9911796707
TMI Blog2020 (3) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a registered private limited company having identification No. U25203MH2013PTC244446 and having registered office at MIDC, Nr. Marol Bus Depot, Andheri (E), Mumbai 400 093 engaged in import and distribution of plastic and chemicals i.e. additives. The applicant is also in the business of distribution and supply of polymers, chemicals and polyester raw material products. 3. The respondent corporate debtor is a private limited company registered on 28.10.1996 having registration No. U17110GJ1996PTC031008 having its registered office at Sangrapura Main Road, Surat, Gujarat state. Authorised share capital of the respondent company is Rs. 85,00,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e applicant that, through its advocate, issued notice dated 24.02.2017 calling upon the respondent to pay the outstanding amount along with interest thereon @ 21% p.a. from the respective due dates till payment. That, instead of making payment, M/s. Baid Industries Pvt. Ltd. through reply dated 21.03.2017 falsely disputed the claim raised by the applicant contending that the goods supplied were defective. 8. It is submitted by the applicant that, through advocate, vide letter dated 19.04.2017, the applicant had denied all the contentions raised by the respondent and putting the correct facts on record. That, applicant's reply came to be returned by postal authorities with remark "incomplete address". 9. It is submitted by the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wledged and confirmed that M/s. Baid Industries Pvt. Ltd. does not have any claim against the applicant and undertook to withdraw any pending proceedings against the applicant. 13. It is submitted by the applicant that M/s. Baid Industries Pvt. Ltd. along with other guarantors confirmed that as on 30.06.2018 a sum of Rs. 2,63,00,463/- along with compound interest @ 12% p.a. on the above sum, from 01.07.2018 till the payment and/or realisation, is due, outstanding and payment to the present applicant. 14. It is submitted by the applicant that under the settlement agreement dated 11.05.2018, M/s. Baid Industries Pvt. Ltd. was to pay an amount of Rs. 3,51,02,340/- to the applicant and had issued and handed over 60 (sixty) post-dated cheques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tlement agreement dated 11.05.2018. That, the applicant vide legal notice dated 26.07.2018 brought to the notice of M/s. Baid Industries Pvt. Ltd. that the terms and conditions of the settlement agreement dated 11.05.2018 has been violated. 17. It is submitted by the applicant that the applicant vide demand notice dated 22.01.2019 under Section 8 of the provisions of the IB Code, once again called upon M/s. Baid Industries Pvt. Ltd. to make payment of Rs. 3,51,02,340.00 (Rupees three crores fifty-one lacs two thousand three hundred forty only) however, M/s. Baid Industries Pvt. Ltd. failed to clear the outstanding debt. 18. It is further submitted by the applicant that, under these circumstances, the applicant was constrained to file sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounsel appearing on behalf of the applicant. On perusal of the record it is found that for the first time the matter was notified on 13.03.2019. Since then, the matter was notified for hearing on different dates, but the respondent never appeared either in person or through advocate before the bench nor submitted any reply despite notice issued by the applicant as well as the Registry. The Adjudicating Authority passed an order on 23.07.2019 for paper publication. Since service is complete, the matter has been heard in absence of the corporate debtor. 22. While examining an application under section 9 of the Act, will have to determine the following:- (i) Whether there is an "operational debt" as defined exceeding Rs. 1.00 lac (See Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng registration No. IBBI/IPA-001/IP-P01390/2018-19/12178 to act as an interim resolution professional under section 13(l)(c) of the Code. 26. From the above stated discussion and on the basis of material available on record it is a fit case to initiate Insolvency Resolution Process by admitting the Application under Section 9(5)(1) of the Code. 27. The petition is, therefore, admitted and the moratorium is declared for prohibiting all of the following in terms of sub¬section (1) of Section 14 of the Code:- (i) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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