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TMI Blog2022 (7) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... , Adv. Mr. Sk. Selim Malik , Adv. For the Corporate Debtor : Mr.Abhishek Sikdar , Adv. ORDER Per : Harish Chander Suri , Member ( Technical ) 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 Unitech Paper Mills Private Limited, through its Director namely Sailesh Gupta, vide Board Resolution dated 12/08/2019 (Annexure-I) (hereinafter referred as the Operational Creditor), seeking initiation of corporate insolvency resolution process in respect of Kumar Propack Private Limited, CIN: U21099JH2016PTC009350, having its registered office at Duplex-92, VIth Phase, Vijaya Heritage Uliyan, Kadma, Jamshedpur, Purba Singhbhum, Jharkhand (hereinafter referred as the Corporate Debtor). 3. It is submitted in the petition that the Operational Creditor is inter alia engaged in the business of manufacturing and selling Kraft Paper and agreed to supply Kraft Paper to the Corporate Debtor when it approached the Operational Creditor on mutually agreed terms and conditions. 4. It is su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2016 for payment of the unpaid operational debt. The said notice was sent through speed post on 11.09.2019 and was duly received by the Corporate Debtor on 13.09.2019. 8. It is submitted by the Operational Creditor that after receiving the said demand notice under the Insolvency and Bankruptcy Code, 2016, the Corporate Debtor has a reply dated 26.09.2019 through its Advocate making certain false and frivolous allegations therein raising claims about the alleged inferior quality of goods received under the aforesaid invoices . However, from the correspondence between the Operational Creditor and Corporate Debtor, it will clearly show that such claims of the Corporate Debtor are baseless and the Corporate Debtor has infact utilized the goods supplied by the Operational Creditor against the aforesaid invoices that have remained unpaid till date. It is stated that the Corporate Debtor had, further, placed new orders with the Operational Creditor for supply of goods as explained in the preceding paragraphs upon being satisfied with the quality of goods as supplied by the Operational Creditor against the aforesaid invoices. 9. It is submitted that even receiving the said demand u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avit affirmed by the applicant under section 9(3)(a), (B), (c) of the IB Code, 2016.-Annexure-XII 13. On being served with the notice of the court, the Corporate Debtor has filed its reply affidavit. 14. In reply to the petition, the Corporate Debtor filed reply affidavit through one of the Directors namely Mr. Prantik Kumar. It is submitted that present petition is full of suppression of true and correct facts. 15. It is submitted that the corporate debtor is involved in the business of supply of manufacturing and supplying various types of flute corrugated cartons etc. On the other side the operational creditor is involved in the business of manufacturing and selling of kraft papers. 16. It is further submitted corporate debtor for the purpose of supplying cartons to various customers has placed order for the supply for the supply of kraft papers to the operational creditor. The kraft paper that was ordered for was customized and the operational creditor has duly received the said purchase orders knowingly fully of the requirements has accepted the said purchase orders. 17. It is submitted that the operational creditor despite of having the knowledge that the Kra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r submitted that the Corporate Debtor is liable to pay only Rs.2,00,000/- instead of Rs.8,66,234/- as demanded by the Operational Creditor. It was stated that the Operational Creditor has suffered loss of business due to the poor quality of goods supplied. He further submitted that only a sum of Rs.2,00,000/- is due and payable to the Operational Creditor. The Corporate Debtor had informed the Operational Creditor from time to time about this. Even before the receipt of notice from the Operational Creditor under Section 8 of the Code. 23. On the other hand, the Ld. Counsel for the Operational Creditor submitted that there is no pre-existing dispute and the Corporate Debtor has consumed all the goods and thereafter, unilaterally reduced the consideration. According to the Ld. Counsel after consuming the goods, one cannot be allowed to unilaterally reduce the consideration because it was a contract between the Operational Creditor and the Corporate Debtor, which was duly acted upon. Ld. Counsel for the Operational Creditor submitted that if the Corporate Debtor had raised this issue before consumption of the goods, it was within its right to do so. The Corporate Debtor even could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. v) The supply of essential goods or services rendered to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vi) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. vii) The order of moratorium shall have effect from the date of admission till the completion of the corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of su ..... 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