9911796707
TMI Blog2019 (9) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... nt that RG Steels (Petitioner) has approached this Tribunal as Operational Creditor (OC) under the provisions of section 9 of I&BC, 2016 seeking for the initiation of Corporate Insolvency Resolution Process (CIRP) in relation to Corporate Debtor (CD) for the amounts allegedly unpaid and in default. M/s. Berrys Auto Ancillaries Private Limited thereinafter referred as CD is stated to have been incorporated on 10-9-1975. The Nominal and Paid-up Capital respectively of the CD is stated to be Rs. 2,20,00,000/- and Rs. 2,18,51,000/-. Registered office of the CD is stated to be situated at 8/14, East Patel Nagar, New Delhi-110005. The OC has also proposed the name of one Mr. Ashok Kumar Jalan as an Interim Resolution Professional (IRP) in Part-II ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also filed a reply to the Petition. The petition under the circumstances, in view of the completion of pleadings, was heard on 6-9-2019. Prima facie from the Petition, it is evident that the petition has been preferred by M/s. RG Steels stated to be a Sole Proprietary Concern. However, by virtue of definition as contained in section 3(23) of I&BC, 2016 a person even though includes an individual it does not include within its ambit a Sole Proprietary Concern. It is also required to note that from the definition as given in section 5(20) of I&BC, 2016, an OC has been defined as a 'person' to whom an Operational Debt is owned and includes any person against whom such debt has been legally assigned or transferred. Thus, essential crit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the CD in relation to same points out to the documents as filed along with the petition by the Petitioner itself namely Annexure P-7 as well as Annexure P-9 and represents that rate as charged by the OC to the CD had been disputed even prior to the issue of a demand Notice by the OC and specific attention is drawn to the communication dated 15-9-2017 wherein it has been clearly stated in the absence of terms and conditions of Purchase orders containing terms of payment, Discounts rate etc. rate difference etc. reconciliation of the accounts is required for clarity and this has also been followed up at the time of sending reply by way of computational chart as given in Page 60 of the petition itself. Thus, we find that there seem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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