IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

DIVISION BENCH

COURT - 1

ITEM No.303

C.P.(IB)/275(AHM)2023

Proceedings under Section 9 IBC

IN THE MATTER OF:

Comet Performance Chemicals Private Limited ........Applicant

V/s

Aarvee Denims and Exports Limited ........Respondent

Order delivered on: 02/07/2024

Coram:

Mr. Shammi Khan, Hon’ble Member(J) Mr. Sameer Kakar, Hon’ble Member(T)

PRESENT:

For the Applicant : For the Respondent :

ORDER

(Hybrid Mode)

The case is fixed for pronouncement of the order. The order is pronounced in the

open court, vide separate sheet.

-Sd- -Sd-

SAMEER KAKAR SHAMMI KHAN

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH COURT-I (An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016)

In the Matter of:

Comet Performance Chemicals Private Limited (CIN: U24304GJ2016PTC094087 Registered office at Block B, Office No. 701, Mondeal Heights, Nr. Panchratna Party Plot, S.G. Highway Ahmedabad, Gujarat-380015.

…Applicant/Operational Creditor VERSUS Aarvee Denims And Exports Limited (CIN: L17110GJ1988PLC010504 Registered office at:

191 Shahwadi, Near Old Octroi Naka, Narol Sarkhej Highway, Narol, Ahmedabad, Gujarat-382405 …Respondent/Corporate Debtor Order Pronounced On: 02.07.2024 CORAM:

SH. SHAMMI KHAN, HON’BLE MEMBER (JUDICIAL)

SH. SAMEER KAKAR, HON’BLE MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant : Mr. Arjun Sheth, Advocate a/w. Mr.

Rajiv Chawla, Advocate For the Respondent : Mr. Navin Pahwa, Senior Adv. a/w.

Mr. Ravi Pahwa, Advocate

O R D E R

1. The Present Application is filed on 03.11.2023 by the Applicant - Comet Performance Chemicals Private Limited (hereinafter referred to as “Operational Creditor”) against the Respondent - Aarvee Denims And Exports Limited (hereinafter referred to as “Corporate Debtor”) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as “IB (AAA) Rules, 2016”) for initiation of Corporate Insolvency Resolution Process (CIRP), to appoint Interim Resolution Professional (hereinafter referred to as “IRP”) and declare the moratorium for having defaulted in payment of the operational debt of Rs.1,36,60,679/- including interest The date of default is stated to be 09.04.2021 as per Form C.

2. A perusal of Part-I of the Form-5 reveals that the Operational Creditor is one Comet Performance Chemicals Private Limited CIN No. U24304GJ2016PTC094087, having registered office at Block B, Office No. 701, Mondeal Heights, Nr. Panchratna Party Plot, S.G. Highway Ahmedabad GJ 380015. This application is filed through its Authorized signatory Mr. Jignesh Trvedi and to that effect the board resolution dated 21.08.2023 is attached with the petition.

3. On perusal of Part-II of the Form-5, it reveals that the Corporate Debtor is one Aarvee Denims And Exports Limited having CIN: L17110GJ1988PLC010504, having registered office at 191 Shahwadi, Near Old Octroi Naka, Narol Sarkhej Highway, Narol, Ahmedabad, Gujarat, India- 382405. The Corporate Debtor was incorporated on

18.03.1988.

4. On perusal of Part-III of the Form-V it reveals that Operational Creditor has named Mr. Parag Seth having registration no. IBBI/IPA-002/IP-N00142/2017-18/10381 as IRP under section 13 (1)(c) of the Code to act as Interim Resolution Professional (IRP)

5. Perusal of Part IV of the application, it is revealed that that the Operational Creditor herein has claimed an amount of Rs.1,36,30,679/- as operational debt, comprising of Principal Amount of Rs.60,44,800/- and interest thereon as Rs. 75,85,879/-.

6. It is stated that the Corporate Debtor has approached the OC in year 2018 onwards for supply of goods i.e. various types of chemicals for their textile business. The OC supplied goods from time to time to t