TMI Blog2020 (3) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016 (IB Code' for short), read with Rule 6, of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (IB Rules' for short) for initiation of Corporate Insolvency Resolution Process against the CD, Rollwell Forge Private Limited for the recovery of the unpaid Operational Debt due. 2. The Petitioner, Sanvijay Rolling Engineering Limited having its address at 9, Imambada Road, Nagpur - 440 018 (Maharashtra) and engaged in supplying goods. The present Petition is filed through the authorised person, Shri Yatin Babulal Mehta, as per the meeting of Board of Directors held on 26/05/2017, to initiate Corporate Insolvency Resolution process with respect to the Corporate Debtor. 3. It is submitted that the Respondent Company, Rollwell Forge Private Limited is a Company registered under the Companies Act, 1956 and is having its registered office at Plot No.l, Survey No.239/1, Shapar Veraval (Gujarat) - 360002. The Respondent company is engaged in carrying on the business of manufacturers, processors, refiners, smelters, converters, fabricators, repairers, finishers, importers, exporters, agents, buyers, sellers and dealers in all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Adjudicating Authority on 03/05/2018; however, none appeared for the Petitioner and also for the Respondent. The matter was adjourned to 18.06.2018, with directions to the Registry to serve the notice of date of hearing on the Respondent along with the copy of the order under acknowledgement. Thereafter on 18.06.2018, the PCS, Mr.S.K.Jain appeared on behalf of the Operational Creditor and Mr.Vishal Dave Mr.Nipun Singhvi, Advocates appeared on behalf of the Respondent. Thereafter, the matter was adjourned to various dates; however, on 04/03/2019, the Learned Counsel for the Corporate Debtor brought to the notice of this Tribunal that the Operational Creditor had lodged a Criminal Complaint against the management of the Corporate Debtor in the Nagpur Police Station for the same transactions while the registered office of the company is situated in Rajkot, Gujarat and pursuant to which the Police Sub-Inspector had issued summons to the concerned persons from the Corporate Debtor to appear before him for the purpose of investigation. Accordingly, this Tribunal has instructed the Office of Superintendent of Police, Nagpur to furnish its status report, which was subsequently recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr.Babulal Mehta, Ex-Director of the Respondent and both the documents are fabricated, frivolous and falsely implicated to take the Respondent into insolvency. Hence, it is stated that this petition is a false conduit to deceive the Respondent and hence, Respondent has reserved its right to file appropriate criminal compliant before the appropriate authority. 9.5 It is stated that the enquiries were made at HDFC bank, which revealed that the cheque bearing number 2773, dated 15/09/2015, belongs to cheque book of 50 cheques starting from 2751 to 2800. As per records maintained by Respondent, all the cheques of series 2751-2800 were issued between January' 2016 - April' 2016. Only this cheque bearing number 2773, which is attached by the petitioner is purported to be issued on 15/09/2015, by Mr.Babulal Mehta, the Ex-Director of the company. This shows that Mr.Babulal Mehta, Ex-Director of the Respondent is colluded with Mr.Yatin Babulal Mehta and issued a backdated cheque to take the company forcefully into insolvency. 9.6 It is further stated that as per ledger account of Respondent, the Respondent took a loan of ₹ 35,00,000.00 on 04.12.2015, from one Sunring Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the liability was acknowledged by the Corporate Debtor in the audited balance sheets for the year ending on 31.03.2013 31.03.2015 and the present petition is filed before the expiry of the period of three years from 31.03.2015. 10.5 It is submitted that the Corporate Debtor is trying to link a relation between Mr.Yatin Mehta and erstwhile Director of Corporate Debtor, Mr.Babulal Mehta, however there is no relation between the said persons and there is no material placed on record to substantiate the said objection. 10.6 It is contended by the Corporate Debtor that the amount due to the Operational Creditor is already paid and the liability is discharged and such submissions was made on the basis of the Journal entries of books of account. However, it is submitted that at no point of time, any such instructions were passed to Corporate Debtor to make any payment. 10.7 It is submitted that as a pre-emptive action, the police complaint was lodged by the Operational Creditor and the report submitted by the Police Officials confirms that no FIR was lodged on the said complaint. It is submitted that moreover, the Corporate Debtor cannot claim immunity from the crim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the said amount was to be paid on 03.10.2011 11.10.2011, respectively. Further Operational Creditor itself has declared the date of default of the debt is 02.11.2011 10.11.2011, for different invoices, respectively as per the Annexure-H at page No.69 of the paper book. 12.3 Operational Creditor has submitted the copy of RoC relating to the filing of charges, but it does not show any charge has been created in favour of Operational Creditor except charges created in favour of the Financial Creditor. 12.4 The Operational Creditor has submitted a copy of the cheque purportedly issued by the Rollwell Forge Private Ltd., which has not been presented for payment. As reported by the Operational Creditor that they were verbally told not to present the cheque. Copy of such request made by the Corporate Debtor is not annexed by the Operational Creditor. 12.5 The Corporate Debtor has reported that the said cheque No.002773, dtd:15.09.2015, is of the cheque book series which has been issued in 2016, but the said cheque has been issued on 15.09.2015, which indicates that the contentions of the Corporate Debtor as mentioned in their affidavit in reply at page No.8 is apparently t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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