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TMI Blog2019 (12) TMI 1402X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Insolvency Resolution Process of M/s. OHM Pipes Pvt. Ltd. 2. The respondent M/s. OHM Pipes Pvt. Ltd. is a private company limited by shares, registered under the provisions of the Companies Act, 1956, bearing CIN: U252000R2009PTC010965 is represented by Shri Nitya Sloka Das, Director. 3. The Registered Office of the Corporate Debtor is situated at Plot No. - 7, 8m 49 & 50, IID Centre, Somnathpur, Balasore, Odisha - 765 019. Hence, this Adjudicating Authority has jurisdiction to entertain this petition. 4. The Operational Creditor submits that as per the request of the Corporate Debtor goods were supplied to the Corporate Debtor under various Invoices from time to time since 2015. Further, the Operational Creditor states that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o such inferior quality of raw material, the finished goods were found to be of substandard quality. During the production process, the representative of the Operational Creditor remained present and witnessed the process of manufacturing of the finished goods by using such raw material. On 23.09.2015, there were meetings between the representatives of both the parties regarding the substandard quality of raw materials being supplied. The Operational Creditor assured the Corporate Debtor that the materials shall be replaced with better quality. The copy of the Minutes of Meetings along with the test result is filed along with the reply. Due to the bad inferior quality of goods supplied, the Corporate Debtor suffered huge financial loss as w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the Adjudicating Authority, when examining an application under Section 9 of the Act will have to determine: (i) Whether there is an "operational debt" as defined exceeding Rs. 1 lakh? (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any one of the aforesaid conditions is lacking, the application would have to be rejected. Apart from the above, the Adjudicating Authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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