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TMI Blog2021 (5) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal sum + Rs. 54,84,809/- as an interest), The date of default is stated to be 08.06.2018. SUBMISSIONS BY THE PETITIONER 3. A brief history of the transaction between the Petitioner and the Corporate Debtor is as follows. The MAK Enviro Technologies is engaged in the business of trading in hardware, stainless steel and aluminium products such as pipes and fittings, insulation material etc. 4. The Corporate Debtor had placed 2 purchase orders with MAK Enviro Technologies being PO No. UAL/R/6/005/15-16 and PO No. UAL/S/6/001/15-16 on 01.06.2015 for supply of material for clean room. 5. Accordingly, MAK Enviro Technologies from time to time supplied various goods to the Corporate Debtor and raised Invoices. 6. MAK Enviro Technologies maintained a running ledger account with respect to the Corporate Debtor since there was regular supply of goods. 7. The said supply and installation of pipes, valves, ducting, insulation and diffusers activity was completed on 15.09.2016 and was also duly certified by the project department of the Corporate Debtor. 8. However, the Corporate Debtor has failed to discharge its liabilities and has defaulted in the clearance of the invoices raised u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the outstanding dues as well as delayed payments from 15.09.2016 until realization. ii. The entire outstanding amount was to be cleared on or before 31.05.2018. The aforesaid arrangements were reduced to writing in the minutes of meeting dated 12.03.2018. 16. On the basis of the aforesaid arrangement, the Corporate Debtor was required to clear entire outstanding dues before 31.05.2018. However, the Corporate Debtor failed to do so and therefore another notice dated 01.06.2018 was addresses to the Corporate Debtor calling upon it to forthwith within seven days clear the outstanding dues with interest failing which MAK Enviro Technologies would constrained to initiate appropriate proceedings against the Corporate Debtor. 17. In addition to the above, the Corporate Debtor has not even issued Form C and as such the Sales Tax Authorities have sent notices to MAK Enviro Technologies for recovery of Commercial Tax dues to the tune of Rs. 34,08,522/- as on 11.12.2020, however, the same is not claimed under the present demand notice. The petitioner has annexed the ledger account showing the invoices raised, payments made by corporate Debtor and amounts outstanding as payable by Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor would not only pay back the entire amount outstanding, but would also pay interest. However, this would only be done after the activities of the Corporate Debtor commence the business and Corporate Debtor is profitable again. 25. Therefore, the present petition ought not to be entertained as the Petitioner has been well aware of the financial distress the Corporate Debtor has been facing since the past many years. While it is true that the Corporate Debtor has admitted its liability in the past, the fact remains that the first default committed by the Corporate Debtor was more than three years' prior to the date of the filing of the present petition. Therefore, this Hon'ble Tribunal ought not to permit the Corporate Debtor to bring up this issue at such a belated stage. 26. It is true that the Corporate Debtor purchased goods from the Petitioner, it is also of an admitted fact that the Corporate Debtor has tried its best to make payments. However, the situation worsened due to the ongoing Covid - 19 pandemic and the Corporate Debtor had to suffer irretrievable losses. FINDINGS 27. This Petition has filed u/s. 9 by the Petitioner i.e. Mrs. Gutta Anuradha, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngorani, a registered Insolvency Resolution Professional having Registration Number [IBBI/IPA-002/IP-N00842/2019-20/12695] as Interim Resolution Professional, to carry the functions of Interim Resolution Professional as mentioned under I & B Code. 36. The Application under sub-section (2) of Section 9 of I & B Code, 2016 filed by the Petitioner for initiation of CIRP in prescribed Form5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is complete. The existing operational debt of more than rupees one lakh against the Corporate Debtor and its default is also proved. Accordingly, the application filed under section 9 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the Corporate Debtor deserves to be admitted. 37. This application is filed under Section 9 of I & B Code, 2016, filed by Mrs. Gutta Anuradha, Proprietor of MKA Enviro Technologies, against Unity Appliances Limited, for initiating corporate insolvency resolution process is admitted. We further declare moratorium u/s. 14 of I & B Code with consequential directions as mentioned below: I. That this Bench as a result of this pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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