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TMI Blog2021 (10) TMI 1076X X X X Extracts X X X X X X X X Extracts X X X X ..... ankruptcy Code, 2016 read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate corporate insolvency resolution process against the company, namely, M/s. Penda Marketing P. Ltd. (hereinafter referred as the "corporate debtor"). 2. Learned counsel for the operational creditor submitted that the operational creditor is a company incorporated under the provisions of the Companies Act, 1956 and engaged in the business of providing logistics, freight forwarding services. It was submitted that the corporate debtor is a company and has approached the operational creditor to provide logistics services to the corporate debtor on behalf of his client and accordingly, the corporate debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by learned counsel for the operational creditor that as per the terms and conditions, the invoices need to be cleared within a period of 30 days from the date of raising the same and as such the corporate debtor had committed default in not paying the sum of the operational creditor. 5. Learned counsel for the operational creditor submitted that since no money was forthcoming from the corporate debtor, the operational creditor has issued a demand notice in form 3 as stipulated under section 8 of the IBC, 2016 to the corporate debtor on November 30, 2017 to which, it was submitted that the corporate debtor has sent a reply on December 15, 2017 raising untenable contentions and attempted to create a feeble dispute. 6. It was submitted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the operational creditor herein and sought the operational creditor to issue an amendment letter based on which the new consignee could clear the cargo. Further, it was submitted by learned counsel for the corporate debtor that the project did not go through since the entire project site was reported to be falling within the "No Development Zone as the layout of the Auditorium is superimposed in the Coastal Regulation Zone" and hence no construction was permitted. 9. It was submitted that the operational creditor is well aware of the sequence of the events and despite the same the operational creditor has filed the present application against the corporate debtor. It was further submitted by learned counsel for the corporate debtor that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editor is guilty of suppression of facts and the corporate debtor seeks dismissal of the present application. 11. The operational creditor has filed the rejoinder and has sought only to rebut the contention in relation to the balance confirmation and however has not made any averments in the rejoinder as to the consignment which has been cleared by the new consignee. Further, in the rejoinder, the operational creditor has also not denied the fact that the cargo has been cleared by the third party. 12. Heard the submissions made by learned counsel for the parties. It is not in dispute that only based upon high sea sale agreements that the corporate debtor has engaged the services of the operational creditor to deliver certain goods from In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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