TMI Blog2020 (6) TMI 721X X X X Extracts X X X X X X X X Extracts X X X X ..... es in terms of section 138 read with section 139 of the Negotiable Instruments Act, 1881, with a lawful presumption that the cheque has been given in discharge of a lawful debt. The onus of rebutting the presumption is on the Corporate Debtor, which has not been discharged. From the material available on record, it is seen that the Demand Notice has been served on the Corporate Debtor on 10.06.2019 - There was no reply to the Demand Notice. The Operational Creditor has placed the necessary affidavit under section 9(3)(b) also on record. The application made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i 415305, in the State of Maharashtra.Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 22.07.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of ₹12,46,524.00 (Rupees twelve lakh forty-six thousand five hundred and twenty-four only)as principal and ₹10,69,620.00 (Rupees ten lakh sixty-nine thousand six hundred and twenty only)as interest as on 21.12.2015, which is the date of default. 4. The case of the Operational Creditor is as follows: - (a) The Operational Creditor is a company engaged in the business of design, engineering, manufacture, procurement, fabrication, supply, testing, erection and commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) The Corporate Debtor has also not fulfilled its obligations in providing Central Sales Tax Form 'C'. In terms of the Purchase Order, in case of default in providing Form 'C', the Corporate Debtor shall be liable to pay the differential sales tax, penalty and interest to the Operational Creditor. The Corporate Debtor has defaulted in providing Form 'C' for supplies made worth ₹16,49,726/- which would result in additional tax liability. (para 6 7 at page 8 of the Petition); (g) Upon multiple requests and reminders, the Corporate Debtor issued a cheque No.127573 dated 10.11.2018 for a sum of ₹12,46,524/- drawn on SVC Cooperative Bank Limited, Karad Branch, Satara, in favour of the Operational Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017, placed as Exhibit 'E' at p.28 of the Petitino. 10. It is also a matter of record that the Corporate Debtor has issued a cheque dated 10.11.2018 for a sum of ₹12,46,524/-, which is the principal sum claimed in the present petition. The cheque return memo from the Operational Creditor's bankers placed at Exhibit G at p.30 of the Petition reveals that the reason for dishonour of the cheque is Payment stopped by Drawer. Stoppage of cheque lawfully drawn attracts penal consequences in terms of section 138 read with section 139 of the Negotiable Instruments Act, 1881, with a lawful presumption that the cheque has been given in discharge of a lawful debt. The onus of rebutting the presumption is on the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with rule 6(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against Cane Agro Energy (India) Limited [CIN:U01115PN2007PLC130211], the Corporate Debtor,is admitted. (b) There shall be a moratorium under section 14 of the IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional (IRP) in the matter, this Adjudicating Authority hereby appoints Mr Shailesh Bhalchandra Desai, Registration No.IBBI/IPA-001/IPP00183/2017-18/10362, having address at 1006, Raheja Centre, Nariman Point,Mumbai 400021[email: ip10362.desai@gmail.com, Mobile: 9821031996] as the IRP. The fee payable to IRP or, as the case may be, the RP shall be compliant with such Regulations, Circulars and Directions as may be issued by the Insolvency Bankruptcy Board of India (IBBI). The IRP shall carry out hisfunctions as contemplated by sections 15, 17, 18, 19, 20 and 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC.The o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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