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TMI Blog2021 (5) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... Industries Limited (hereinafter referred to as "Operational Creditor" - Under Liquidation) for initiation Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Aambis Food Products Private Limited (hereinafter referred to as "Corporate Debtor"), on the ground that Corporate Debtor having defaulted in payment of operational debt to the tune of Rs. 18,73,732.83/- 2. Learned Counsel for the Operational Creditor averred that the Operational Creditor being the purchaser of Mango pulp from the Corporate Debtor. In the crop year 2016, the Operational Creditor raised various Purchase Orders for the supply of Alphanso and Totapuri Mango Pulp along with the product specification. After completion of crop year 2016, both the parties ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Creditor, the Corporate Debtor completed the order and kept the goods ready. By a letter dated 05.08.2016, the Corporate Debtor requested the Operational Creditor asking for payment due (page. 15). Since the Operational Creditor failed to procure the goods as per the terms and conditions, the stocks were stored at Corporate Debtor's company till the year 2017. Taking into consideration the goods being perishable in nature, the Corporate Debtor voluntarily negotiated with the Operational Creditor to fix a proper price to the said goods as the same was lying in the godown for a long time. 5. It is further submitted that the Operational Creditor instead of taking delivery of the goods at a mutually fixed price, demanded to return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is towards carton boxes and other packing material supplied by Operational Creditor along with purchase orders of the year 2016-2017. The packing materials are also perishable. Further, the onus of, who has to take back the unused materials, whether the same is adjusted towards payment are not clear.
9. Further, from the reply filed by the respondent, there is a counter claim of Rs. 9,82,710/-. However, in the rejoinder filed by Operational Creditor, there is no satisfying explanation. Hence, the applicant has failed to quantify the alleged 'debt' and the 'date of default'. Neither "debt" nor "default" is proved.
10. In view of observations supra, this Company Petition CP/862/2018 is hereby dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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