BRAND ALLOYS PRIVATE LIMITED Vs. BURN STANDARD COMPANY LIMITED
LAWS(CAL)-2021-3-67
HIGH COURT OF CALCUTTA
Decided on March 24,2021

Brand Alloys Private Limited Appellant
VERSUS
BURN STANDARD COMPANY LIMITED Respondents

JUDGEMENT

DEBANGSU BASAK,J. - (1.)The Court :- In this application under Section 11[6] of the Arbitration and Conciliation Act, 1996, the petitioner seeks appointment of an arbitrator.
(2.)Learned Advocate appearing for the petitioner submits that, the parties entered into a contract. Purchase order was issued to the petitioner for manufacture and supply of 900 bogies on March 27, 2012. The petitioner raised invoices from time to time. The last of such invoices was on December 30, 2013. He submits that there is a dispute with regard to the bill numbers in the sense that, the respondent adopted an accounting principle, which was at variance with that of the petitioner thereby leading to mis-match of bill numbers. In any event the respondent made part payments lastly on June 17, 2017. The petitioner issued statutory notice on January 6, 2015. The winding up petition under Sections 433, 434 and 439 of the Companies Act, 1956 being CP No. 209 of 2015 was filed before the High Court on March 24, 2015. Such winding up petition is still pending. Thereafter a corporate resolution process was initiated as against the respondent before the National Company Law Tribunal, Kolkata Bench. In such proceedings initially, a corporate insolvency resolution plan was prepared which showed a sum in excess of Rs.1.75 crores to be due and payable by the respondent. The same was unilaterally reduced to Rs.85 lakhs and odd.
(3.)Upon the petitioner coming to know of the same, the petitioner applied for recall of such reduction. In the meantime, the resolution plan was approved by the Ministry of Railways on March 6, 2018. On September 11, 2018 the petitioner received some payment. He submits that, such payment cannot be construed to be a full and final payment of the claim of the petitioner. The petitioner filed an application before the National Company Law Tribunal, Kolkata Bench on October 9, 2018, which was withdrawn by the petitioner with liberty to file afresh on March 14, 2019. A fresh application was filed by the petitioner on April 16, 2019. However, on July 15, 2019 the Hon'ble Supreme Court held that, the provisions of the Insolvency and Bankruptcy Code, 2016 so far as the respondent is concerned are not attracted.
;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.