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TMI Blog2020 (3) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... 77700007122. The registered office of the Petitioner is situated at 2, Stadium House, Opp. Municipal Swimming Pool, Nr. Stadium Six Road, Navrangpura, Ahmedabad-380009. The present Petition is filed through Authorised Person Shri K.G Sukhwani having address: C- 134, Sunrise Park, Drive-in-Area, Ahmedabad-380054. 3. The Respondent Corporate Debtor, namely M/S Saturn Pre Fab India Private Limited was incorporated on 19.07.2010 with CIN: 23959 ROC Gwalior. The authorised capital of the company is INR 80,00,000.00 (Rupees Eighty Lakhs Only) and the paid-up capital is INR 80,00,000.00 (Rupees Eighty Lakhs only). The register d office of the Corporate Debtor Company is situated at: 727 ,728 Sector-3, Industrial Area, Pithampur, District Dhar, Madhya Pradesh-454774. 4. The present petition has been preferred by the Operational Creditor, Jayhind Steel Traders 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) in respect of the Corporate Debtor Company namely, Saturn Pre Fab India Private Limited. It is submitted by the Petitioner that the Respondent/ Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoices/ bills are still outstanding and have remained unpaid till date. That as on date there is an outstanding amount of INR 1,81,61,422.00 (Rupees One Crore Eighty One Lakhs Sixty One Thousands Four Hundred Twenty Two Only) which is due and defaulted and payable by the Corporate Debtor. Date on which the first Default occurred is 30.11.2016 6. It is submitted that the Form No.3 demand notice was issued by the operational creditor on 13.06.2018 under the provisions of Insolvency and Bankruptcy Code, 2016 calling upon the Respondent Company to pay an aggregate Amount of INR. 1,56,25,154.00 (Rupees One Crore Fifty Six Lakhs Twenty Five Thousand One Hundred and Fifty Four Only) from the date of receipt of the demand notice and till the actual payment or realization within 10 days of the receipt of the notice. The said notice was served upon the Respondent Company on 20.06.2018. 7. It is submitted that the Operational Creditor used to maintain a running account for the goods supplied to the Respondent Company from time to time. It is submitted that for the supplies made between the duration of April 2016 to March 2018 the Respondent Company has released payment of INR.94,07 ,629.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded is incomplete and incorrect, as the Identification Number of the Corporate Debtor is mentioned as 23959 ROC Gwalior, however, the CIN No. of the Corporate Debtor is 23959 ROC Gwalior. Further it is submitted that the Operational Creditor has submitted in the Part IV of the Application that the details of the transaction are as per the Annexure-I. However, there is no such Annexure-I attached to the Application submitted by the Operational Creditor. 9.3 It is submitted that the Respondent Company along with its associate sole proprietorship firm working in the name and style of M/S Saturn Fabricator (Formerly known as M/S Saturn India) is in the business relationship with the Operational Creditor since year 2016. The Respondent Company has placed several purchase orders for MS Plates, TMT Bars, Binding Wire, MS Angle etc. with the Operational Creditor. The Operational Creditor supplied the materials ordered to the plant and site of the Respondent and the Associate firm. The Operational Creditor raised the invoices in the name of the Respondent and the payment of the invoices which were duly acknowledged by the Respondent, was made by the account of the Respondent Company and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s to extort money, create undue pressure by fraudulently initiating the present proceeding while filing of present Application several facts have been concealed by the Operational Creditor which were to be brought before this Hon'ble Tribunal. 10. In response to the present I.B. Petition filed by the Petitioner, the Petitioner has filed its Additional Documents as: 10.1 It is submitted that the particulars of Corporate Debtor as provided in the Company master data are provided in Part-Il, however, complete identification number of the Corporate Debtor has been provided by the Corporate Debtor therefore, there is no point that, incomplete particulars of the Corporate Debtor are Provided. 10.2 It is submitted that the all copies of Invoices cum delivery challans are provided at Annexure- IC (Page No.30 to 136 of the Paper book), therefore, there is no point that Annexure-I is not provided, a statement of Bank Account where the credit receipts from Operational Creditor was left in advertently. 10.3 It is submitted that Saturn Infra purchased the material on 22.06.2017 and 23.06.2017 for which six tax invoices for INR. 14,90,678.00 were raised. 10.4 It is submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid Operational Debt due of INR. 1,81,61,422.00 13. The case was taken up by this Adjudicating Authority on 10.08.2018 on the request of the Petitioner's Counsel. The matter was heard on 18.09.2018, 2.11.2018, 13.12.2018, 30.01.2019, 13.03.2019, 03.05.2019, 09.07.2019, 21.08.2019, 13.09.2019, 21.10.2019, 08.11.2019. Arguments of the counsels of the Operational Creditor and Respondent were heard. 14. The matter was finally heard on 08.11.2019. During the arguments, the Learned Counsel for the Operational Creditor submitted that the Petition may be admitted and an Interim Resolution Professional appointed in accordance with the provisions of the Section 16 of the Insolvency and Bankruptcy Code, 2016. Further, it is submitted that the Corporate Insolvency Resolution Process be initiated as per Section 9 of the Insolvency and Bankruptcy Code, 2016 and the moratorium period may also be declared. 15. Further, the Operational Creditor has not suggested any name of an Interim Resolution Professional ("IRP" for short). If, this I.B. Petition is admitted, an IRP needs to be appointed. OBESRVATIONS 16. 16.1 T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium period. III. The provisions of sub-section (I) shall not apply to (a) such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process. 19. The Petitioner/ Operational Creditor has not suggested the name of any Interim Resolution Professional in the present Petition. Though it is not mandatory on the part of the Applicant to propose an Interim Resolution Professional when the application is filed under Section 9 of the IBC, 2016, but in that case, the Adjudicating Authority shall appoint an Insolvency Professional from the panel prepared by the IBBI and meant for this Bench on admission of the application. But if it is observed that when an Operational Creditor does not suggest the name of any Interim Resolution Professional and the Interim Resolution Professional is appointed by the Adjudicating Authority from the panel of Insolvency and Bankruptcy Board of India available for NCLT Indore Bench (Madhya Pradesh) at Ahmedabad, the dispute is arising for payment of Interim Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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