Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (11) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 676 - Tri - Insolvency and BankruptcyDirection to 2nd Respondent to release the machinery in possession with the 1st Respondent/Corporate Debtor and transfer the possession of the same to the Applicant - HELD THAT:- In the statement, in regard to payment for the security arrangements of the Corporate Debtor it is stated that even though three securities have been arranged to guard the Corporate Debtor premises to keep the machineries, the Resolution Professional has limited it into two securities charges and claimed the six months charges of ₹ 1,90,080. Since the applicant undertake to make payment of ₹ 75,000/- in addition to ₹ 38,414/- already paid by them, the Resolution Professional should accept that amount, as the Corporate Debtor property is still under the possession of the Resolution Professional, the Resolution Professional has also to bear a part of the payment, without shouldering the full responsibility on the applicant as the CIR Process is not yet completed. Regarding the other payments, since the applicant has agreed to bear the CGST payment provided the Bristo Foods Pvt.Ltd. cooperate in signing the documents and that they are ready to pay the upfront amount of ₹ 2,95,400/- provide the Bristo Foods Pvt.Ltd allow them to lift the machineries, there will not be any further dispute in those matters. They have also undertook to remove the machineries without causing any damage to the property of the Corporate Debtor. The applicant shall pay the CGST liability of ₹ 19,40,892/- demanded by the CGST Department and the Corporate Debtor Bristo Foods Pvt.Limited or Resolution Professional, as the case may be, sign the communications to be submitted to the Department, as the registration number is with the Bristo Foods Private Limited - applicant shall pay the upfront amount of ₹ 2,95,400/- towards the outstanding dues to the Bristo Foods Pvt.Limited. Application disposed off.
|