9911796707
TMI Blog2022 (11) TMI 563X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;) by Akzo Nobel India Limited through its authorised signatory Mr. A.S. Somashekar, duly authorised vide Board Resolution dated 27.05.2021 (for brevity 'Applicant'), with a prayer to initiate the Corporate Insolvency process against Jivanjyot Motors Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a limited company incorporated on 12.03.1954 duly registered with the Registrar of Companies, Kolkata, West Bengal with CIN: L2429WB1954PLC021516 having registered office at 1st Floor, 8-B, Middleton Street, Kolkata 700 071, West Bengal and other offices at Haryana and Bangalore. The applicant is engaged in distribution of automotive paints and other automotive refinishing products. 3. The corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement dated 07.12.2016, a total sum of Rs. 35,00,000/- (Rupees thirty-five lacs only) was paid to the corporate debtor as trade advance, out of which Rs. 8,75,000/- (Rupees eight lacs seventy-five thousand only) was contributed by M/s. Shree Milap Auto Colours and balance sum of Rs. 26,25,000/- (Rupees twenty-six lacs twenty-five thousand only) was contributed by the applicant. Similarly, as per agreement dated 04.05.2019, out of the total amount of Rs. 1,20,00,000/- (Rupees one crore twenty lacs only) to be paid to corporate debtor, Rs. 27,00,000/- (Rupees twenty-seven lacs only) was to be contributed by Shree Milap Auto Colours and Rs. 13,00,000/- (Rupees thirteen lacs only) was to be contributed by Sree Milap Auto Colours and the balan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anding amount of Rs. 1,55,00,000/- (Rupees one crore and fifty-five lacs only). The applicant had issued letter dated 08.03.2021 asking the corporate debtor to repay the loan amount advanced, however, no reply was given by the corporate debtor. Having failed to receive payment from the corporate debtor, the applicant has filed the present application under Section 7 of the Insolvency and Bankruptcy Code, 2016. 8. The corporate debtor filed affidavit in reply inter alia stating that the application filed by authorised representative is not valid. The amount paid as "trade advance" is not a financial debt as defined in Clause 8 of Section 5 of Insolvency and Bankruptcy Code, 2016. 9. The applicant filed rejoinder, along with affidavit to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only). The amount in default is related to two agreements and promissory notes dated 07.12.2016 and 04.05.2019 against money admitted on 07.01.2017 and 09.05.2019. Therefore, the application filed on 16.07.2021 is within limitation and not barred by law. 13. The registered office of the corporate debtor is situated in Surat, Gujarat State and, therefore, this Tribunal has jurisdiction to entertain and try this application. 14. Heard the submissions and perused the documents on record. On perusal of the record it is seen that the applicant had entered into two agreements dated 07.12.2016 and 04.05.2019 with the corporate debtor. Copy of the promissory notes dated 07.12.2016 and 04.05.2019 are annexed. The corporate debtor has neither deni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... discussions, it is evident that the debt is due and payable and default has occurred. The present application is complete in terms of Section 7(5) of the Code. The applicant is entitled to claim its dues, establishing the default in payment of the financial debt beyond doubt. In light of the above facts and records the present application is admitted and CIRP is ordered to be initiated against corporate debtor. 18. The applicant has proposed the name of Mr. Ajay Kumar Jain as Insolvency Resolution Professional, who is hereby appointed as IRP of corporate debtor having registration number IBBI/IPA-002/IP-N-00415/2017-18/11188 having office at E-15/209, Sector - 8, Rohini, New Delhi 110 085, (email:[email protected]) subject to the condi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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