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TMI Blog2022 (7) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") Aravali Printers and Publishers Private Limited, represented by Mr. Vijay Goel, duly authorised by a Board Resolution dated 02 April 2019, Annexure - A/2, at page 16 of the Petition Aravali Printers and Publishers Private Limited("Operational Creditor"),seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Saraswaty Press Limited ("Corporate Debtor"). 3. The present petition was filed on 30 September 2019, before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs.4,99,69,172/- (Rupees four crore ninety-nine lakh sixty-nine thousand one hundred seventy-two only). The date of default is stated to be 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment was received after 19 January 2007 and despite such admission, the Operational Creditor failed to take any appropriate action within the period of limitation. Rejoinder by the Operational Creditor to the reply of the Corporate Debtor 9. Between the period January 2007 to February 2019, the Corporate Debtor had acknowledged the existence of debt. The same can be construed from the letters dated 16 July 2008, 18 October 2008, 27 February 2009, 12 June 2009, 03 June 2010, 15 June 2010, 07 April 2011, 18 May 2011, 25 August 2011, 26 June 2015, 20 April 2016, 12 May 2016 and 14 February 2019 Supplementary Affidavit by the Corporate Dated duly notarised on 12 March, 2020 10. The Corporate Debtor is a full-fledged going concern and is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or printing and the parties again formed a pre-bid alliancevide MoUdated 14 February 2007. This time also Corporate Debtor emerged as the successful bidder. 16. All the payments to the Operational Creditor were made as per MoUs entered between the parties as on 02 August, 2006 and 14 February, 2007. The claim of the Operational Creditor is baseless. 17. A sum of Rs.1.23 crore is due and payable by JEPC to the Corporate Debtor. The Corporate Debtor does not oweany dues to the Operational Creditor and the same has been communicated vide letters dated 26 June 2015, 12 May 2016 and 14 February 2019 [page 31, 36 & 38 of the rejoinder]. Analysis & Findings 18. Heard the Ld. Counsel appearing on behalf of the Petitioner and Ld. Sr. Counsel ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lect its intention,i.e., to seek recovery of its dues under the Code. Nevertheless, the rudimentary principle behind the enactment of the Code isto help the distressed Corporate Debtor to stand back on its feet, and not to make this Adjudicating Authority wear the cap of a recovery court. Further, the vakalatnama filed by the Operational Creditor is also not proper, though this is not fatal to the petition itself. 24. In view of the above circumstances, CP (IB) No.1865/KB/2019 is dismissed. However, the petitioner is at liberty to pursue its remedies under any other law as may be available to it. 25. A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities. 26. File be consigned to reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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