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TMI Blog2020 (7) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... BER - 1. CP(IB)No. 48/2017 was filed by State Bank of India, the Financial Creditor (Applicant) under section 7 of the Code read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authorities) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process against Alok Industries Limited (hereinafter referred to as "Corporate Debtor" having registered office at 17/5/1 & 521/1, Rakholi/Saily, Silvassa - 396 230 in the Union Territory of Dadra and Nagar Haveli and having its corporate office at 2nd and 3rd Floor, Tower B, Peninsula Business Park, G.K. Marg, Lower Parel, Mumbai - 400 013. 1.1 The said CP(IB) No. 48/2017 was admitted on 18-7-2017 by this Adjudicating Authority and appointed Shri Ajay Joshi, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant IA. No. 327 of 2019 on 10-6-2019 2.1 Facts of IA No. 321 of 2019 to IA No. 327 of 2019 2.2 For the sake of convenience, the facts of IA No. 321 are mentioned hereunder in detail. However, the facts of the other IAs are of similar nature with or less similar prayers, hence not dealt with separately. 2.3 The IA No. 321 of 2019 in CP(IB)No. 48/2017, is filed by the applicant, the Operational Creditor of the Corporate Debtor Company, who is a supplier of raw materials to the Corporate Debtor that are essential for the immediate functioning of the Corporate Debtor M/s. Alok Industries Limited, under section 60(5)(C) of the Insolvency Bankruptcy Code, 2016 with the following prayers: (a) Pass order directing the Respondents to place on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rinciples. Thus, RP played a fraud upon the Applicants making the Applicants to believe that Applicants would be paid for invoices both pre-CIRP invoices and CIRP invoices. 2.5 It is submitted by the Applicants' lawyers that Applicants are suppliers of raw materials to the Corporate Debtor that are essential for the immediate functioning of the Corporate Debtor and these raw materials are required to be supplied on a short weekly basis. Without the provision of these raw materials, the operation of the Corporate Debtor as a going concern would cease immediately given the nature of the business of the Corporate Debtor. 2.6 Besides, the Applicants have alleged that the RP failed to appreciate that the interest permitted under the MSME A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 8,29,82,493 3,30,29,932 2 AMOUNT OF CLAIM ADMITTED BY IRP 24,44,51,253 6,46,12,159 3,16,63,038 9,48,13,028 3,06,21,075 5,78,47,567 7,47,97,243 3,30,29,332 3 AMOUTN PAID AGAINST OLD INVOICES 13,38,22,092 2,95,65,136 1,41,49,256 5,74,59,973 3,06,50,722 2,57,26,112 7,47,89,447 2,57,26,080 4 AMOUNT (VALUE) OF GOODS SUPPLIED POST NCLT I.E. 18-7-2017 TO 7-3-2019 17,63,88,008 3,04,15,075 1,41,28,022 7,41,52,138 5,25,39,308 3,45,85,780 13,38,99,636 2,99,81,377 5 AMOUNT PAID AGAINST NEW INVOICES 3,72,69,749 0 0 1,82,60,593 2,26,04,712 85,33,030 5,51,28,688 45,49,373 6 AMOUNT OF NEW INVOICES UNPAID AND PENDING TO BE IN CUDED IN IRP COST 13,91,18,259 3,04,15,075 1,41,28,022 5,58,91,545 2,99,34,596 2, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th July, 2017 until today have been against the supplies made by the Applicant since 18th July 2017 and the Applicant would be free to set off their bills against supplies made by the Applicant from 18th July 2017 onwards. It is observed that in spite of receiving this clarification from the RP, the Applicant continued to make supplies as is evident from the Invoices No. AOPL/138/18-19 dated 31-10-2018 onwards. 3.2 As far as payment of interest to MSME units is concerned, it is submitted by the Applicants that interest permitted under the MSME Act is statutory in nature and is not contractual and therefore, no explicit Agreement or Terms and Conditions for payment of interest is required. Under the Corporate Insolvency Resolution Process ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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