9911796707
TMI Blog2021 (9) TMI 173X X X X Extracts X X X X X X X X Extracts X X X X ..... les') by M/s. IS Proteins Private Limited through its authorized Representative Sh. Hemant Jindal (for brevity, 'Operational Creditor'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. Prestige Oils Private Limited (for brevity, 'Corporate Debtor'). 2. It is submitted by the Applicant that a High Seas Sale Agreement dated 02.05.2018 was executed between the Applicant and Corporate Debtor/Respondent for import of Crude degummed Soyabean Oil of edible grade in bulk. Another High Seas Sale Agreement dated 27.10.2018 was executed between the parties for import of Crude Palm Oil of edible grade in bulk. 3. As per petition, it is the case of the Applicant that the Corporate Debtor/Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor along with interest @ 12% p.a., which is due and payable as on date. 7. That it is further submitted by the applicant that since the Corporate Debtor failed to make the payments, the Operational Creditor had initiated Arbitration Proceeding against the Corporate Debtor and accordingly, the Applicant herein referred the dispute relating to outstanding amount of Rs. 22,14,86,000/- for Arbitration and proposed the name of Mr. Sanjiv Kumar, Additional District & Session Judge (Retd.) as a Sole Arbitrator to adjudicate upon the dispute. It is added that the Corporate Debtor vide his letter dated 04.04.2019 had given no-objection for referring the dispute to the Sole Arbitrator proposed by the Applicant. 8. That the Ld. Sole Arbitr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt admitted the Corporate Debtor's complaint with regard to the deteriorated quality of the Crude Palm Oil and assured that it will take up the issue with the supplier and in case they get any refund from the suppliers against the deteriorated quality of the Crude Palm Oil supplied, they will refund the same. The Corporate Debtor has also referred to the Arbitral Award dated 24.09.2019 and hence, raised dispute against the claim of applicant/Operational Creditor. 13. That the Ld. Counsel for the Corporate Debtor on the last date of hearing held on 02.08.2021, submitted that the Corporate Debtor does not wish to file reply and therefore, their right to file reply was closed. Ld. Counsel for the Corporate Debtor argued that there has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upplier on the basis of the complaint of the Respondent and claimed the amount of Rs. 22,14,86,000. Resultantly the Claim of the Claimant is dismissed and the Claimant is given liberty to file fresh Claim if any, only after the Claimant have lodged the Claim/Complaint of the Respondent with the supplier on the basis of the complaint of the Respondent for supply of inferior & deteriorated quality of material on "As is Where is Basis" which was totally unfit for human consumption & the consignment was destroyed by the Respondent. The Claimant is directed to take all possible legal remedies to recover its Claim with the Supplier till the last stage. The Counter Claim of the Respondent is also resultantly dismissed and will be considered only a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeal No. 9405 of 2017, wherein the Hon'ble Supreme Court has observed that: "40. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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