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TMI Blog2022 (7) TMI 660X X X X Extracts X X X X X X X X Extracts X X X X ..... 50, having its registered office at Duplex-92, VIth Phase, Vijaya Heritage Uliyan, Kadma, Jamshedpur, Purba Singhbhum, Jharkhand (hereinafter referred as the Corporate Debtor). 3. It is submitted in the petition that the Operational Creditor is inter alia engaged in the business of manufacturing and selling Kraft Paper and agreed to supply Kraft Paper to the Corporate Debtor when it approached the Operational Creditor on mutually agreed terms and conditions. 4. It is submitted that pursuant to several discussions between the Corporate Debtor and the Operational Creditor, latter started supplying Kraft Paper to the Corporate Debtors and good business relationship existed between them till February, 2018. That pursuant to the request of the Corporate Debtor, one consignment of Kraft paper of 1.191 Metric Tonnes against an Invoice bearing No. G1183/17-18 dated 19.01.2018 for an amount of Rs.40,098/- was delivered to the Corporate Debtor. Thereafter, a second consignment of Kraft Paper of 17.864/-Metric Tonnes against an invoice bearing no. G-1305/2017-18 dated 03/02/2018 for an amount of Rs.6,18,635/- was also delivered to the Corporate Debtor. The aforesaid consignments were duly a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act utilized the goods supplied by the Operational Creditor against the aforesaid invoices that have remained unpaid till date. It is stated that the Corporate Debtor had, further, placed new orders with the Operational Creditor for supply of goods as explained in the preceding paragraphs upon being satisfied with the quality of goods as supplied by the Operational Creditor against the aforesaid invoices. 9. It is submitted that even receiving the said demand under the Insolvency and Bankruptcy Code, 2016, the Corporate Debtor has failed to bring to the notice of the Operational Creditor either(a) the existence of any dispute and record of the pendency of any suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute or (b) the payment of the unpaid operational debt and accordingly, the applicant was left with no other option than to file the present application for initiating a corporate insolvency resolution process. 10. The Operational Creditor has further submitted that a total sum of Rs.8,66,234/- (Rupees Eight Lakh Sixty Six Thousand Two Hundred Thirty Four only) is due which is inclusive of Principal amount of Rs. 6,58733 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artons to various customers has placed order for the supply for the supply of kraft papers to the operational creditor. The kraft paper that was ordered for was customized and the operational creditor has duly received the said purchase orders knowingly fully of the requirements has accepted the said purchase orders. 17. It is submitted that the operational creditor despite of having the knowledge that the Kraft papers would be certain specifications has made supplies of the goods of inferior quality. The corporate Debtor immediately on receiving goods not conforming to the standard and quality that was asked for has immediately informed to the creditor informing them of inferior quality goods. The creditor was assured that the goods supplied were of the required guidelines and is of superior quality and will have no complains. 18. It is submitted that the corporate debtor based on the assurance of the operational creditor made cartons of the said kraft papers supplied and when they started to make supply of cartons to various of its clients started receiving complaints about poor quality products as because the material form which the cartons were made was complained of to be of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter consuming the goods, one cannot be allowed to unilaterally reduce the consideration because it was a contract between the Operational Creditor and the Corporate Debtor, which was duly acted upon. Ld. Counsel for the Operational Creditor submitted that if the Corporate Debtor had raised this issue before consumption of the goods, it was within its right to do so. The Corporate Debtor even could have returned the goods but once the goods have been consumed no such issue of quality could be entertained. 24. In the present case, the Corporate Debtor has raised this issue of poor quality only after consuming the goods. The Contract between the parties was executed and adjudicated upon, therefore, in the light of the provisions of the Contract Act, the Corporate Debtor could not be allowed to do so. 25. We have gone through the petition and reply and after hearing Ld. Counsel for the parties, we are of the view that the Corporate Debtor has acknowledged its liability but is ready to make payment of only Rs.2,00,000/- instead of Rs.8,66,234/- being claimed by the Operational Creditor. The liability is duly admitted by the Corporate Debtor. On the second issue, the argument advanced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he corporate insolvency resolution process. viii) Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) The Operational Creditor has not proposed name of any Insolvency Resolution Professional. Therefore, as per the provisions of Section 16(3) (a) of the IBC, so, we appoint Ms. Rashmi Agarwalla, IRP having Reg. No. IBBI/IPA-001/IP-P-01461/2018-2019/12281 email ID. [email protected]. to act as Interim Resolution Professional (IRP). He shall file Form-2, and that no disciplinary proceedings are pending against him with the Board. x) Ms. Rashmi Agarwalla, is hereby appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a Committee of Creditors for evolving a resolution plan subject to production of written consent within one week from the date of receipt of this order. xi) The Interim Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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