9911796707
TMI Blog2022 (6) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... (CIRP) against Biltube Industries Limited (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Operational Creditor. This petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "the Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 17,34,131/- (Rupees Seventeen Lakhs Thirty-Four Thousand One Hundred and Thirty-One Only). 3. It is stated that the Corporate Debtor raised Purchase Order bearing no. HD-1410014 dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. The Corporate Debtor did not reply to the Demand Notice till date. 7. The Operational Creditor has annexed Statement of Accounts for the period 01.04.2012 to 31.03.2015. 8. The Corporate Debtor in its reply dated 07.05.2019 to the Company Petition denied any liability to pay to the Operational Creditor. The Corporate Debtor has opposed the claim of the Operational Creditor challenging the maintainability of the Company Petition on the basis of limitation. The due date of payment of the debt was after 60 days from the date of Invoice i.e. 21.12.2014. The Operational Creditor filed the present Petition on 01.08.2018 which is much later than the expiry of period of limitation. 9. The Corporate Debtor further states that an acknowledgemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor, for the dues of the sister concern/group company can be treated as valid notice?" has held that the Operational Creditor has no right to claim dues, relating to invoice issued against the sister concern/group company, from the Corporate Debtor, which is separate corporate entity, having different Corporate Identification Number". 12. The Corporate Debtor states that the emails received by the Operational Creditor in the present case are from another entity Anax Industries Private Limited, which has a separate legal existence for the debt owned by them. The acknowledgment from sister company/group cannot be assumed as extension of period of limitation u/s 18 of the Limitation Act. Rejoinder of the Operational Creditor 13. The O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor. It is seen from the records that the Corporate Debtor has raised its defense on the ground of maintainability on the basis of limitation. The Date of default from the due date of Invoice fell on 22.12.2014 and the Petition was filed on 01.08.2018. But it is seen from the correspondences as exchanged between the parties that the Corporate Debtor had acknowledged in its emails dated 27.03.2015, 10.09.2015, 24.09.2015 and 18.11.2015 wherein the Corporate Debtor stated that the financial condition of the Company is unstable, and they were unable to help immediately. The Corporate Debtor Company were under the process of arranging fund as they were facing huge cash flow problems. 17. Hence, it is evident that the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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