The NCLT admitted a Company Petition filed by Shalimar Paints Limited to initiate CIRP against JK Surface Coating Private Limited for an admitted operational debt of Rs. 8 lakhs.
The Company Petition for initiating CIRP against JK Surface Coating Private Limited was admitted.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH
Item No. 13 C.P.(IB)773/MB/2020
CORAM:
MS. ANU JAGMOHAN SINGH SH. H. V. SUBBA RAO HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)
ORDER SHEET OF THE HEARING ON 18.05.2023.
NAME OF THE PARTIES: Shalimar Paints Limited
V/s
JK Surface Coatings Pvt Ltd
Section 9 of the Insolvency and Bankruptcy Code, 2016
________________________________________________________________
ORDER
CP 773 of 2020:- Ms. Dyuti Ghai Ld. Counsel appearing for the Operational Creditor and Mr. KCP Prusty Proxy Counsel on behalf of the Corporate Debtor are present. The Counsel appearing for the Corporate Debtor once again requested time for settlement. In this regard it is appropriate to mention here that the Corporate Debtor has already admitted the claim to a tune of Rs. 8,00,000/- and sought time for settlement on 28.04.2023. Unfortunately, the Corporate Debtor instead of settling the matter is once again asking time. Since this is an admitted case of debt and default, there is no point in keeping the above Company Petition pending any longer. Accordingly, the above Company Petition admitted. Detailed order follows:
SD/-
SD/-
ANU JAGMOHAN SINGH H. V. SUBBA RAO MEMBER (TECHNICAL) MEMBER (JUDICIAL)
Neha
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH -I
CP (IB) 773/MB/C-I/2020
Under Section 9 of the Insolvency and Bankruptcy Code, 2016
In the matter of
Shalimar Paints Limited
[CIN:L24222HR1902PLC065611]
Stainless Centre, Fourth Floor, Plot No. 50, Sector 32, Gurugram, Haryana-122001.
… Operational Creditor/Petitioner
Versus
JK Surface Coating Private Limited.
[CIN:U45202MH1998PTC117291]
Neel Sidhi Enclave Commercial Complex, Plot No. 48/9, Sector 14, Vashi, Navi-Mumbai-400703.
…Corporate Debtor/Respondent
Order Delivered on 18.05.2023
Coram:
Hon'ble Member (Judicial) : Mr. H.V. Subba Rao Hon'ble Member (Technical) : Ms. Anu Jagmohan Singh
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
Appearances:
For the Operational Creditor For the Corporate Debtor
ORDER
Per Coram:
Submissions made by the Petitioner:
Page 2 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
Debtor on receipt of purchase orders. The Petitioner, at the request of the Respondent provided a revolving line of credit facility to the Respondent for goods which were periodically supplied to the Respondent. The Petitioner submits that the Respondent on 27.07.2019 made a part payment of Rs.10,15,768 towards outstanding liability owed to the petitioner. However, the Petitioner submits that he has not received any amount from the Respondent thereafter. The Petitioner in support of the claim has placed on record invoices and ledger account of the Respondent in books of the Petitioner.
Submissions made by the Corporate Debtor/ Respondent by way of Affidavit in reply dated 20.06.2022
Page 3 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
Findings
Page 4 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
Page 5 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
Page 6 of 7
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-I
C.P. (IB) No. 773/MB/2020
the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow.
Sd/-
ANU JAGMOHAN SINGH
Member (Technical) 18.05.2023
Sd/-
H.V. SUBBA RAO Member (Judicial)
Priyal
Page 7 of 7
1 issue framed by the court
Whether the Company Petition filed under Section 9 of IBC for initiating CIRP against an admitted debt should be allowed despite debtor's request for time.
4 provisions across 1 enactments
Shalimar Paints Limited
JK Surface Coating Private Limited
Anu Jagmohan Singh
H.V. Subba Rao
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
