TMI Blog2019 (3) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... en in Clause-I is to be effect that Krishna Phoschem Ltd. agrees to sell ‘H Acid’ and buyers agrees to purchase these products as per the quantity agreed hereunder in a month. The Krishna Phoschem Ltd. has been defined as a ‘seller’ in the sale purchase agreement and Colorant Ltd. has been defined as a ‘buyer’ under the said sale purchase agreement dated 21st day of August, 2017. The main grievances of the petitioner is that the seller of the agreement, namely, the Corporate Debtor has not abided to the terms and conditions of the agreement in the supply of ‘H Acid’ as contracted under the agreement. Under the circumstances, there is a breach of the said agreement dated 2 August, 2017 which had forced the buyers, namely, the petitioner t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y) Rules, 2016 discloses the details of transactions which is to the following effect: Amount of debt due as per demand note/proforma invoice dated 14.08.2018 raised by the Operational Creditor in terms of penalty clause (No. 10) contained in the sale purchase Agreement dated 21.02.2017 is ₹ 61,72,850/-. No interest has been calculated on the above amount. Interest will become payable from the date of the proforma invoice up to the date of realization. DETAILS OF TRANSACTION The debt has arisen out of a sale purchase agreement dated 21.08.2017 entered into by and between Krishna Phoschem Ltd. (Seller) and Colorant Ltd. (Buyer). According to the said agreement, which had a validity of one year, the seller agreed to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Part-IV of the prescribed form and not being convinced about the existence of relationship as between the petitioner and respondent being that of an Operational Creditor and a Corporate Debtor as defined under the provisions of IBC, 2016 and the amount claimed not being an Operational Debt strictly falling within the confines of Section 5(21) of IBC, 2016 this Tribunal posted the matter vide order dated 06.12.2018 to decide on the issue of maintainability on 17.01.2019. However, the Corporate Debtor in the meanwhile had entered its appearance through its counsels. Under the circumstances, the Corporate Debtor was also directed to file a reply in relation to issue of maintainability to be decided by this Tribunal and posted the matte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he payment of dues arising under any law for the time being in force and payable to either the Central Government, any State Government or any Local Authorities. 5. Thus, it is clearly seen from the above definitions that the Operational Creditor should have supplied goods or rendered any services to the Corporate Debtor. However, in the instant case, even as per the agreement which has been entered into as between the parties and which was also referred at the Bar during the course of arguments on maintainability annexed as Annexure-5, wherein, it is seen that the scope of agreement as given in Clause-I is to be effect that Krishna Phoschem Ltd. agrees to sell H Acid and buyers agrees to purchase these products as per the quantity agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(11) was also pointed out. However, the interlink between Claim, Debt, Operational Creditor and Operational Debt has been dealt in detail by this Tribunal in the matter of Pramod Yadav v. Divine Infracon (P.) Ltd. [CP (IB) 209 (ND) of 2017] as well as in Jindal Steel and power Ltd vs. DCM International Ltd. in cp No. (IB)200/ND/12017 it is not necessary for this Tribunal to revisit the said proposition in relation as to when a debt can be considered as an Operational Debt . Both the above decisions it is to be noted have also been upheld in appeal by Hon ble NCLAT in the Company Appeals filed, more particularly in relation to DCM s case in Company Appeal (AT)(Insolvency) No. 288 of 2017. In this connection, it is also pertinent to note ..... X X X X Extracts X X X X X X X X Extracts X X X X
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