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TMI Blog2022 (10) TMI 521X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor to file fresh petition while dismissing the company petition as abated. Accordingly, the above Company Petition being filed on 06.03.2018 is within limitation. Pre-existence of disputes - HELD THAT:- It is important to observe here that the Operational Creditor has got issue a legal notice before filing winding up petition before the Hon ble Bombay High Court for which the Corporate Debtor did not choose to even send any reply. Even otherwise, the Corporate Debtor having admitted the liability through the minutes of meeting dated 07.12.2012 as well as email dated 02.02.2015 is estopped from raising the issue of quality of goods and thus this bench is of the considered opinion that the above plea of preexistence of disputes raised by the Corporate Debtor is a palpable defence that does not require any further investigation and is liable to be rejected. This bench is of the opinion that the above company petition is liable to be admitted - Petition admitted - moratorium declared. - C. P. No. 351 of 2018 - - - Dated:- 11-10-2022 - Hon ble Shri H. V. Subba Rao , Member ( Judicial ) And Hon ble Smt. Anuradha Sanjay Bhatia , Member ( Technical ) For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as per the Code has not been made so far by the Petitioner, hence in view of the Notification No. GSR- 732(E) dated 30.06.2017, the last date for compliance was 15.07.2017, therefore, the transferred Petition from the Hon'ble High Court stood abated. 3. However, as per the 1st Proviso to the Notification, liberty is granted to the Petitioner to file Fresh Petition as prescribed under the Code. FINDINGS 7. As mentioned above, the Corporate Debtor is resisting the admission of the above Company Petition primarily on the ground of Limitation and also on the ground of are pre-existing disputes between the parties. 8. Let us deal with the plea of limitation raised by the Corporate Debtor. It is the contention of the Corporate Debtor that the claim arises out of the invoices pertaining to the period of 2011-2012 and the present company petition being filed in 2018 is barred by limitation. It is his further contention that the earlier Company Petition filed by the Petitioner was abated for not complying the provisions of IBC after transfer of the above winding up petition from Hon ble Bombay High Court and therefore the present petition cannot circumvent the law ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... [email protected] Cc: AMBRISH SHAH [email protected] Subject: Payment restarting of supplies Dear Satish, This mail is regarding the payment of the overdue outstanding of Shree Satya as well as restarting of supplies at the agreed price as per our various discussions. Once again I apologise for the severe delay in completing the paying of the dues owed to your company. However I would like to assure you inspite of the continuing overall severe recessionary atmosphere in the automotive sector, we have been able to make arrangements to start making payments monthly as per following. Your total outstanding was Rs. 80 Lacs, against which payment of Rs. 5 Lacs made on 29th Jan 15. We shall make payment of Rs. 7 Lacs in Feb March 2015. We shall make a payment of Rs. 24 Lacs in April. This totals Rs. 38 Lacs, which clears 50% of your old outstanding as on date being 76 Lacs. Balance 36 Lacs will be cleared in 4 equal installments of May, June, July August 2015 Once again I apologise for this delay and also re-assure you of our intensions of meeting above payment commitment. Further as discussed we can resume supplies as p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us this bench is of the considered opinion that the above plea of preexistence of disputes raised by the Corporate Debtor is a palpable defence that does not require any further investigation and is liable to be rejected. 15. For the aforesaid reasons, this bench is of the opinion that the above company petition is liable to be admitted and accordingly, the above Company Petition is admitted by passing the following; ORDER a. The above Company Petition No. (IB) 351 (MB)/2018 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against M/s. Perfect Engineering Products Limited. b. Since the Operational Creditor has not suggested the name of IRP to perform the duties of the Interim Resolution Professional (IRP) in the petition, this Bench is appointing the IRP from the list furnished by the Insolvency and Bankruptcy Board of India (IBBI). This Bench hereby appoints Mr. Vikas Prakash Gupta ([email protected]), Insolvency Professional, Registration No: IBBI/IPA-001/IP-P00501/2017-18/10889 as the interim resolution professional to carry out the functions as mentioned under the Insolvency Bankruptcy Code, 2016. c. The Oper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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