9911796707
TMI Blog2019 (9) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"]. 2. The applicant/operational creditor is a proprietorship firm having registered office at Plot No. 512/7, GIDC Estate, Kathwada, Ahmedabad 382 415, Gujarat State is engaged in the manufacture and supply of iron and steel castings. 3. The respondent/corporate debtor is a company registered under the Companies Act, 1956 incorporated on 10.02.2010 having identification No. U29199GJ2010PTC059535 having registered office at Grain Market Road, Jamnagar 361 005, Gujarat State. Authorised share capital of the respondent company is Rs. 1,00,000/- and paid up share capital is Rs. 1,00,000/-. 4. The applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of invoices till the date of 22nd August, 2018. 6. In support of its claim, the petitioner has submitted copy of all the documents referred to in this application. 7. The respondent/corporate debtor filed affidavit in reply inter alia stating as under: - * The operational creditor has manipulated its ledger account at page 59 of the petitioner wherein the entry of the receipt of Rs. 25,00,000/- dated 02.09.2016 and had with mala fide intention, tampered its ledger account. Copy of e-mail dated 23.01.2017 by the operational creditor to the corporate debtor with ledger account of 2016-17 is annexed at Annexure R-I. * The entire proceeding is being planned and framed by a a recovery agent Mr. Saurabh Khandelwal who runs a website b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0/- to the corporate debtor. That, copy of e-mail dated 12.11.2016 being a triparty understanding is placed at page No. 10 to the reply. That, with regard to the invoices produced with the instant petition, the corporate debtor has already paid an amount of Rs. 1,50,000/- to the operational creditor. 10. The corporate debtor has further submitted that the corporate debtor had to pay Rs. 42,480/- to the recovery agent by way of RTGS on 29.11.2018 and the recovery agent had issued tax invoice against such payment, copy of such invoice is placed at page No. 10. Findings: 11. Heard the learned counsels for both the sides and perused application, written objections and the documents submitted by the parties. 12. On perusal of the records it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f any doubts or disagreement kindly revert back on timely manner. " 13. This correspondence goes on to show that there are some arrangement/understanding and/or agreement between the operational creditor, corporate debtor and Flovel Valves which is continuing from 12.11.2016. This itself shows that there is dispute much prior to the issue of demand notice which was received on 22.08.2018. 14. It is further alleged that the operational creditor had tampered with ledger account produced before the Adjudicating Authority. On perusal of the ledger account produced by the applicant at page No. 59 and the ledger account produced by the corporate debtor at page No.8 of the objection, it is found that both are not same. There is a variation at en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditor to recover its dues through a process that has debtor and creditor on opposite sides. When creditors recover their dues - one after another or simultaneously from the available assets of the firm, nothing may be left in due course. Thus, while recovery bleeds the corporate debtor to death, resolution endeavors to keep the corporate debtor alive. In fact, the I & B code prohibits and discourages recovery in several ways. In the matter of "Arcelor Mittal India (P) Ltd. Vs. Satish Kumar Gupta and Ors." the Hon'ble Supreme Court observed that "corporate debtor" consist of several employees and workmen whose daily bread is dependent on the outcome of the CIRP. If there is a resolution applicant who can continue to run the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
