TMI Blog2023 (11) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor, during 2018-2019 arising out of work order dated 06.04.2018, which remained unpaid by the Corporate Debtor - It is noted that through E-mail dated 03.06.2020, the Corporator Debtor admitted the sum of Rs.10.18 Crore due and payable to Respondent No. 1 and also that through an E-mail dated 19.06.2020, the Corporate Debtor gave payment plan to the Respondent No. 1 which also failed. It is significant to observe that there is no record to show any pre-existing dispute - it is clear that there was established debts and defaults and the Adjudicating Authority passed the Impugned Order after analysing all facts and considering provisions of the Code and therefore we do not find any error in the Impugned Order. Appeal dismissed. - [Justice Rakesh Kumar Jain] Member (Judicial) And [Mr. Naresh Salecha] Member (Technical) For the Appellants : Mr. Ankit Virmani Ms. Ruchika Agarwala, Advocates For the Respondent : Mr. Abhijeet Sinha, Mr. Swankit Nand, Mr. Saikat Sarkar, Mr. Anuj Tiwari, for RP. Mr. Kunal Vajani, Mr. Kunal Mimani, Mr. Kartikey Bhatt, Mr. Akshay Luthra, Mr. Abhinav Jain, for R1. JUDGEMENT NARESH SALECHA , MEMBER ( TECHNICAL ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht out by the Appellant that the Corporate Debtor in terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (in short SEBI LODR ) had applied before the National Stock Exchange of India Ltd. and BSE Ltd. for obtaining necessary no objection letters from the Stock Exchanges. The Appellant stated that before the corporate debtor could receive no objection letters from the concerned stock exchanges, the Adjudicating Authority wrongly passed the Impugned Order admitting the corporate debtor into CIRP. 9. The appellant stated that the tyre manufacturing factory of the corporate debtor is situated at Balasore, Odisha and the corporate debtor was suffering losses for last few years because of general economic slowdown and due to the pandemic. In addition, there was huge labour unrest in the vicinity of the factory of the corporate debtor in Balasore and about 2000 workers engaged in the factory of the corporate debtor in Balasore have been obstructing the factory premises of the Corporate Debtor by staging dharnas and protests. This hampered the business of the Corporate Debtor adversely. 10. The Appellant defended non-payment of dues to R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor on several occasions to make payments of the sums due and payable to the Respondent No. 1. The Corporate Debtor had in turn from time to time not only acknowledged its liability to pay but also made repeated assurances that payments would be made to cure the defaults. Emails dated 11 April, 2020 and 30 June, 2020 are acknowledgments of debt and default by the Corporate Debtor. 17. The Respondent No. 1 submitted that the Corporate Debtor had also given a payment plan by its email dated 19.06.2020, however, the Corporate Debtor failed to fulfil the same and only of Rs.10,00,000/- was received by the Respondent No. 1 on 31.10.2020 from the Corporate Debtor. The same has been adjusted against the outstanding dues. It is the case of Respondent No. 1 that in the given circumstances, Respondent No. 1 issued a demand notice under Section 8 of the Code on 17.07.2021 calling upon the Corporate Debtor to make payments of its dues within 10 days of receipt of the notice but no reply was received. 18. The Respondent No. 1 filed a petition under Section 9 of the Code being CP(IB) No. 250/KB/2021 on 16.08.2021 as there was no payment of the unpaid and admitted operational debts by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeared and sought further three weeks' time to file reply affidavit. d) It is evident as per the order dated 22 December 2021 passed by this Adjudicating Authority that a schedule for completion of pleadings was fixed on this date. Corporate Debtor was granted three weeks' time to file the reply affidavit and upon filing this affidavit the Operational Creditor was granted two weeks to file rejoinder, if any. The matter was directed to be listed on 28 February, 2022. e) When the matter was taken for consideration on 28 February, 2022, Ld. Counsel appearing for the Corporate Debtor again sought further time to file its reply affidavit; Two weeks further time was granted to file the reply affidavit and the matter was directed to be listed on 5 April, 2022. f) On 05 April, 2022 when the matter came up for consideration the Corporate Debtor sought further time to file the affidavit. The Ld. Counsel for the Corporate Debtor stated that there was some Dharna at factory premises from 03 January, 2021 to 12 March, 2021 by workers demanding payment of workers of wages and other financial benefits and the proceedings were pending before the office of Divisional Labour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inable. 26. We observe that the notice under section 8 (1) of Code was duly served by the Respondent No. 1 upon Corporator Debtor on 23.07.2021 and the Corporate Debtor did not reply to the demand notice. 27. We also observe that the Operational Creditor raised 44 invoices for the supply of Tire Cord Fabric to the Corporate Debtor, during 2018-2019 arising out of work order dated 06.04.2018, which remained unpaid by the Corporate Debtor. 28. We note that through E-mail dated 03.06.2020, the Corporator Debtor admitted the sum of Rs.10.18 Crore due and payable to Respondent No. 1 and also that through an E-mail dated 19.06.2020, the Corporate Debtor gave payment plan to the Respondent No. 1 which also failed. 29. It is significant to observe that there is no record to show any pre-existing dispute. 30. In view of above, it is clear that there was established debts and defaults and the Adjudicating Authority passed the Impugned Order after analysing all facts and considering provisions of the Code and therefore we do not find any error in the Impugned Order. 31. The Appeal fails and stand dismissed. No Cost. Interlocutory Application(s), if any, are Closed. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
