TaxTMI 
TaxTMI 
2020 (10) TMI 62
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....ura, Paldi, Ahmedabad. The present Petition is filed through Authorised Person Shri Maulik Harishbhai Mehta, residing at A-6, Nikita Apartment, Opp. Fathnagar, Tubewell, Paldi, Ahmedabad. 3. The Respondent/Corporate Debtor, namely, Shambhu Textiles Mills Pvt. Ltd. was incorporated on 23.09.1996 with CIN: U17110GJ1996PTC030772. The authorised capital of the company is INR. 4,55,000,00.00 (Rupees Four Crore Fifty Five Lakh Only) and the paid-up capital is INR. 4,20,980,00.00 (Rupees Four Crore Twenty Lakh Ninety Eight Thousand Only). The registered office of the Corporate Debtor Company is situated at: Ranipur, Near Ranipur Bus Stand, Narol, Ahmedabad. 4. The present petition has been preferred by the Operational Creditor, HJM Fuels Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016 (herein after referred to as a "Code") seeking for initiation of Corporate Insolvency Resolution Process ("CIRP" in Short) against the Corporate Debtor Company, namely, Shambhu Textiles Mills Pvt. Ltd. 5. It is submitted by the Petitioner that the Respondent/Corporate Debtor is indebted to the Petitioner for INR. 87,23,817 (Rupees Eighty Seven Lakh Twenty Three Thousand Eight Hundred....
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....;120986 105 17.08.2015 110445 110445 51144 114 18.08.2015 139527 139527 64542 132 22.08.2015 123765 123765 57006 137 22.08.2015 134850 134850 60112 155 24.08.2015 86296 86296 39663 14 08.05.2016 117180 117180 38949 83 20.10.2016 102866 102866 25821 29 07.02.2017 124975 124975 24591 49 10.02.2017 166287 166287 32474 101 16.02.2017 183681 183681 35327 135 21.02.2017 164780 164780 31286 139 22.02.2017 196121 196121 37139 141 23.02.2017 202270 202270 38204 153 25.02.2017 182735 182735 34334 685 20.11.2017 222952 222952 12424 690 25.11.2017 214334 214334 11415 694 28.11.2017 216442 216442 11208 Total 6....
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....ioner had never received any such documents and all these documents have been fabricated in back date to deceive not only the Petitioner but also to this Hon'ble Tribunal. In view of this, the Hon'ble Tribunal passed the judicial order dated 30.09.2019 directing the Respondent to produce the proof to show the documents which were sent and delivered to the Petitioner at the alleged point of time. 12. It is submitted that upon insistence by this Hon'ble' tribunal as well as by the Petitioner herein as to the proof of dispatch and delivery of these alleged documents, the Respondent ultimately produced an affidavit by its Peon stating that they have a practice of sending documents through ordinary post and hence there is no proof of dispatch of delivery. 13. It is further submitted that the Respondent had produced debit note dated 12.04.2017 along with its reply to the petition is afterthought and fake. It is submitted the bare look of the said debit note shows that it was hurriedly prepared and back dated after service of demand notice under Section 8 of Insolvency and Bankruptcy Code, 2016. Whenever, a debit notes in respect of goods returned or rejection of goods i....
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....ity and hence, the customers of the Respondents made several complaints and did not make the payments to the Respondents. That the Respondent reportedly sent several complaints to the Petitioner, much before the present proceedings, in the year 2015-2017. The Petitioner had also agreed to compensate the Respondent for losses suffered by the Respondent. Accordingly, a debit note was also issued by the Respondent to the Petitioner. However, the Petitioner did not fulfil its assurance and did not compensate the Respondent. 15.2 It is submitted that the Respondent, much before the present proceeding, on 24.07.2015, issued a letter to the Petitioner raising concerns about the quality of coal supplied by the Petitioner. In the said letter, the Respondent also conveyed the Petitioner that the random samples tested by laboratory (Independent laboratory) showed higher moisture content and less then permissible GCV. The laboratory analysis report is at page No. 177 of the written submission of the Corporate Debtor). 15.3 It is further submitted that the random sampling and analysis, on 24.08.2015, it is revealed that the moisture of the coal supplied is against the normal standard. There....
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....e of the Petitioner to require the Respondent to produce proof of receipt of such letters by the Petitioner is absolutely ill-founded. The provisions of the IBC about dispatch of notice by Registered Post is only with regard to Notice to be issued under Section 8(1) of IBC, which cannot apply to letters issued in usual course of business between the parties. 19. It is submitted by the Applicant that there is no suit or arbitration pending between the parties. The petition filed by the Petitioner is otherwise complete in all respects. 20. It is further submitted by the Applicant that in the matter of Mobilex Innovation Pvt. ltd Vs. KarusaSoftwere Pvt. Lts., Hon'ble Supreme Court has made it very clear any dispute raised by the corporate debtor after service of Demand Notice envisaged u/s 8 of IBC shall not be construed to be an existing dispute. In present case, the corporate debtor has not produced any single document to prove that there is any dispute between the parties prior to the demand notice. 21. It is submitted that the present petition is complete in all respects. The present petition is filed within limitation period. The resent petition fulfils all criteria laid d....
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....within the limitation period as the date of default is 26.06.2015 and the date of filing this petition under Section 9 of IBC is 26.06.2018. the last payment received from the corporate debtor was on 28.11.2017 for INR. 1,99,996.46. 28. Considering the material, papers filed by the Petitioner on record and the facts mentioned in the Para No. 27, 27.1,27.2 and 27.3 this Adjudicating Authority is satisfied that, a) Existence of operational debt is above Rs. One Lac; b) Debt is due; c) Default has occurred on 26.06.2015 Petition has been filed within the limitation period as the date of default started 26.06.2015 and the petition has been filed on 26.06.2018 and the last payment received from the corporate debtor was on 28.11.2017 for INR. 1,99,996.46.00 d) Existence of dispute prior to the notice issued by the Operational Creditor is not found. 29. As per the provisions of Section 13 and 14 of the I.B. Code on the date of commencement of insolvency, this Adjudicating Authority shall declare moratorium for prohibiting all of the following, namely: - I(a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execut....