ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/- DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE MEMBER (TECHNICAL) MEMBER (JUDICIAL) IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD COURT - 2 ITEM No.301 TP/04(AHM)2022 (CP(IB) 82 of 2009) Order under Section 9 IBC IN THE MATTER OF: Plastichemix Industries V/s Hemant Palstics And Chemicals Limited ........Applicant ........Respondent Order delivered on: 15/02/2024 Coram: Mrs. Chitra Hankare, Hon’ble Member(J) Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T) IN THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH - 2 TP No. 4 of 2022 In C.P. No. 82 of 2009 In the matter of: M/s. Plastichemix Industries Plot No. 30, 2nd Floor, Samiket Sadan, Pashabhai Patel Park, Gotri Road, Vadodara - 390007 ….…Applicant/Operational Creditor VERSUS Hemant Plastics and Chemicals Limited [CIN: U24299GJ1974PLC002623]

PadraJambusar Road, Village – Dabhasa, Taluka – Padra, District Vadodara, Gujarat.

.…Respondent/ Corporate Debtor Order pronounced on: 15.02.2024 Coram: Mrs. Chitra Hankare, Hon’ble Member (J) Dr. Velamur G Venkata Chalapathy, Hon’ble Member (T) Appearance: For the Applicant: Mr. Pavan Godiawala, Adv. For The Respondent: Mr. Meet Soni, Adv. for Mr. Ravish Bhatt,Adv. C.P. (IB) No. 24 of 2022 JUDGMENT

1. This is a transfer petition No. 82 of 2009 and Company Petition No.92 of 2008 from the Hon'ble High Court of Gujarat directing this Tribunal to proceed with the matters from the stage at which it is transferred. This application on such transfer made under the provision has been considered in terms of Companies Act Sec 434 (1)( c). The prayer is to seek dissolution of the respondent and appoint a liquidator for the reason that the debt due (amounting to an outstanding of Rs 90,86,611.28 along with interest @ 15% per annum) which was not paid on the due date.

2. Accordingly this application is filed along with the relevant documents presented by the Hon'ble High Court by the Operational Creditor M/s Plastichem Industries under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process. The total amount of debt as per this application amounts to Rs.4,61,59,984.16 which comprises of Principal Amount: Rs. 90,86,611.28 (due as on 31.3.2006) with (Interest up to the date of Petition (24% p.a.) as per Form 5 (Part 4) amounting to Rs. 3,70,73,372.88.

3. The Petitioner herein i.e. Plastichemix Industries, is a partnership firm and is governed by the provisions of the C.P. (IB) No. 24 of 2022 Partnership Act, 1932. The petitioner is involved in the business of manufacturing master batches of white, black, additive and colour and its products are used for various films, compounding, blow and injection-moulding in the plastic processing industry.

4. The Respondent herein i.e. Hemant Plastics and Chemicals Limited, is a public limited company which was incorporated under the Companies Act, 1956 but now governed under the Companies Act, 2013. The Respondent is involved in the business of manufacturing customized flexible packaging materials.

5. Briefs facts of the case as mentioned in the application is hereunder:

6. The respondent had approached the petitioner for supplying Utility Grey Taj White (N) color and the petitioner promptly did so. Both the parties to the petition have shared a very cordial relationship since a very long time and therefore a lot of business was done on mutual understanding. It was a general practice maintained by the petitioner to give 30-day credit period after the supply of the goods to its customers. In the course of the business the respondent had made several orders to the petitioner and wa