TaxTMI 
TaxTMI 
2017 (8) TMI 1573
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....16 (hereinafter referred to as "the Rules") With a request to initiate corporate insolvency resolution process in respect of Sysco Industries Ltd. (hereinafter referred as respondent/corporate debtor). 2. This application is filed by authorised signatory of operational creditors. 3. Operational creditors supplied goods to the corporate debtors against invoice. According to the operational creditor, details of outstanding of corporate debtor as on 30.04.2017 is as follows: - 4. Operational creditor on 19.09.2016 issued notice under Section 434 of the Companies Act, 1956 to the corporate debtor demanding the repayment of outstanding amount of Rs. 42,71,336/- 5. Operational creditor issued demand notice in form No. 3 dated 02.03.2017 t....
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....orporate debtor filed IA 207/17 to reopen the matter and to give an opportunity to hear the learned Company Secretary for the corporate debtor. This adjudicating authority reopened Company Petition (1B) No. 44 of 2017. This adjudicating authority heard arguments of the learned counsel for applicant/ operational creditor and learned PCS for corporate debtor. 8. From the aforesaid facts it is clear that the application filed by the operational creditor is complete in all respects. Operational creditor also recommended the name of interim resolution professiona'. Operational creditor also filed copy of written communication by the proposed insolvency resolution professional as set out in form 2 of the Insolvency and Bankruptcy Rules, 201....
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....e contended that after filing of this application, as an afterthought corporate debtor raised the defence viz. the goods supplied are not of good quality. He contended that corporate debtor did not even state in what aspect the goods supplied were of inferior quality. He contended that such type of dispute raised for the first time in agreement is not bona fide one and it is malafide dispute and such disputes cannot be taken into consideration. In support of his contention, he relied upon two decisions rendered by National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) 6 of 2017 decided on 24.05.2017 in Kirsua Software Private Limited. vs. Mobilox Innovation Pvt. Ltd. and Company Appeal (AT) (Insolvency) 56 of 2017 in P ....
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....n which comes under one of the clause of sub-section 6 of section 5 of the Code. 15. Now, in the case on hand, no reply was given by the corporate debtors to the notice issued under Section 443 of the Companies Act, 1956. No reply was given by the corporate debtor to the demand notice issued under section 8 of the Insolvency Code. 16. Further, learned Company Secretary appearing for the Corporate debtor referred to certain mail correspondence between the operational creditor and corporate debtor which is available at page 71 to 74. I have carefully gone through the mail correspondence between the operational creditor and corporate debtor. A reading of a" the mails goes to show that there is no dispute raised by the corporate debtor rega....
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....d with all requirements. Operationa! debt is due from the corporate debtor to the operational creditor. Operational creditor filed written communication of interim insolvency professional which shows there are no disciplinary proceedings pending against him. For the above reasons this application is admitted. 18. This authority hereby appoints Mr. Hemanshu Kapadia, Practising Company Secretary, Office No. 12, 14th Floor, Building No. 3, Navjivan Commercial Premises Co-op Society, Lamington Road, Mumbai 400 008 as interim resolution professional. This authority directs the applicant to make public announcement of the initiation of corporate insolvency process and call for the submission of claims under Section 15. 19. Adjudicating author....