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IN THE NATIONAL COMPANY LAW TRIBUNAL,
KOLKATA BENCH
KOLKATA
C.P (IB) No.2110/KB/2019
In the matter of
An application under 9 of the Insolvency and Bankruptcy Code, 2016 read
with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating
Authority) Rules,2016.
And
In the matter of:
Tirupati Sugars Limited, having its registered office at 18, Krishna Kamal
Bhattacharya Lane, Ground Floor, Howarh, West Bengal.
… Operational Creditor
Versus
In the matter of:
M/s Sona Sati Organics Private Limited, having its registered office at
Rajapatti Kothi, P.S.- Baikunthpur, District- Gopalganj, Bihar-841420.
…Corporate Debtor
Date of hearing :25/04/2022
Order Pronounced on
: 29 /06/2022
Coram:
Mr. Rohit Kapoor, Member (Judicial)
Mr. Harish Chander Suri, Member (Technical)
Counsels appeared through Video Conference
1.
Mr. Ratul Das, Adv.
] For Operational Creditor
2.
Md. Dilawar Khan, Adv.
]
3.
Mr. Kamran Hussain,Adv.
]
4.
Mr. Nikhil Verma, Adv.
1.
Mr. Shaunak Mitra, Adv.
] For Corporate Debtor
IN THE NATIONAL COMPANY LAW TRIBUNAL,
KOLKATA BENCH, KOLKATA
C.P (IB) No.2110/KB/2019
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Page 2 of 10
2.
Mr. Saurav Jain, Adv.
]
O R D E R
Per: Harish Chander Suri, Member (Technical)
1.
The Court is convened by video conference today.
2.
This petition under 9 of the Insolvency and Bankruptcy Code, 2016
read
with
Rule
6
of
the
Insolvency
and
Bankruptcy
(Application
to
Adjudicating
Authority)
Rules,2016
has
been
filed
by
Tirupati
Sugars
Limited, through its Authorised Signatory, Mr. Saurabh Gupta, (hereinafter
referred
as
the
Operational
Creditor),
seeking
initiation
of
corporate
insolvency resolution process in respect of M/s Sona Sati Organics Private
Limited, having its registered office at Rajapatti Kothi, P.S.- Baikunthpur,
District- Goalganj, Bihar-841420, (hereinafter referred as
the Corporate
Debtor).
3.
It is submitted in the petition that the Operational Creditor is carrying
on the business of running sugar mill and supplied molasses to Corporate
Debtor on regular basis.
4.
It is submitted that vide circulars dated 09.04.2018, 20.06.2018
and
12.11.2018, received from Prohibition, Excise & Registration Department,
Government of Bihar, wherein the quantity of the molasses was categorically
specified which was to be supplied by the Operational Creditor to the
Corporate Debtor and consequent upon these two circulars the desired
quantity was supplied to the Corporate Debtor which was accepted by them.
It is submitted that the Operational Creditor supplied 1,08,332.70 quintals of
molasses @ Rs. 287.50 + GST 28% extra per quintal to the Corporate Debtor
from January, 2018 to October , 2018 and in respect of which 502 Invoices
were raised from 19.01.2018 to 24.01.2018. The total Sale during the said
period was of Rs.3,98,66,435.97/- out of which Rs.1,25,00,000.00/- has been
received and Rs.40,382.29/- is the opening balance as on 19.01.2018 as
IN THE NATIONAL COMPANY LAW TRIBUNAL,
KOLKATA BENCH, KOLKATA
C.P (IB) No.2110/KB/2019
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Page 3 of 10
reflecting in the Ledger account of the Operational Creditor. Therefore, the
total amount due is INR 3,48,35,146.68/- which includes INR 75,09,094/- as
interest @ 18% p.a. up to 15th September, 2019.
5.
It is submitted that the Operational Creditor has received two letters
dated
27.03.2019
&
06.07.2019
from
the
Corporate
Debtor
in
which
Corporate Debtor has admitted that it had lifted 1,08,332.70 quintals of
molasses @ Rs.287.50+G
