Page 450 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT Chandigarh Bench
MPIL/130 for an amount of USD: 40,429.00 was issued by the "Corporate Debtor" to its buyer. Copy of

the purchase order and the corresponding invoice is at Annexure I(F),

8. In accordance with clause 3 of the Agreement, the "Corporate Debtor" assigned all the rights to the
Financial Creditor with respect to the payments under both the invoices. The notice of assignment sent to
the first buyer is at Annexure I(H), dated 21.03.2016 and the buyer acknowledged the receipt of the

assignment which is at page 62 of the paper book and agreed to act in accordance with the terms thereof
Similarly, the notice dated 04.01.2016 of assignment was issued by the "Corporate Debtor" to the second

buyer and that notice is at Annexure I(M) and the acknowledgement of this notice by the buyer is at page
70 of the paper book and the buyer agreed to act in accordance with the terms thereof.

9. The "Corporate Debtor" having failed to make the payment under both the invoices. Several reminder
notices were issued to the respondent and a demand notice dated 29.08.2016 Annexure I(S) was sent to

the "Corporate Debtor" and the "Corporate Debtor" sent response dated 04.09.2016 to the demand notice
raising frivolous allegations. The copy of response sent by the "Corporate Debtor" is at Annexure I(T).

Another notice dated 05.10.2016 Annexure I(U) was also sent to the Corporate Debtor.

10. In Part III of the application Form, the total amount of debt is stated to be USD: 180,503 by adding
80% of the amount of both the invoices sent by the "Corporate Debtor". The first transaction is ascribed
as Loan No. 15 with date of disbursement as 31.03.2016 and the second is Loan No. 23 disbursed on

31.05.2016. The amount in default is stated to be USD 190,210 including interest at the agreed rate with
dates of default for first loan as 16.06.2016 and for second loan as 24.08.2016, The computation chart of

the calculation is at Annexure I(C). The other documents relied upon by the "Financial Creditor" are the
transaction details evidencing the payment made by the "Financial Creditor" to the "Corporate Debtor" as
at Annexure I(I) and delivery order bearing transport documents Annexure I(J) and bill of lading dated

20.07.2016 Annexure I(K) These are pertaining to the loan No. 15 and similarly the documents pertaining
to the second loan are from Annexure I(L) to Annexure I(P),

11. Copy of the petition along with the entire paper book was despatched to the "Corporate Debtor" by

registered post on 24.05.2017 and the track report of the postal department shows that the article was
delivered on 26.05.2017.

12. When the matter was listed on 07.07.2017, Mr. Chandan Deep Singh, Advocate was present for the
Corporate Debtor. Notice of motion of this petition was issued to the respondent and Mr. Chandan Deep

Singh, Advocate accepted notice on its behalf. It was admitted by learned counsel that copy of the petition

450