Donear Industries Limited vs Inmark Retail Private Limited

Ashutosh Chandra, Member (T)

This Company Petition is filed by M/s. Donear Industries Limited (hereinafter referred to as 'Petitioner/Operational Creditor') under Section 9 of the IBC, 2016 R/w Rule 6 of the l&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process in respect of M/s. Inmark Retail Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') claiming a default of Rs. 50,66,422/- (Rupees Fifty Lakh Sixty Six Thousand Four Hundred and Twenty Two only) which includes interest amount of Rs. 7,75,307/- at the rate of 18% p.a. as on 07.07.2019.

The Petitioner claims that the operational debt is towards payment of invoice amounts for supply of clothing apparel under the Terms of Trade' dated 07.09.2017. It is stated that the amount of operational debt has been accumulating from 01.12.2017 when the Corporate Debtor defaulted in payment of invoice amounts for the first time and thereafter multiple invoices have been defaulted.

It is seen that in CP (IB) No. 415/BB/2019, a Petition was filed u/s 9 of the Code by Trend Arrest Clothing Private Limited, G-95, Lower Ground Floor, Nirvana, South City II, Gurgaon, Haryana-122018 against the same Corporate Debtor as in this Petition, namely Inmark Retail Private Limited, Bangalore seeking CIRP on account of non-payment of debt of Rs. 35,91,740/-. On the facts of the case in CP (IB) No. 415/BB/2019, this Adjudicating Authority ordered initiation of CIRP in respect of this Corporate Debtor and passed an order of the same date, appointing an Interim Resolution Professional, Mr. Varun V.S, bearing Registration No. IBBI/IPA-002/IP-N00290/2017-18/10848, imposing moratorium etc.

Shri Shyam Prasad, learned Counsel appearing for the Petitioner/Operational Creditor through Video Conference, states that he is aware of the above position and that the claim of the Petitioner has already been lodged before the RP in the above referred case, i.e. in CP (IB) No. 415/BB/2019. Hence, since CIRP has already been ordered against the same Corporate Debtor, M/s. Inmark Retail Private Limited, Bangalore as in the present Petition, this Petition has to be dismissed as infructuous, with the remarks that the Petitioner/Operational Creditor may pursue its demand against the Corporate Debtor, before the RP appointed in that case.

In the result, the Company Petition bearing CP (IB) No. 152/BB/2020 is therefore dismissed as infructuous. No order as to costs.