9911796707
TMI Blog2020 (12) TMI 1323X X X X Extracts X X X X X X X X Extracts X X X X ..... to Adjudicating Authority) Rules, 2016, ["Rules" for short], by the Operational Creditor, viz., BSE Limited, through its Authorized Signatory, Mr. Atul Dhotre, for initiating Corporate Insolvency Resolution Process (CIRP) in respect of ACIL Cotton Industries Ltd., (hereinafter referred to as Corporate Debtor). 2. The Petitioner-Operational Creditor is incorporated under the provisions of the Companies Act, 1956 and is a recognized stock exchange under the provisions of the Securities Contracts (Regulation) Act, 1956 and having CIN:L67120MH2005PLC155188, having registered office at Fort, Mumbai. 3. The corporate debtor, i.e. ACIL Cotton Industries Ltd. is incorporated under the provisions of the Companies Act, 1956, having identification N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 416/- was received from the corporate debtor on 28.06.2013. Thereafter, the respondent had failed to pay the Annual Listing Fee, as per the terms and conditions of the agreement dated 27.06.1995, to the petitioner-operational creditor. The total operational debt due and payable by the corporate debtor comes to Rs. 11,33,922/- (Rs. 10,37,470/- [Principal] + Rs. 96,452/- (Interest) (Rupees Eleven Lac Thirty Three Thousand Nine Hundred Twenty Two only). 6. That the petitioner had raised invoices from time to time calling upon the corporate debtor to pay the requisite ALF under the Listing Agreement/ s and such invoices have been duly served upon the corporate debtor. The petitioner has further submitted that having failed to receive the Annua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he agreement dated 27.06.1995, invoices at page no.29 to 35, dated Ol-APR-15, Ol-APR-16 and Ol-APR-17, demand notice, etc. 10. On perusal of the record, it is found that the Demand Notice was issued by the applicant on 15.03.2019, under Section 8 of the I&B Code, through registered post on 19.03.2019. However, the same was returned with a postal remark "addressee moved". The applicant has also issued Demand Notice through email on the same date demanding the arrears of the Annual Listing Fee. However, no dispute is raised by the corporate debtor. 11. Admittedly, the petitioner received the last payment on 28.06.2013 amounting to Rs. 67,416/- for the Financial Year 2013-2014. However, the petitioner in Form-5 has stated that debt fell due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when the amount was due on 01.04.2015. Further, the agreement so entered between the parties are of 1995. However, on perusal of the agreement, it is found that some of the pages/ places, i.e. at page no.26 are found blank and no remark is given to that effect. However, the agreement contains the initial of the parties only in the last page and none of the pages of agreement contains the signature of the parties. On perusal of the agreement, it is found that the agreement entered between "Adeshwar Cotton Industries Ltd." with The Stock Exchange of Bombay. However, there is no seal and signature for and on behalf of The Stock Exchange of Bombay. Admittedly, the name of Adeshwar Cotton Industries Ltd. changed to ACIL Cotton Industries Ltd., ..... X X X X Extracts X X X X X X X X Extracts X X X X
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