Diptab Ventures Pvt Ltd Vs OSSL Agri Logistics Pvt Ltd (NCLT Indore)
NCLT Indore held that application under section 9 of the Insolvency and Bankruptcy Code for initiation of Corporate Insolvency Resolution Professional [CIRP] against OSSL Agri Logistics Private Limited [Corporate Debtor] admitted as no pre-existing dispute exists.
Facts- This is an application filed by DIPTAB VENTURES PRIVATE LIMITED under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, on 16.10.2024, for initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, OSSL AGRI LOGISTICS PRIVATE LIMITED, appointment of Insolvency Resolution Professional, and declaring the moratorium for having defaulted payment of its outstanding dues 3,32,01,821/-.
Conclusion- Held that the authorization to appoint the proposed Interim Resolution Professional (IRP) stands valid till 31.12.2025 as per submissions, and no ground is found to interfere with the Operational Creditor’s choice of IRP. The Tribunal further notes that the Operational Creditor has complied with all procedural requirements under the IBC, including issuance of the demand notice and filing the application within the statutory timeline.
Held that as per the data reconciliation received from OSSL group, the invoices amounting to Rs 3.5 crores are accepted. However, there are detentions on account of shortages and damages which have been withheld by the OSSL Group. The reconciliation was prepared by the OSSL Group (CD). The detention charged by Lets Transport is 12,000 whereas the detention charged by OSSL Group is 11,000. The discrepancy arose with respect to what time the vehicle has reached the plant. The minutes shows that invoices approved by OSSL Group side and confirmation is available on the reconciliations shared. Such invoices amounted to INR 3,36,88,029 approximately. Paragraph 8 refers to the repayment plan due to large payment that will require time. The minutes establishes that the issue of detention charges does not concern short supply or quality, or breach of any representation or warranty, but it is an ancillary/insignificant issue about what time the vehicle reached the plant and what should be the detention charges. The figure indicate, it is miniscule. We also note that any business transaction issues like detention charges are natural and normal in any business dealings. Based on these facts, we hold that there was no pre-existing dispute justifying the non-payment of defaulted debt.
