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TMI Blog2022 (11) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... ut as operational debt. The contentions raised by the corporate debtor about maintainability of the application in its reply, are devoid of any merit. Thus, it is evident that the debt is due and payable and default has occurred. The present application is complete in terms of Section 7(5) of the Code. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In light of the facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. Petition admitted - moratorium declared. - CP (IB) 114/NCLT/AHM/2021 - - - Dated:- 20-10-2022 - Dr. Deepti Mukesh , Member ( J ) And Ajai Das Mehrotra , Member ( T ) For the Appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - and paid up share capital of the company is Rs. 5,09,50,000/-. The respondent company is engaged in the business of selling and repairing cars and has automotive body shop and paint booth. 4. It is submitted by the applicant that after discussions held between the representative of the applicant and corporate debtor, an agreement dated 07.12.2016 was executed between the applicant, corporate debtor and M/s. Shree Milap Auto Colours. As per the tripartite agreement, the applicant had to extend the trade advance of upto Rs. 35,00,000/- (Rupees thirty-five lacs only) which was to be used for purchasing and installing paint booth, baking oven and other workshop equipment at its workshop to enable it to carry on business with new and improv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount was paid to the corporate debtor on 09.05.2019. Against aforesaid agreements, the corporate debtor had issued two promissory notes dated 07.12.2016 and 04.05.2019 whereby the corporate debtor agreed to pay Rs. 35,00,000/- and Rs. 1,20,00,000/- to the applicant. Copies of both the promissory notes are annexed to the application. According to the terms and conditions of the above agreements, the corporate debtor was to place purchase orders for certain quantity of products of the applicant. 6. It is further submitted that the corporate debtor failed to comply with the terms and conditions of the agreements, more particularly Clauses 3, 7 and 9(ii). In terms of Clauses 7 and 9(ii) of the agreements dated 07.12.2016 and 04.05.2019 the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de Board Resolution dated 27.05.2021; The person who filed reply is not authorised by the corporate debtor. 10. The applicant has also filed copy of the following judgments relied upon by the applicant during the arguments: 1. Civil Appeal Nos. 8337-8338 of 2017 decided on 31.08.2017 in the Supreme Court of India in Innoventive Industries Limited vs. ICICI Bank and Ors. 2. Civil Appeal No. 2014 of 2021 decided on 22.02.2011 in the Supreme Court of India in State Bank of Travancore vs. Kingston Computers (I) P. Ltd. 11. In compliance of order dated 26.08.2022, the applicant filed affidavit enclosing therewith copy of email communication with the corporate debtor dated 09.03.2021, copy of master data of the corporate d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on here that as per clause 4 of the agreement dated 07.12.2016, the corporate debtor was bound to place average monthly purchase orders worth Rs. 2,16,667/- (excluding sales tax) for Sikkens brand product manufactured and traded by from the applicant during the tenure of the agreement, provided the yearly purchase of the products by corporate debtor from the applicant shall be of such description and value as mentioned under schedule 1 annexed to the agreement. 15. Further, as per clause No. 5 of the agreement dated 07.12.2016 the corporate debtor shall make payment within 30 days from the date of receipt of the invoice, in respect of the product purchased from the applicant's recommended dealer. 16. The agreement dated 07.12.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Interim Resolution Professional, namely Mr. Ajay Kumar Jain to meet the expenses for performing functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Financial Creditor. The amount, however, is subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Financial Creditor. 20. As a consequence of the application being admitted in terms of Section 7(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1) shall follow in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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