- (1.) Oral order dictated in the open court on 08.11.2017 It is a Company Petition hied bv the petitioner namelv Metal Power Analytical (India) Pvt. Ltd. u/s 9 of Insolvency & Bankruptcy Code, 2016 against the Corporate Person namely Crystal Aline Exports Ltd. (in short herein after called as "Crystal") on the ground that Crystal failed to repay Rs.9,88,766 together with interest at the rate of 18% per annum from 1.4.2016 till 11.7.2017, which was payable by Crystal to entities namely Marol Co-operative Industrial Estate, Municipal Corporation of Greater Mumbai towards assessment Bill and water Bill and Tata Power towards Bill dated 5.9.2015, because the petitioner paid these dues payable by Crystal, hence this petition for admission for initiation of corporate insolvency resolution process against Crystal.
(2.) The case of the Petitioner herein is Crystal assigned leasehold rights to the petitioner of the land bearing Compartment No.87 Plot No.14 at Marol Co-operative Industrial Estate, admeasuring 6600 sq. ft bearing CTS No.443/13 (P) of Village Marol, And fieri BSD and sold the ownership right of the Building standing under Plot, comprising of ground (stilt parking) and four upper floors and an exclusive terrace aggregating to approximately 15068.43 sq.ft. Lhe Counsel further stated in the Deed of Assignment-cum-Sale dated 14.8.2015 executed in favor of the Petitioner by Crystal agreeing to pay all the Municipal Property Taxes and all other outgoings with respect to the property abovementioned with the apportionment of outgoings with the Petitioner. Crystal further agreed that the transfer fees, subject to the limit of Rs.25,000, payable to Marol Co-operative Industrial Estate for transfer of the leasehold rights in the said plot in the name of the petitioner would be borne and paid by both of them equally. It is further clarified in the agreement that any additional fees/donations/maintenance amount/development charges or any amount by whatsoever name called, that has to be paid to Marol Industrial Estate would be exclusively borne and paid by Crystal. Now the case of the Petitioner is, since Crystal did not pay to the entitiesas reflected in the Agreement in between them, for the Petitioner has been enjoving the lease hold rights over said property, the petitioner paid those dues payable by Crystal as mentioned below: (a) Rs.12,40,200 paid to Marol Co-operative Industrial Estate (b) Rs.7,22,920 paid to MCGM towards Assessment Bill dated 25.5.2015; (c) Rs.22,022 paid to MCGM towards Water Bill dated 26.9.20X5 and (d) Rs.3,61,150 paid to Tata Power towards Bill dated 5.9.2015.
(3.) The Counsel of the petitioner has further clarified it addressed letters to Crystal asking it to make all the payments as agreed by the Corporate Debtor and when Crystal failed to make payment as agreed by it, to protect its enjoyments rights, the Petitioner herein having made all those payments to the respective entities, the petitioner on 31.3.2016 demanded Crystal to make payment of aggregated amount of Rs.9, 88,716 with interest calculated at the rate of 18% p.a. When Crystal defaulted repaying the petitioner the dues the petitioner paid on behalf of Crystal to the entities even after statutory notice under sec.434(l) (a) of the Companies Act, 1956 was given, this Petitioner has been compelled to file this winding up Petition under sec.433 and 434 of the Companies Act, 1956 before the Honorable High Court of Mumbai. Owing to jurisdictional transfer of the winding up petitions from Hon'ble High Court to NCLT, this Petition has today been taken up for hearing after requisite form has been filed.;