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TMI Blog2020 (1) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 (for brevity 'the Rules') by K.B. Polychem (India) Limited (for brevity 'Applicant') through Mr. Saurabh Bhalla duly authorised vide Board Resolution dated dated 03.07.2018, with a prayer to initiate the Corporate Insolvency process against Rapt Industries Private Limited (for brevity 'Corporate Debtor'). 2. The applicant is a company originally incorporated as a private limited company under the provisions of Companies Act 1956 on 09.09.2009 with the name K.B. Ploychem (India) Pvt. Ltd. and CIN U24139DL2009PTC267647. The company was converted into Public limited company under Section 18 of the Companies Act, 2013 on 29.07.2016 with the name as K.B. Ploychem (India) Ltd. having its registered office at: A-1, Basement DDA Sheds, Okhla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor did not reply and also failed to discharge the outstanding liability. 6. The Applicant issued a demand notice dated 30.07.2018 in Form 3 under the provisions of section 8 of I & B Code, 2016 (Under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 calling upon the corporate debtor to pay the total outstanding amount of Rs. 4, 76,154/- along with interest @ 24% p.a. due since March 2016 till date. 7. The corporate debtor vide reply dated 16.08.2018, raised the dispute with respect to quality of goods and also stated that the said issues of quality was informed to the applicant. The corporate Debtor further stated that due to the said dispute they had raised various debit notes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC and served the copy of this application to the Corporate Debtor. As per Form V, the total debt outstanding as on 28.03.2016 is Rs 4, 76,154/- along with interest @24% per annum as per the terms of invoice. The Corporate Debtor submitted that he had filed reply but the same has not come on record despite various opportunities given by the court. 10. Since a copy of reply was served to the applicant, the applicant filed rejoinder denying all averments of the corporate debtor. At the time of hearing the reply had not come on record hence the reply and rejoinder were not dealt with. 11. Considering the documents on records and submissions of counsels, it manifests that the corporate debtor has raised a pre-existing dispute as stated in it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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