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TMI Blog2021 (10) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... ak Commodity Services Private Limited (for brevity 'Operational Creditor'/'Petitioner'), with a prayer to initiate Corporate Insolvency Process (CIRP) in case of Cheema Spintex Limited (for brevity 'Corporate Debtor'/'Respondent'). The petitioner-operational creditor passed a resolution dated 29.05.2018 (Annexure - II(A) - 23) authorizing Mr. Sanjay N. Vyas to initiate appropriate proceedings against corporate debtor. There is an affidavit of Mr. Sanjay N. Vyas in support of the contents of the application at Page No. 112-113 of the petition. 2. The Corporate Debtor namely, Cheema Spintex Limited, is a Company incorporated on 10.10.1994 under the provisions of Companies Act, 1956 with CIN No. U17115CH1994PLC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 2 respectively of Diary No. 6582 dated 25.11.2019. 5. It is stated that the respondent-corporate debtor has failed to discharge its obligation towards the applicant-operational creditor, in as much as it failed to make the payment due to the applicant-operational creditor. 6. A demand notice under Section 8 of the Code dated 21.06.2018 (Annexure-I(A)-20) is stated to be served upon the corporate debtor by speed post as well as by e-mail. The demand notice was accompanied by statement of ledger account of corporate debtor maintained with the petitioner, copy of invoices, balance confirmation letter, undertaking dated 16.03.2016 given by the corporate debtor and the copy of complaint filed under Section 138 of the Negotiable Instrument ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the raw material provided by the operational creditor is of bad quality being excess moisture. The corporate debtor has further raised objection regarding raising of debit notes and delivery of debit notes. It is submitted that all the invoices pertain to the years 2014 and 2015. Since the present application is filed on 13.07.2018, all the invoices are time barred except two invoices dated 30.07.2015. 11. We have heard the learned counsel for the petitioner and corporate debtor and have perused the records. 12. The first issue for consideration is whether the demand notice u/s. 8 of IBC, 2016 dated 21.06.2018 Annexure-1(A)-20 was properly served. The demand notice was sent to the registered address of the corporate debtor on 21.06.2018. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor, that the corporate debtor has acknowledged the debt amounting to Rs. 93,05,491/- towards operational creditor. Thus, the CP is well within the period of limitation. 15. We have gone through the contents of the application filed in the Form No. 1 and find the same to be complete. As discussed above, there is a total unpaid operational debt (in default) of Rs. 1,42,04,251/-. Operational creditor has supplied raw cotton to the corporate debtor and raised invoices Annexure 1(A)-1, Annexure 1(A)-13 and Annexure 1(A)-15 to Annexure 1(A)-18. Summary showing the computation of calculations of debt amounting to Rs. 1,42,04,251/- is found at Annexure-III (A)-2 (Page No. 111). It can be seen that the corporate debtor has issued four cheques i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all and sundry: "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) The recovery of any property by an owner or lessor, where such property is occup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determination of the financial position of the Corporate Debtor constitute a Committee of Creditors and shall file a report, certifying constitution of the Committee to this Tribunal on or before the expiry of thirty days from the date of his appointment, and shall convene the first meeting of the Committee within seven days of filling the report of Constitution of the Committee. The Interim Resolution Professional is further directed to send regular progress reports to this Tribunal every fortnight. A copy of order shall be communicated to both the parties. The learned counsel for the petitioner shall deliver copy of this order to the Interim Resolution Professional forthwith. The Registry is also directed to send copy of this order to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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