TMI Blog2020 (3) TMI 1061X X X X Extracts X X X X X X X X Extracts X X X X ..... eeking for initiation of Corporate Insolvency Resolution Process ( CIRP in Short) in respect of the Corporate Debtor Company namely, H. Sharda Texfeb Private Limited. 2. The Petitioner/Operational Creditor is a Proprietary concern carrying on the business through its Proprietor, Mr. Bharatbhai Ravjibhai Kapadiya with Identification Number being Pan Card No.ATXPK9042J. The Petitioner is engaged in the business of providing services and job work and the Petitioner has provided the usage of the property situated at 60, Darshan Industrial Estate, Jo lava, Palsana, Surat along with Twelve Water Jet Machines lying at that premises. The registered office of the Petitioner is situated at 11, Shivdhara Shopping, Mansarovar Society, Vighag-IV, Yogi Chowk, Puna Gam, Surat - 395010 (Gujarat). The present Petition is filed through Shri Bharatbhai Ravjibhai Kapadiya, Proprietor of the Petitioner/ Operational Creditor to initiate Corporate Insolvency Resolution process with respect to the Corporate Debtor. 3. The Respondent/Corporate Debtor, namely H. Sharda Texfeb Private Limited was incorporated on 06.01.2012 with CIN: U17120GJ2012PTC068500. The authorised capital of the company is ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount of ₹ 6,25,006/- was due and payable during the period 01.04.2016 to December, 2017. The amount deducted towards TDS is of ₹ 17,000/-, but since December, 2017 the Respondent company has stopped payment. Therefore the total amount due and payable by the Corporate Debtor is amount to ₹ 31,00,903/- as on 01.04.2017 and thereafter 18% interest p.a. payable from 01.04.2017 to 30.10.2018 amounting to ₹ 8,83,855/- totalling to ₹ 39,84,788/-. It is submitted that the Respondent company did not pay an amount of ₹ 31,00,903/-. 7. It is submitted that the Petitioner requested the authorised person of the Respondent for the payment of the outstanding amount; however, the Respondent under one or other pretext avoided the payment of the outstanding amount. Hence, the Petitioner was constrained to issue legal notice on 13.10.2018. Accordingly, on receipt of the notice, Respondent requested for some time for payment of outstanding amount. It is also submitted that the Respondent has never disputed the said amount, which is evident from its reply dated 18.10.2018. 8. The Petitioner, to substantiate its claim, has attached following documents: - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the present IB Petition filed by the Petitioner, the Respondent has filed its reply through its Director, Mr. Hitesh Devshibhai Sakhiya, who is authorised to represent the Corporate Debtor. 16.1 It is submitted that the present application preferred by the Petitioner is an abuse of the process of law, since the Corporate Debtor had repeatedly assured the Petitioner for payment of the outstanding dues. 16.2 It is submitted that the Corporate Debtor company's business was hit by demonetization and implementation of GST, which affected the job work orders of the Corporate Debtor. 16.3 It is submitted that as per the ledger, an amount of ₹ 39,84,788/- is due and payable to the Petitioner by the Respondent, but there was no prior agreement regarding the payment of interest @18%. It is submitted that the Respondent admit the principal loan liability to the tune of ₹ 31,00,903/- to the Petitioner, however, dispute the amount of interest @18% mentioned in the application. Further, the Petitioner has specifically admitted the averments made in paras 4 5 of the application, except the averments made in paras 4.4, 4.9 4.13 of the application. 16.4 It is subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no interest provision in the contract for delay in payment by the Corporate Debtor. 19.7 No pre-existing dispute before the filing of this application is observed. ORDER 20. Considering the material, papers filed by the Petitioner on record and the facts mentioned in the Para Nos. 19, 19.1, 19.2, 19.3, 19.4, 19.5, 19.6 19.7, this Adjudicating Authority is satisfied that,- (a) Existence of debt is above Rs. One Lac; (b) Debt is due; (c) Default has occurred on 01.04.2016; (d) Petition had been filed within the limitation period; (e) The materials placed on record clearly establish that Respondent/Corporate Debtor committed default in repayment of operational debt due to the Applicant Company. Respondent Company also did not raise any dispute regarding the existence of operational debt, quality of goods supplied etc. (f) The application filed by the Petitioner under section 9 of IBC is found to be complete for the purpose of initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. Therefore, the present IB petition is admitted with the following directions. 21. As per the provisions of sections 13 and 14 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Process. This is more, when Financial Creditor or other Operational Creditor is not there, CoC is not formed and the Operational Creditor is not able to bear the CIRP expenses. 23. Hence, this Adjudicating Authority hereby appoints Shri Bhavan Trivedi, having Insolvency Professional Registration No.IBBI/IPA-001/IP-P00335/2017-18/10605, Email ID- bhavant@yahoo.com, Address : 55, 6th Floor, Shri Krishna Centre, Nr. Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat 380009 as an Interim Resolution Professional. 24. The IRP is directed to file a declaration disclosure statement within two days from the date of this order with this Registry. 25. The Interim Resolution Professional is further directed to make public announcement of moratorium in respect of Corporate Debtor Company soon after receipt of an authenticated copy of this order and to act further as per the order/direction issued by this Adjudicating Authority and to follow the provisions sections 13 and 14 and relevant provisions of the Insolvency and Bankruptcy Code. 26. The IRP is hereby advised to adhere the time limit as stipulated for completion of the Corporate Insolvency Resolution Process ( CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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