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IN THE NATIONAL COMPANY LAW TRIBUNAL
KOLKATA BENCH
(Court-II)
KOLKATA
C.P. (IB) No. 150/KB/2021
An application under Section 9 of the Insolvency & Bankruptcy Code, 2016.
In the matter of:
Gandhar Oil Refinery (India) Limited [CIN U23200MH1992PLC068905],
having its registered office at DLH Park, 18th Floor, S. V. Road, Goregaon (West),
Mumbai – 400 062;
….Operational Creditor
-Versus-
City Oil Private Limited [CIN U23201WB2003PTC095799], having its
registered office at 34, C.R. Avenue, Jobakusum Building, Kolkata – 700 012;
…Corporate Debtor
Date of hearing: 27 February, 2023
Order Pronounced on: 19 April, 2023
Coram:
Smt. Bidisha Banerjee, Member (Judicial)
Shri Balraj Joshi, Member (Technical)
Appearances (via video conferencing/physical)
For the Operational Creditor :
Mr. Ajay Gaggar, Adv.
:
Ms. Vedica Sureka, Adv.
For the Corporate Debtor
:
Mr. A. K. Awasthi, Adv
IN THE NATIONAL COMPANY LAW TRIBUNAL
KOLKATA BENCH
(Court-II)
Gandhar Oil Refinery (India) Limited v. City Oil Private Limited
C.P. (IB) No. 150/KB/2021
Page 2 of 13
O R D E R
Per: Bidisha Banerjee, Member (Judicial)
1.
The Court convened via hybrid mode.
2.
This is a Company Petition filed under section 9 of the Insolvency and
Bankruptcy Code, 2016 (‘the Code’) read with Rule 6 of the Insolvency and
Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Mr.
Tariq Rafique Lambe, Legal Executive, Gandhar Oil Refinery (India)
Limited (‘Operational Creditor’ or ‘GORIL’) duly authorised vide Board
Resolution dated 23 December, 20191 for initiation of Corporate Insolvency
Resolution Process (‘CIRP’) against City Oil Private Limited (‘Corporate
Debtor’).
3.
The present Petition was filed on 07 April, 2021 before this Adjudicating
Authority. The total amount claimed in default is Rs.1,04,39,547/- (Rupees
One Crore Four Lakh Thirty Nine Thousand Five Hundred Forty Seven
only) [Principal – Rs.64,03,566/- and Interest – Rs. 40,35,941/-]. Details of
the invoices that were raise by the Operational Creditor are, as follows;
SI
No.
Purchase
Order No. and
Date
Invoice No.
and Date
Due Date
Invoice
Amount
i.
COPL/GO/05/
18-19 dated 18
August, 2018
SILMOL
1400005896
dated 23
August, 2018
22
September,
2018
Rs.15,12,571/-
ii.
COPL/GO/03/
18-19 dated 10
May, 2018
SILMOL
1400001806
DATED 18
May, 2018
17 June,
2018
Rs.15,67,335/-
iii.
COPL/GO/03/
18-19 dated 10
May, 2018
SILMOL
1400001680
dated 16 May,
2018
15 June,
2018
Rs.11,39,880/-
iv.
COPL/GO/02/
18-19 dated 16
April, 2018
SILMOL
1400001712
dated 16 May,
2018
15 June,
2018
Rs.4,27,455/-
1Annexure – C, Page 31 of the Petition.
IN THE NATIONAL COMPANY LAW TRIBUNAL
KOLKATA BENCH
(Court-II)
Gandhar Oil Refinery (India) Limited v. City Oil Private Limited
C.P. (IB) No. 150/KB/2021
Page 3 of 13
v.
COPL/GO/02/
18-19 dated 16
April, 2018
SILMOL
1400001135
dated 01 May,
2018
31 May,
2018
Rs.13,14,933/-
vi.
SILMOL
1400001123
dated 30
April, 2018
30 May,
2018
Rs.13,94,453/-
4.
In part II of the Petition the authorized share capital of the Corporate Debtor
is Rs. 2,50,00,000/- (Rupees Two Crore Fifty Lakh only) with subscribed
share capital of Rs.80,92,000/- (Rupees Eighty Lakh Ninety Two Thousand
only). Part – IV of the Petition deals with the particulars of the Operational
Debt.
5.
Submissions by the Ld. Counsel appearing on behalf of the Operational
Creditor.
5.1
The Operational Creditor is a public Limited Company engaged in
processing petroleum products to manufacture mineral oils, liquid paraffin,
petroleum jelly, rubber process oils etc. The Operational Creditor also
sources certain products from third party suppliers for direct sales to its
customers. Whereas, the Corporate Debtor is engaged in manufacturing &
trading of lubricating oil & grease.
5.2
In view of the business relationship between the Operational Credito
