TMI Blog2021 (8) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... it Gupta was acted upon by police. Even otherwise the Operational Creditor is not responsible for the said acts of the staff member of the corporate debtor as the corporate debtor alone is vicariously liable as a master for the acts of it s employees/servants. Even otherwise the Operational creditor issued demand notice for a balance amount of ₹ 9,50,000/- and even if the alleged discharge of ₹ 6,00,000/- is accepted assuming for a moment without admitting for argument sake, the Corporate Debtor still ows ₹ 3,50,000/- (which is more than 1,00,000/-) which is enough for admission of the company petition. Therefore, it is not legally correct to accept the contentions of the corporate debtor. Keeping in mind its previous cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by Operational Creditor on the Corporate Debtor date of default on 06.08.2019. c. The matter was listed on various dates and finally on 23.01.2019, the corporate Debtor agreed to settle the outstanding amount of ₹ 21,43,036/- at ₹ 13,99,896/- and handed over one pay order and 4 post dated cheques aggregating to ₹ 13,99,896/- Interest of ₹ 7,43,140/- was waived in view of the settlement. d. In the hearing held on 24.01.2019 the Operational Creditor withdrawn the petition with liberty to file fresh application in case of default by corporate Debtor. e. First installment of ₹ 2,50,000/- (1,00,000/- vide demand draft no 004566 drawn on Bassein Catholic Bank dated 23.01.2019 and 1,50,000/- cheque no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; however second installment of ₹ 7,50,000/- vide cheque no. 100170 drawn on Bassein Catholic Bank dated 06.08.2019 has bounced. m. On 06.09.2019 demand notice sent to corporate debtor to clear the outstanding amount of ₹ 9,50,000/- (₹ 14,50,000/- less ₹ 5,00,000/- received) is still not paid. Hence, the present company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. 3. The respondent filed written submissions dated 18.12.2020 contending inter alia that the respondent has already paid the operational creditor an amount of ₹ 6,00,000/- towards the invoices relied upon, by way of cash and respondent was in the due possession of the vouchers. However as the staff member of the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r knowing and accepting the cash Mr. Mahavir has deliberately lied on oath and has merely taken advantage of the situation where we had no proof and receipt of the payments made. 8. The respondent submitted that, out of the total outstanding as per the settlement terms now only an amount of ₹ 50,000/- is left which we are ready to pay. In the light of the new facts we urge that this matter shall be dismissed on the ground of complete payments made towards the debt. 9. On 02.07.2021 when the matter was finally listed for hearing, Ms. Prachi Wazalwar, counsel appearing for the respondent was present and once again reiterated that the corporate debtor has made certain payments for which corporate debtor has no proof and the Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor still ows ₹ 3,50,000/- (which is more than 1,00,000/-) which is enough for admission of the company petition. Therefore, it is not legally correct to accept the contentions of the corporate debtor. Keeping in mind its previous conduct coupled with the absence of evidence with regard to the discharge of ₹ 6,00,000/-. 11. For the reason stated above there are no warranting grounds to dismissed the above company petition and accordingly, the above company petition is admitted by passing the following order. ORDER (a) The above Company Petition No. (IB) -3530(MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against the corporate debtor i.e. M/s Amita Ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. (e) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (f) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (g) That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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