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TMI Blog2020 (9) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Process (CIRP) in respect of M/s. Empire Cooling Solutions Private Limited (Respondent/Corporate Debtor), on the ground that the Corporate Debtor has committed default for an amount of Rs. 6,69,363/-(Rupees Six Lakh Sixty-Nine Thousand Three Hundred Sixty Three only). 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Bhutoria Refrigeration Pvt. Ltd. (Petitioner/Applicant/Operational Creditor) is a Private Limited Company incorporated and registered under the provisions of the Companies Act, 1956 and having its registered address at 340/2722/Motilal Nagar No. 2, Opp. Bangur Nagar, Link Road, Goregaon (West), Mumbai - 400 104 and involved in the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor. The Invoice worth Rs. 7,69,363/- was raised against the Corporate Debtor out of which Rs. 1,00,000/- was paid and remaining outstanding is Rs. 6,69,363/- towards the goods sold supplied and delivered to the Corporate Debtor. (4) The Applicant had received a Cheque issued by the Corporate Debtor for discharging their enforceable liability against the outstanding amount but the same, when presented by the Corporate Debtor, had returned unpaid citing reason "Funds Insufficient" on 06.02.2019 for which the applicant had issued Legal Notice. U/s. 138(b) of the NI act, 1881 on 18.02.2019 but no reply has been received from the Corporate Debtor. (5) It is further stated that since the Corporate Debtor failed to pay the amount due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Shri Thirupal Gorige, learned PCS for the Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code and rules made there under. 4. As stated supra, the Petitioner issued invoices dated 20.12.2018 wherein it is stated that Rs. 1,00,000/- as advance is to be paid and the balance in 30 days by PDC. The terms and conditions are as follows: 1. The Product classification (HSN/SAC) is subject to final determination by the Appropriate Authority. 2. Interest @ 12% p.a. will be charged if bill is not paid on or before due date. 3. Sales rejection and/or short receipt, if any, intimated, writing beyond 7 days will not be entertained 4. Our risk and responsibility ceases on dispatch of goods f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #39; Government Company for an amount of Rs. 1.25 Crores. However, the main Contractor that is EPC Constructions Limited, which is a group Company of Essar Group, has become insolvent to the tune of Rs. 400 Crores, and underwent CIRP under the Insolvency & Bankruptcy Code, 2016 vide CP No. 1832/I&BC/MB/MAH/2017 on 20th April, 2018. Due to their Insolvency, the Corporate Debtor has been unable to meet the commitments made towards its suppliers. The Corporate Debtor has filed claim in Form B in pursuant to the Public Announcement by Interim Resolution Professional/Re solution Professional. In this matter, the Corporate Debtor lost directly and indirectly haircut of Rs. 16,17,868/- (Sixteen Lakhs Seventeen Thousand Eight Hundred and Sixty Eigh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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