KOLKATA Under section 9 of the Insolvency and Bankruptcy Code, 2016.

In the matter of:

Aravali Printers and Publishers Private Limited(CIN:U74899DL1982PTC- 014608), a company incorporated under the Companies Act, 1956, having its registered office at W-30, Okhla Industrial Area, Phase II, New Delhi - 110020.

... Operational Creditor Versus Saraswaty Press Limited(CIN: U22110WB1987SGC041786), a company incorporated under the Companies Act, 1956, having its registered office at 11, B T Road, Kolkata - 700056.

... Corporate Debtor Date of hearing: 10.06.2022 Date of pronouncement: 28.06.2022 Coram:

Shri Rajasekhar V.K. : Member (Judicial)

Shri Balraj Joshi : Member (Technical)

Appearances (via hybrid mode):

For the Operational Creditor : Mr. Shounak Mukhopadhyay, Adv Ms. Madhurima Das, Adv Mr. Sayantan Bose, Adv For the Corporate Debtor : Mr. Joy Saha, Sr. Adv Mr. Shaunak Mitra, Adv Ms. Debdatta Ray Chaudhury, Adv

ORDER

Rajasekhar V.K., Member (Judicial)

1. This Court convened viahybrid mode.

2. This is a Company Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) Aravali Printers and Publishers Private Limited, represented by Mr. Vijay Goel, duly authorised by a Board __________________________________________________________________________________

Resolution dated 02 April 2019,¹Aravali Printers and Publishers Private Limited(“Operational Creditor”),seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Saraswaty Press Limited (“Corporate Debtor”).

3. The present petition was filed on 30 September 2019, before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of ₹4,99,69,172/- (Rupees four crore ninety-nine lakh sixty-nine thousand one hundred seventy-two only). The date of default is stated to be 19 January 2007.

Submission of the Ld Counsel appearing for the Operational Creditor

4. The Operational Creditor is engaged in the business of printing. It was agreed between the parties that the Operational Creditor would provide printing of textbooks and other printing works to the Corporate Debtor.2

5. After completion of the service, the Operational Creditor used to raise invoices against the Corporate Debtor., [Billsfrom 2006-07.] Each invoice corresponded to services already rendered and the same being accepted by the Corporate Debtor. There was consistency in payment by the Corporate Debtor till 19 January 2007;

however, no payments were received after the said date.

6. Upon receiving no payment, the Operational Creditor vide its demand notice dated 09 September 2019 under Form 3 & Form 4 of the Code, wherein they demanded payment of the due amount. The said demand notice was delivered on 14 September 2019 to the Corporate Debtor.4 Submission of the Ld Sr. Counsel appearing for the Corporate Debtor

7. The ledger account of the Corporate Debtor in the books of the Operational Creditor, as relied by the Operational Creditor pertains to the Financial Years

2006 to 2008, such ledger accounts are more than eleven to twelve years old.

1 Annexure - A/2, at page 16 of the Petition.

2 Purchase order dated 05 June 2006 at page 19 and 30 March 2007 at page 20.

4 Page 33 of the Petition

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8. Further, the printing orders were placed on 05 September 2006 and 30 March

2007. The Operational Creditor has unequivocally admitted that no payment was received after 19 January 2007 and despite such admission, the Operational Creditor failed to take any appropriate action within the period of limitation.

Rejoinder by the Operational Creditor to the reply of the Corporate Debtor

9. Between the period January 2007 to February 2019, the Corporate Debtor had acknowledged the existence of debt. The same can be construed from the letters dated 16 July 2008, 18 October 2008, 27 February 2009, 12 June 2009, 03 June 2010, 15 June 2010, 07 April 2011, 18 May 2011, 25 August 2011, 26 June 2015, 20 April