IN RE Vs. ABHI AGRO INDUSTRIES PVT LTD

JUDGEMENT

(1.) The present company (I & B) petition are fixed today for pronounced of the order in respect of C.P. Nos. 13, 14, 15, 16 and 17 of 2017 as these petitions are based on same / similar nature of facts hence are being disposed of though a common order. The reasoned order in detail is recorded separately, the operative portion reads as under.

(2.) As these applications are found complete in terms of Section 9{5) (2) of the Insolvency and Bankruptcy Code, hence deserve admission, we observe and find that there is no repayment of unpaid operational debt despite the invoices for payment were raised by the operational creditors and goods have been delivered to the corporate debtor in terms of its purchase and supply order, thus, the corporate debtor company is in default of making payments of the debts in respect of C.P. No. 13 of 2017, M/s. J.R. Agro Industries Private Limited for Rs. 5,08,43,252/- in C.P. No. 14 of 2017 to M/s. Abhi Agro Industries Private Limited for Rs. 28,59,514/- in C.P. No. 15 of 2017 to the M/s. Jai Lakshmi Solvents Private Limited for Rs. 24,66,392/- in C.P. No. 16 of 2017 to M/s. Arohul Foods Private Limited for Rs. 24,75,178/-and in C.P. No. 17 of 2017 M/s. Rungata Industries Private Limited for Rs. 14,97,879/-.

(3.) It is apparent from the bank statements furnished and certificates issued by the financial institution that the operational creditors have not received so far full payment of supply of the goods made to the corporate debtor company against which invoices were raised.