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IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

(Court-II)

KOLKATA

C.P. (IB) No. 30/KB/2022

An application under Section 9 of the Insolvency & Bankruptcy Code, 2016.

In the matter of:

Dileep Kumar Agarwal, proprietor of Phoenix Hydraulics, having its place of

business at 1/1A, Vansittart Row Mezzanine Floor, Room No.2, Kolkata –

700001;

….Operational Creditor

-Versus-

Sujal Exim India Private Limited [CIN U27101WB2006PTC109613], having

its registered office at 2/2, Nirmal Chandra Street, 3^rd Floor, Kolkata – 700012;

…Corporate Debtor

Date of hearing: 28 February, 2023

Order Pronounced on: 12 June, 2023

Coram:

Smt. Bidisha Banerjee, Member (Judicial)

Shri Balraj Joshi, Member (Technical)

Appearances (via video conferencing/physical)

For the Operational Creditor :

Mr. Abhishek Sikdhar, Advocate

:

Ms. Sahili Dey, Advocate.

For the Corporate Debtor

:

Mr. Vipul Dharmani, Advocate.

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

(Court-II)

Dileep Kumar Agarwal, proprietor of Phoenix Hydraulics v. Sujal Exim India Private Limited

C.P. (IB) No. 30/KB/2022

Page 2 of 12

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 Dileep

Kumar Agarwal, proprietor of Phoenix Hydraulics (‘Operational

Creditor’) for initiation of Corporate Insolvency Resolution Process

(‘CIRP’) against Sujal Exim India Private Limited (‘Corporate Debtor’).

3.

The present Petition was filed on 27 December, 2021 before this

Adjudicating Authority. The total amount claimed in default is

Rs.1,58,77,334/- (Rupees One Crore Twenty Seven Lakh Ninety Two

Thousand Four Hundred Thirty only) along with an interest @18% per

annum, which has been calculated from the date of last payment i.e., 28

November, 2019 till 31 March, 2021 [Principal- Rs.1,27,92,431/ and

Interest – Rs.30,84,903/-] . The date of Default is stated to be as on 27 May,

2017.

4.

In part II of the Petition the authorized share capital of the Corporate Debtor

is Rs.5,00,00,000/- (Rupees Five Crore only) with subscribed share capital

of Rs.5,00,00,000/- (Rupees Five Crore 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 Corporate Debtor had placed verbal purchase order with the

Operational Creditor for the purchase of wall tiles. The Operational Creditor

has made supply of the said goods and the same was accepted without any

protest by the Corporate Debtor. Subsequent to the supply of the goods,

invoices were raised by the Operational Creditor [Page 17-266 of the

Application].

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOLKATA BENCH

(Court-II)

Dileep Kumar Agarwal, proprietor of Phoenix Hydraulics v. Sujal Exim India Private Limited

C.P. (IB) No. 30/KB/2022

Page 3 of 12

5.2

The purchase by the Corporate Debtor from the Operational Creditor is

admitted by the Corporate Debtor in the ledger annexed with the reply of the

Corporate Debtor [Pages 30-32 of the reply by the Corporate Debtor].

5.3

The payment has always been made on Ad-hoc basis and not on bill to bill

basis. The Total due principal amount 1,27,92,431/- and interest amount of

Rs 30, 84,903/-, hence, the total due amount is Rs.1,58,77,334/-.

5.4

The last invoice was raised on 26 May, 2017 which has no credit period

thereby the date of default is 27 May, 2017. The last payment was made on

28 November, 2019. The same can be corroborated from the ledger annexed

by the Corporate Debtor [Page 35 of the reply by the Corporate Debtor].

5.5

The demand Notice dated 25 September, 2021 under Rule 5 of the

Insolvency and Bankruptcy (Application to Adjud