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THE NATIONAL COMPANY LAW TRIBUNAL
“CHANDIGARH BENCH, CHANDIGARH”
(Exercising powers of Adjudicating Authority under
the Insolvency and Bankruptcy Code, 2016)
CP (IB) No. 56/Chd/Chd/2020
Under Section 9 of Insolvency and
Bankruptcy Code, 2016.
In the matter of:
Chawla Silica Sand Trading Co.
A-1, Ekanki Kunj, 24, Muir Road
Prayagraj - 211001
(Uttar Pradesh)
…Petitioner-Operational Creditor
Vs.
Indo Farm Equipments Limited
SCO 859NAC
Kalka Road, Manimajra,
Chandigarh- 160101, India.
…Respondent-Corporate Debtor
Judgement delivered on: 21.02.2023
Coram: Hon’ble Mr. Harnam Singh Thakur, Member (Judicial)
Hon’ble Mr. Subrata Kumar Dash, Member (Technical)
For the Petitioner-
Operational Creditor : Mr. Sarthak Gupta, Advocate
For the Respondent-
Corporate Debtor : Mr. Atul V. Sood, Advocate
Per: Harnam Singh Thakur, Member (Judicial)
JUDGMENT
The present petition is filed, under Section 9 of the Insolvency
and Bankruptcy Code, 2016 (for brevity ‘IBC’ / ‘Code’), by Chawla Silica
Sand Trading Co.through its partner, Bharat Bhushan Chawla (for brevity
‘Operational Creditor’ / ‘Petitioner’), with a prayer to initiate Corporate
CP (IB) No. 56/Chd/Chd/2020
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Insolvency Resolution Process (CIRP) in case of Indo Farm Equipments
Limited (for brevity ‘Corporate Debtor’ / ‘Respondent’).
2.
The Corporate Debtor, namely, Indo Farm Equipments Limited,
is a Company incorporated on 05.10.1994 under the provisions of the
Companies Act, 1956 with CIN No. U29219CH1994PLC015132 with its
registered office at SCO 859 NAC, Kalka Road, Manimajra, Chandigarh-
160101, India. Hence, the territorial jurisdiction lies with this Adjudicating
Authority. A copy of the master data of the corporate debtor is attached with
the main petition and marked as Annexure-O.
3.
The facts of the case, briefly, as stated in the petition are that the
principal amount of Rs. 68,49,848/- (Rupees Sixty Eight Lakhs Forth Nine
Thousand Eight Hundred Forty Eight Only) was due and payable towards
the supply of Silica sand by an operational creditor to the corporate debtor
for which various invoices were raised. The payment was required to be
made within 30 days of delivery and all products were delivered till
16.10.2019. The corporate debtor had acknowledged its liability to make
payments vide e-mail dated 02.11.2019. Despite multiple requests, no
payments were made by the corporate debtor. The corporate debtor assured
that part-payment will be made in the month of October 2019. The orders
had been placed by the corporate debtor on an operational creditor for the
supply of products consistently till 16.10.2019. The operational creditor
informed the corporate debtor that amounts are due through various e-mails.
In response to e-mails, no dispute had ever been raised by the corporate
debtor. Therefore, no payments were received from the corporate debtor.
CP (IB) No. 56/Chd/Chd/2020
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The respondent-corporate debtor has filed suit for recovery in the Court of
Ld. Civil Judge (Senior Division), Chandigarh bearing No. CS/2129/2019.
4.
It is submitted by the petitioner in Form 5, Part IV that the amount
claimed to be in default principle amount is Rs. 68,49,848/- (Rupees Sixty
Eight Lakhs Forth Nine Thousand Eight Hundred Forty Eight Only). The
default occurred on 16.10.2019 i.e. when the last invoice was raised upon
the corporate debtor as interstate sales (GST). Copy of ledger Account
(Annexure A), Plaint dated 14.11.2019 registered as CS/2129/2019 filed
before District Court, Chandigarh by the corporate debtor (Annexure H),
Ledger Account Statement along with plaint filed by the corporate debtor
(Annexure I), Purchase Orders (Annexure L), Partnership Deed dated
01.04.2015 (Annexure N) are attached with the main petition.
5.
A demand notice is stated to be issued by the operational creditor on
12.11.2019
through
(Annexure-E)
and
on
15.11.2019
through
registered post, delivery report and tracking receipts are attached
