R.P. Nagrath, Member - (1.) This petition has been filed by the Operational Creditor to set in motion the Corporate Insolvency Resolution Process as contemplated under Section 9 of the Insolvency end Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') in relation to Arcotech Limited (for brevity Respondent/Corporate Debtor'). The petitioner-operational creditor is a company incorporated under the laws of Germany and engaged in the supply of one Achenbach 2-high non reversing second-hand hot rolling mill, 920 x 2150 MM roll barrel length, dismantled, repaired and packed in Pietermaritzburg/South Africa of worldwide reputation (here-in-after referred to as the "said goods").
(2.) The application to trigger the Insolvency Resolution Process-has been filed in Form No. 5 in terms of Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 (for brevity the 'Rules'). The respondent is a company incorporated on 13.08.1981 with registered office at 181, Sector 3, Bawal Growth Centre, Bawal-123501, Haryana and, therefore, the matter fails within the territorial jurisdiction of Chandigarh Bench of NCLT. The company has executed the power of attorney Annexure 8, by virtue of the resolution of the Boand of Directors dated 20.112013 authorising Mr. Pankaj Sachdeva to institute and defend the civil suit and sign and verify the plaint including winding up petitions, pleadings etc. and to do all other legal matters before any Court/Tribunal including NCLT and NCLAT etc. from the lowest to the highest level and engage Advocates and Technical counsel for conduct of the proceedings. There is an affidavit of Mr. Sachdeva aforesaid in support of the contents of the application. Mr. Sachdeva has given 'Vakalatnama' in favour of Mr. Kanwalvir Singh Kang, Advocate through whom the instant petition has been filed and the address of Mr. Kang is stated to be the address for correspondence purposes in respect of the operational creditor.
(3.) According to the case set up by the petitioner, the respondent-corporate debtor approached the operational creditor for purchase of said goods in the month of December, 2014, which the petitioner agreed to sell. Pursuant thereto, the parties entered into a sale and purchase agreement dated 23.12.2014, whereunder respondent-corporate debtor accepted credit terms of payment to be made within 360 days after the said agreement. The documents relied upon by the petitioner-operational creditor are the two purchase orders dated 13.05.2014 Annexure 3 (Colly); sale and purchase agreement dated 23.12.2014 Annexure 2; payment guarantee/corporate guarantee dated 23.12.2014 for an amount of Euro 5,400,000.00 (five million four hundred thousand only). The goods were sent to the respondent-corporate debtor vide invoices Annexure 5 (Colly), which are dated 02.06.2015 of the amount of Euro 999,919,20; dated 30.09.2015 for an amount of Euro 1,484,000,00; dated 10.11.2015 for a sum of Euro 272,266.51 and the invoices dated 23.06.2016 for a sum of Euro 5,600,000.00.;