TMI Blog2020 (4) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... the Purchase Order and the terms and conditions contained therein, the Applicant/Operational Creditor appears to have made suppression of such a material document; no mention seem to have been made in the Application submitted by the Operational Creditor. The suppression of existence of such a Purchase Order appears to be an attempt to camouflage their contractual obligations so as to establish their claim for operational debt. In addition, the Operational Creditor has not completed the process of erection and commissioning so as to make them eligible to claim the operational debt. There is a deviation with respect to the contractual obligations regarding completion of Factory Acceptance Test from the side of both the parties which d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... incorporated on 10-7-2018 and that its Authorised Capital and Paid up Capital is ₹ 1,00,00,000/- and ₹ 50,00,000/-, respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 25, Level 2, Kambar Street, Alandur, Chennai, Tamil Nadu 600 016. Part-III of the Application discloses that the Operational Creditor has not proposed the name of an Interim Resolution Professional. 3. From Part-IV of the Application, it is seen that a sum of ₹ 27,43,184/- towards principal amount is being claimed by the Operational Creditor as Operational Debt which fell due on 01-12-2016. Part-IV of the Application also sets out the details of the Invoice(s) in Annexure of the Application a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cerns and requested for the Operational Creditor's understanding and cooperation. 7. The Corporate Debtor had not adhered to the requests of the Operational Creditor of paying the said outstanding dues, the Operational Creditor has issued the Demand Notice dated 20-2-2019 through Registered Post with AD under the provisions of the I B Code, 2016, which was delivered to the Corporate Debtor on 25-2-2019. Subsequent to that, an e-mail was also sent to the Key Managerial Personnel of the Corporate Debtor on 25-2-2019 under Rule 5(2)(b) of the I B Code, 2016. 8. The notice of dispute came to be issued by the Corporate Debtor on 7-3-2019 which was reported to have been received by the Counsel for the Operational Creditor on 11-3-2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Counter as per the Annexure-I) is as follows:- 1. Payment: 30% Advance along with PO, 60% against FAT Proforma Invoice prior to dispatch and final 10% against Installation Commissioning and Corporate Guarantee for 1 year from the date of commissioning; 2. Delivery: 10 to 12 weeks after all tech no-commercial formalities. 3. Freight Insurance at actuals in Swiss Garnier Genexiaa Sciences Scope. 4. Installation Commissioning of all machines handed over to us at site with all documents before 30th of April 2016. 13. The Corporate Debtor has stated that they have effected the payment to the Operational Creditor as mentioned below:- Sl. No Date of payment Amount (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditor has suppressed the fact that the installation and commissioning has not been done in their petition; as a result of non-fulfilment of the contractual obligation by the Operational Creditor, there is no use of machinery purchased by the Corporate Debtor which remains as a dead investment. 16. The Corporate Debtor has further stated that they already paid close to 60% of the cost of the equipments because of the default committed by the Operational Creditor, as a result of which the Corporate Debtor has claimed to have lost its business worth of more than rupees one crore. 17. The Corporate Debtor has further submitted that apart from a major delay in supply of machines, the Operational Creditor has not complied with the conditi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide there is a failure to fulfil the contractual conditions contained in the Purchase Order No. SGG/1516/POS/CGO/00031 dated 23-1-2016. 20. In addition, there is a delay from the side of the Operational Creditor with respect to payment of 30% advance along with Purchase Order dated 23-1-2016 which was actual defect on 17-5-2016; an amount of ₹ 19,69,500/- it is seen that right from the inception of the contract there are lapses in discharging the contractual obligations from either side. The Corporate Debtor appears to have stated in their Counter that the materials were supposed to be delivered within 10-12 weeks from the date of P.O i.e., 23-1-2016 and the same were required to be delivered by the Operational Creditor to the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
