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TMI Blog2022 (7) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... creditor. This petition cannot survive any longer and is, therefore, dismissed. - C.P. (IB) No. 2110/KB/2019 - - - Dated:- 29-6-2022 - Rohit Kapoor, Member (J) And Harish Chander Suri, Member (T) For the Appellant : Ratul Das, Md. Dilawar Khan, Kamran Hussain and Nikhil Verma, Advs. For the Respondents : Shaunak Mitra and Saurav Jain, Advs. ORDER Harish Chander Suri, Member (T) 1. The Court is convened by video conference today. 2. This petition under 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 has been filed by Tirupati Sugars Limited, through its Authorised Signatory, Mr. Saurabh Gupta, (hereinafter referred as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of M/s. Sona Sati Organics Private Limited, having its registered office at Rajapatti Kothi, P.S.- Baikunthpur, District- Goalganj, Bihar-841420, (hereinafter referred as the Corporate Debtor). 3. It is submitted in the petition that the Operational Creditor is carrying on the business of running sugar mill and supplied molasses to Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor held with State Bank of India for the period 15th September, 2019 to 19th October, 2019 showing no receipt of any payment is annexed as Annexure-P 7. 9. It is submitted that invoices raised by the Operational Creditor on the Corporate Debtor evidencing the supply of molasses are annexed as Annexure-P 8. 10. Similarly, copy of the Ledger Account of the Corporate Debtor from 19th January, 2018 to 15th September, 2019 in the books of the Operational Creditor evidencing payment received and due on various dates are annexed as Annexure-P-9. A copy of the Notice received from Prohibition, Excise Registration Department, Government of Bihar are annexed as Annexure P-10. 11. It is submitted that an affidavit to the effect that there is no notice given by the Corporate Debtor relating to the dispute of the unpaid operational debt is annexed as Annexure P-11. Copy of the Certificate under Section 9(3) (c) of the Insolvency and Bankruptcy Code, 2016, from the Financial institution maintaining accounts of the Operational Creditor is annexed as Annexure P-12. 12. A Supplementary Affidavit has been filed by the Corporate Debtor through its Account Manager. It is submitted in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 094.00/- as interest @ 18% pa. It is submitted that the allegations leveled by the Corporate Debtor in the reply affidavit are baseless, false and frivolous. It is submitted that the Corporate Debtor has created a false story to gain favourable orders from this Adjudicating Authority and to cause unjust loss to the Operational Creditor. 15. It is submitted that there is no settlement executed between the parties and the Corporate Debtor is still liable to pay the balance amount of Rs. 75,09,094/- to the Operational Creditor. It is submitted that the amount of interest has been calculated as per the terms mentioned in the invoices sent to the Corporate Debtor which were also acknowledged by the Corporate Debtor. 16. It is submitted that the Corporate Debtor has wrongly stated that the parties have amicably settled the matter, however, it was never settled between the parties. Moreover, the Operational Creditor had been demanding the interest @ 18% per annum along with the Principal amount since it has become due and payable. It is submitted that the Corporate Debtor had promised the Operational Creditor to pay whole debt amounting to Rs. 3,48,35,146.68/- in instalments and con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor that the Corporate Debtor had sent letter dated 15.01.2021 to the Operational Creditor as an attachment to the Email dated 15/01/2021 whereby the contents of which are not denied by the Operational Creditor. In terms of the said letter dated 15/01/2021, the Corporate Debtor had written that the total outstanding of Rs. 2,22,78,856/-, the payment was made on six dates detailed in the said letter from 13th July 2020 to 10th December, 2020. It was further informed to the Operational Creditor that out of the above said payment, their outstanding balance amount was Rs. 30,78,856/- out of which a sum of Rs. 15,00,000/- was transferred on 15th January, 2021 and full and final balance of payment will be paid on account of old outstanding of Rs. 15,78,856/- on or before 29th January, 2021. This email was duly received by the Operational Creditor. Thereafter on 9th February, 2021, a letter was written through Whatsaap mode on 9th February, 2021 by the Operational Creditor to the Corporate Debtor, contents of which are as under:- 11:29 Saurav Tirupati Sugar B... 9th February, 2021 To, Sona Sati Organics Private Limited AT- Rajapatti Kothi, P.S. Baikunthp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd hardcopy for your required signature Sir your confirmation pls. 3:01 20th August, 2021 Sir, Good Afternoon Pls look in matter of MOU Signing Hearing date is on 24.08.2021 We need to close this matter. 25. It submitted that in reply to the Supplementary Affidavit, the Operational Creditor has denied only letter dated 9th February, 2021 but all other messages have not been denied even though all the messages have been sent from the same mobile phone and number. 26. To our mind, the Corporate Debtor has paid the full amount agreed between the parties which was acknowledged by the Operational Creditor in its WhatSap message dated 9th February, 2021. We do not see anything due or outstanding to the Corporate Debtor and the denial of the Operational Creditor at this stage after receipt of the amount is just to extract more money from the Corporate Debtor and that is the reason why the Operational Creditor did not sign the terms of settlement sent to it by the Corporate Debtor. If the operational creditor had acknowledged all other whatsapp msg, and did not deny having received them, there was no question of disowning the one in whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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