but from another entity Anax Industries Private Limited concerning separate transactions with Anax Industries Private Limited. The mails received by the Operational Creditor is from [email protected]. The Operational Creditor has made a mischievous attempt to claim that Anax Industries Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor has stated that during the course of business between the Operational Creditor and the Corporate Debtor, the emails received by the Operational Creditor from the officers of the Corporate Debtor bearing email address of Anax. The employees were employed by the Corporate debtor was evident from the fact that the Operational Creditor had received emails from the same officer also from the Corporate Debtor s email addresses. 15. Further, email received from one officer of the Corporate Debtor after visiting his online profile on www.linkedin.com it is evident that the said employee is listed to have been in the employment of a group company of the Respondent from August 2002 till today. Further, the said Anax group is rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n its Affidavit in Rejoinder has placed on record the Linked in profile of one of the Representative of the Corporate Debtor wherein it shows that the said employee was working in the Corporate Debtor Company. 19. The Operational Creditor has successfully demonstrated and proved the debt and default in this case and has also proved that there is absolutely no reason for the Corporate Debtor to hold on to the payment of the invoices. 20. For the foregoing reasons, the above Company Petition is liable to be admitted, and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB) -2939 (MB)/2018 is hereby admitted and initiation of Corporate Insolvency Resolution Process (CIRP) is ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be terminated or suspended or interrupted during moratorium period. f. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub- section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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