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M/s Vinod Cotton Corporation Versus M/s Pasupati Fabrics Ltd.

2017 (10) TMI 462 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

Corporate Insolvency Resolution Process (CIRP) - claim of the 'Operational Creditor' - Held that:- A perusal of the additional affidavit and the documents annexed therewith also shows that based on the recommendations of the BIFR in the year 2010, the Hon'ble High Court has also taken notice of the said recommendation vide order dated 9.7.2010 and also put in motion the process of liquidation. - Hence taking into consideration the documents annexed as above as well as the provisions of Notif .....

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Debtor'. - NO. (IB) -187 (ND)/2017 - Dated:- 7-9-2017 - MR. R. VARADHARAJAN, J. For The Petitioner : Rishi Sood, Adv. For The Respondent : Rajesh Bohra and Aditya Narayan ORDER Order delivered by : Shri R. VARADHARAJAN Vinod Cotton Corporation representing itself to be an 'Operational Creditor' under the provisions of Insolvency and Bankruptcy Code,2016 (IBC, 2016) has sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Pasupati Fabrics Limited being its 'C .....

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is further stated in the said Form that the debt fell due from 15.12.2014 and that notice through its legal Counsel dated 22.12.2014 annexed as Annexure-10 to the application was issued to the 'Corporate Debtor' to which a reply has also been sent by the 'Corporate Debtor' dated 19.1.2015 annexed as Annexure-11 wherein apart from denying the liability, it has also been brought to the notice of the 'Operational Creditor' that the company was declared as a sick company und .....

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d to the same wherein a sum of ₹ 1,89,87,747/- as on 31.3.2012 is stated to be in debit balance vis-a-vis the 'Operational Creditor' in its books. 2. In relation to the Application, it is seen that the 'Corporate Debtor' has filed a reply raising preliminary objections in relation to the non-compliance of the provisions of Section 9 of IBC, 2016. Further, it is also contended that the amount of debt as claimed by the 'Operational Creditor' is time barred and there i .....

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ny duly registered before the BIFR as case No. 375/2001 and that BIFR vide order dated 19.5.2010 had formed an opinion for winding up of the 'Corporate Debtor' and also forwarding the same to the Hon'ble High Court of Delhi. (b) That against the said order of the BIFR dated 19.5.2010, the 'Corporate Debtor' had preferred an appeal to the Appellate Authority namely AAIFR in Appeal No. 195/2010 which was pending before the Appellate Authority for a considerable time. However, u .....

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19(E) issued by the Central Government dated 7.12.2016 winding up to be considered by the Hon'ble High Court of Delhi. 4. Upon a reference to the above said Notification as cited by the Ld. Counsel for the 'Corporate Debtor', the following position emerges: That in all cases where opinion has been forwarded by Board for Industrial and Financial Reconstruction for winding up of a company to the High Court and where no appeal is pending and proceedings for winding up initiated under th .....

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