TMI Blog2021 (5) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... over, the instant Petition is alleged to have filed to recover interest part, that too against solvent Company. And mere agreeing to pay outstanding cannot automatically entitled a party to invoke provisions of Code. It is also to be noted that provisions of Code are being suspended periodically by the Govt. of India to give relief to affected industry. Therefore, invocation of provisions code in the present circumstances is too premature and not justified basing on facts and circumstances. Petition is hereby disposed of by directing the Parties to explore the possibility of settling the issue in question as expeditious as possible, failing which, the Petitioner is entitled to approach this Adjudicating Authority by filing appropriate P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. (Corporate Debtor) was incorporated on 26.06.2015 under the provisions of the Companies Act, 2013, with CIN: U32102KA2015PTC081173 having registered office situated at No. 16-17, Block VIII, I Floor, Velankani Information Systems Campus, Electronic City Phase I, Sy. No. 43, Hosur Road, Bangalore - 560 100. Its Authorised Share Capital is ₹ 40,01,00,000/- and Paid Up Share Capital is ₹ 1,00,000/-. The Company is engaged in the business of design and manufacture of electronic products in India. (3) The Corporate Debtor placed several orders with the Operational Creditor and thereafter, Operational Creditor supplied the ordered products to the Corporate Debtor. Accordingly, they have raised and issued several Tax Inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The Respondent has filed statement of objections by inter-alia contending as follows: (1) The Petition is not maintainable in view of Section 10A of the Code read with Notification Nos. FO 3265(E) dated 24.09.2020 and FO 4638(E) dated 22.12.2020, issued by Ministry of Corporate Affairs, which suspend filing of any application under Section 9 of the Code, in relation to default arising on or after 25.03.2020 and upto a period of three months from 25.12.2020. It is also bad on account of failure of the Petitioner to issue demand notice as mandated under Section 9(1) of the Code. (2) The Respondent had placed orders to procure certain electronic components from the Petitioner. Though the Respondent placed orders with the Petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indirectly. The Respondent is a going concern and had a turnover of Rs. _ 43.04 Crores for the FY 2018-19. The Respondent's turnover for the FY 2019-20 is about ₹ 66.15 crores. The Respondent presently has orders from third parties which it is in the process of executing and through the same it is hopeful of overcoming the temporary cash flow issues being faced. The Parent Company has an estimated net worth of ₹ 166.70 crores as of 31.03.2020. The Parent Company has been funding the Respondent from its inception by advancing loans and by infusing share capital. At the relevant point of time, the Respondent's Parent Company had been making efforts to raise debts by leveraging its receipts from the Technology Park and hosp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... result of the pandemic. 4. Heard Mr. Amoghavarsha, learned Counsel for the Petitioner and Mr. Ajay Kumar M., learned Counsel for the Respondent. We have carefully perused the pleadings of the Parties, extant provisions of the Code, the rules made thereunder and the Law on the issue. 5. Mr. Amoghavarsha, learned Counsel for the Petitioner, while reiterating the various averments made in the Petition, as mentioned supra, has further submitted that the debt and default in question are not in dispute and the instant Application is filed in accordance with law. Therefore, he has urged AA to initiate CIRP as prayed for. 6. Mr. Ajay Kumar, learned Counsel for the Respondent, on the other hand, has inter alia submitted that the instant Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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