SEBI and Corporate Laws – July 15, 2019

218 SEBI & Corporate Laws - Reports [Vol. 154

JUDGMENT

The

Present

application

is

filed

under

section

9

of

Insolvency

and

Bank

ruptcy -

Code,

2016

(for

brevity

‘Code,

2016 ’)

read

with

Rule

6

of

the

Insolvency

and^

Bankruptcy

(Application

to

Adjudicating

Authority)

Rules,

2016

by

the

operational^

creditor

namely

M/s.

Avon

Clothing

Private

Limited

(for

brevity

‘Applicant’)^

with

a

prayer

for

initiation

of

Corporate

Insolvency

process

against

M/s.^

Siddarth

Intercrafts

Private

Limited

(for

brevity

“Corporate

Debtor”).

The

Applicant

is

a

Private

Limited

Company,

incorporated

under

the

pro

visions -

of

Companies

Act

and

duly

registered

with

Registrar

of

Companies,

Jaipur^

having

CIN:

U 18101 RJ 2005 PTC 021249 ,

and

registered

office

at

G- 112 ,

Mansarovar^

Industrial

Area,

Jaipur-

302020

(Rajasthan).

The

application

is

signed^

by

Mr.

Mahesh

Kumar

Kandoi

authorized

representative

(duly

autho

rized -

vide

Board

Resolution

dated

04. 04. 2018 )

to

initiate

Corporate

Insolvency

process^

under

IBC,

2016.

The

Corporate

Debtor

is

a

Private

Limited

Company,

incorporated

under

the^

provisions

of

Companies

Act,

1956

on

25. 10. 2007 ,

duly

registered

with

Registrar^

of

Companies,

Jaipur

having

CIN:U 74994 RJ 2007 PTC 025230 ,

having

its^

registered

office

at

F- 21 (B-D-E),

Malviya

Industrial

Area,

Malviya

Nagar,

Jaipur- 302018

(Rajasthan).

The

Authorized

share

capital

of

the

Corporate

Debtor^

is

Rs.

1 , 00 , 00 , 000 /-

and

Issued,

Subscribed

and

Paid

up

share

capital

of^

the

company

is

Rs. 1 , 00 , 00 , 000 /-.

It

is

the

case

of

the

applicant

that

the

applicant

has

supplied

grey

cloth

to

Corporate^

Debtor

as

per

purchase

order

placed

by

Corporate

Debtor

during

2016

and

raised

various

invoices

from

14. 09. 2016

to

22. 12. 2016

for

the

total

amount^

of

Rs.

20 , 54 , 012 /-

(Twenty

Lakh

Fifty-Four

Thousand

and

Twelve

Only).^

The

applicant

wrote

various

reminders

and

requested

Corporate

Debtor

to^

pay

the

dues

of

said

unpaid

invoices

but

no

payment

was

coming

through.

Thus,^

the

applicant

issued

a

notice

under

Section

8

of

the

Insolvency

and

Bankruptcy^

Code

for

an

amount

of

Rs.

20 , 54 , 012

along

with

interest

totalling

to^

Rs.

23 , 74 , 952

on

06. 04. 2018

on

the

Corporate

Debtor,

which

was

duly

re

ceived -

by

Corporate

Debtor

through

post

on

21. 06. 2018

and

tracking

report

as^

proof

of

service

of

said

section

8

notice

is

annexed.

The

Corporate

Debtor

chose^

not

to

file

reply

but

thereafter

paid

an

amount

of

Rs.

1 , 46 , 346 /-

and

Rs.^

2 , 11 , 685 /-

dated

19 / 05 / 2018

and

08 / 06 / 2018

leaving

balance

of

an

amount

of^

Rs.

20 , 16 , 921 /-

till

the

date

of

this

application.

The

applicant

therefore

filed

present

application

under

section

9

of

Code,

2016

and

duly

served

the

corporate

debtor.

The

total

amount

claimed

by

the

applicant

as

mentioned

in

Part

IV

is

a

sum

of^

Rs.

16 , 95 , 981 /-

plus

interest

Rs.

3 , 20 , 940 /-

total

amounting

to

Rs.

20 , 16 , 921 /-

as^

an

outstanding

amount

which

is

due

and

payable

by

the

corporate

debtor

as^

described

below: