9911796707
TMI Blog2022 (3) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... yer to initiate the Corporate Insolvency Resolution Process against M/s. Bajaj Appliances Limited (hereinafter, Respondent). 2. As per averments made in the petition, the corporate debtor has entered into an agreement for storing and selling its product by the operational creditor. It is submitted that the operational creditor had provided its services to the corporate debtor worth Rs. 24,41,344/- to which various bills were raised by the operational creditor in respect to the goods supplied to the applicant. Copies of the bill are annexed with the application. 3. The applicant sent demand notice under Section 8 of the code on 17.12.2018 calling upon the corporate debtor to pay the total amount of Rs. 24,41,344/-. The applicant submits t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s between the parties are to be governed in the future. iii. It is submitted that the Applicant has even failed to disclose the calculation justifying the demand of Rs. 24,41,344/- as the principal amount. iv. it is also submitted that the business between the parties is governed by the Agreement, which lays down the rights and obligations of both parties, including how claims raised by either party are to be dealt with. Further it is mentioned that the claim of the Applicant is beyond the terms and conditions of the Agreement as the Respondent is not obligated to take back any goods or give any monetary sum to the Applicant. Moreover, the Agreement still subsists as the same has not been terminated by either party as per the terminatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of the same, the present application is not maintainable. 6. The applicant has filed rejoinder to the reply of respondent and submitted as follows: a) The case of the applicant is that there is no debt against the respondent company much less Rs. 24,41,344/-. The respondent is interpreting the letter dated 16.08.2018 for his own benefit in order to avoid the payment. The letter specifically stated that the respondent have an outstanding amount and they shall start paying by 15th September' 2018. It further stated that if the company manages to appoint sales staff in Gujrat Region, then the Super Stockist shall take the goods and in case the applicant herein will again start the business with the respondent then the company shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tated that the respondent have an outstanding amount and they shall start paying by 15th September' 2018 and the said letter dated 16.08.2018 admits the liability of the respondent. It further stated that if the company manages to appoint sales staff in Gujrat Region, then the Super Stockist shall take the goods and in case the applicant will again start the business with the respondent then the company shall consider the other points. The claim amount of Rs. 24,41,344/- has been arrived at after mutual discussions with the respondent's representatives. d. The claim of the applicant with regard to godown rent, salaries etc is not claimed by the applicant in the present application. Further it is stated that the parties had arrived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Operation Creditor is also entitled for Rs. 2,80,000/- as rent fee godown where the debtor's stock is kept at Rs. 20,000/- per month for 14 months, Salary Rs. 2,10,000/- for Supervisor @ Rs. 15,000/- per month for 14 months and Stock Rs. 12,00,000/- which the debtor has to take away on expiry of agency. 7. We have heard Ld. Counsel for the parties. We have perused the averments made in the application, reply, and rejoinder filed by the parties. 8. The respondent corporate debtor has admitted its liability to pay the operational debt via letter dated 16.08.2018. The applicant has placed various communications on record showing that the respondent has never raised any compliant regarding claim of applicant. No dispute has ever bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted. 12. The applicant has not proposed the name of an IRP, therefore, this bench appoints Mr. Sanjay Agrawal, as the Insolvency Resolution Professional of the corporate debtor. The registration number of the IRP being IBBI/IPA-001/IP-P00494/2013-14/10882 and email [email protected]. IRP above named is appointed subject to the condition that no disciplinary proceedings are pending against him. The specific consent is required to be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and made disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. We direct the applicant to deposit a sum of Rs. 2 lacs with the Interim Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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