5.1 We find from the perusal of the Petition and documents enclosed thereto that the Operational Creditor acknowledged the stock difference through E-mail dated 22.12.2018 for a sum of Rs.58,45,050/- determined on MRP, however, the Operational Creditor itself admitted that if computed on basis of distributor price, it will come to 30 lacs and offered to settle it at Rs.25.00 lacs. This e-mail is forming part of the petition. Further, a statement giving details of debit notes raised by the Corporate Debtor upon the Applicant for total sum of Rs.2,03,09,050.25 from 31.03.2018 to 29.09.2019 is annexed with the Petition, hence the same are in knowledge of the applicant and have been received by it. The Operational creditor was under obligation to obtain written receipt of delivery of goods from the customers of the Corporate debtor in terms of clause 2.11 of the Service Agreement dated 01.04.2018 between the parties; were to be stored for 3 years; and were to produced to the Corporate Debtor within 24 hours of its demand, however, the same were not produced despite demanded by the Corporate Debtor by mail dated 22.02.2019 also forming part of the Petition. Further, the Operational creditor was also under obligation to obtain statutory declaration forms i.e. ‘C’ and ‘F’ form under clause 2.26 of the agreement and was to obtain registration, make compliances and respond to notices of VAT/GST authorities. Further, clause 2.27 seeks indemnification of the Corporate Debtor in case the Operational Creditor defaults in compliance with VAT/GST Regulations or demands arising from failure to obtain statutory declaration forms from the customers of the Corporate Debtor.
