2017 (10) TMI 357

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.... of Buffer Plunger Casting and Buffer Casting, supplied the same to the corporate debtor which would be valued for an amount of Rs. 56,94,977.00. In terms of the purchase orders operational creditor issued invoices against such supplies. The copies of the purchase orders produced and marked as Annexure II-D (page 48 to 50). The invoices issued against the supply of goods to the corporate debtor are produced and marked as Annexure II-E (page 51 to 57). The operational creditor alleged that the corporate debtor made payment of Rs. 4,44,782/- against the invoice no. M-50 and after that made lumpsum payments of Rs. 10,00,000/-, Rs. 5,00,000/-, Rs. 13,00,000/- and a cheque bearing No. 016246 dated 10.05.2016 for Rs. 20,00,000/- drawn on Bank of India. The said cheque was presented for clearing by the operational creditor but was returned unpaid with an endorsement "Exceeds Arrangements". The operational creditor served a legal notice dated 15.06.2016 under section 138 of the Negotiable Instrument Act, to the corporate debtor. The corporate debtor failed to pay the amount pertaining to the said dishonoured cheque. The operational creditor filed a complaint before the Metropolitan Magistr....

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....1) A copy of reminder letter issued by M/s Anil Steels to A.D Electro Steel Company Pvt. Ltd for the payment of due amount of Rs. 24,50,195/- (Annexure II-J), 12) A copy of the legal notice dated 15/06/2017 under section 138 of the Negotiable Instruments Act served by M/s Anil Steels to A.D Electro Steel Company Pvt. Ltd (Annexure II-K), 13) A copy of the reply dated 28/06/2016 to the legal notice dated 15/6/2016 served by A.D Electro Steel Company Pvt. Ltd (Annexure- II-L), 14) A copy of the reply to the complainant dated 03/04/2017 filed by A.D Electro Steel Company Pvt. Ltd under section 138 of Negotiable Instrument Act (Annexure II-M), 15) A copy of the rejoinder dated 26/05/2017 filed by M/s Anil Steels (Annexure II-N), 16) A copy of the reply dated 15/07/2017 sent by A.D Electro Steel Company Pvt. Ltd to the demand notice dated 01/07/2017 (Annexure-O), 17) A copy of the ledger account (1st April 2016 to 6th July 2016) of M/s Anil Steels (Annexure II-P), 18) Certificate issued by Raman Aggarwal (Chartered Accountant) confirming and verifying a sum of Rs. 25,36,087 not paid by A.D Electro Steel Company Pvt. Ltd to Anil Steels (Annexure-II-Q), 19) A copy of Bank certificate issu....

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....of material facts. The contentions raised by the petitioner in the petition which are not admitted in the reply affidavit filed by the respondent or denied by the respondent. Upon the above said contentions, the respondent prays for rejecting the application under section 9(5)(ii). 6. Heard both sides. Upon hearing the argument and on perusal of the records the short point that arises for determination is whether the dispute raised by the respondent/corporate debtor comes under the definition of section 5(6) of I&BC, 2016 or not. 7. Before going into the question it is significant to note here that the contentions raised against the non-production of English translation of certain documents and that some of the documents produced were not readable for want of legible copies are not sustainable at this juncture because petitioner as directed produced legible copies and English translation of the documents in Hindi. 8. Learned counsel for the petitioner/operational creditor submits that the respondent/corporate debtor was in receipt of the goods supplied without any protest at the time of supplying the goods and issued cheque promising to repay the amount due as per the invoices i....

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....ods by issuing various invoices dated 09.02.2015, 23.12.2015, 07.01.2016, 14.01.2016, 27.01.2016, 04.12.2016 and on 05.12.2016 respectively. As per the terms admittedly the respondent shall pay the amounts as shown in the invoices within 30 days of the receipt of the goods. The total amount due as per the invoices is Rs. 56,94,977/-. Out of that Rs. 1944782/- has paid by the respondent in three instalments. Rs. 4,44,782/- paid on 15.01.2016, 10 lakhs on 22.02.2016 and 5 lakhs on 22.02.2016. The balance outstanding as on 22.02.2016 was Rs. 37,50,195/-. Out of that the respondent tendered Rs. 13 lakhs by way of instalments. (8 lakhs on 12.05.2016, 3 lakhs on 27.05.2016 and 2 lakhs on 3.06.2016). As on 03.06.2016 Rs. 24,50,195/- is remained to be paid to the petitioner as per the statement of account relied by the petitioner. 12. Admittedly on 10.05.2016 a cheque has been issued by the respondent to the petitioner for an amount of Rs. 20 lakhs and one another cheque for Rs. 4,50,195/-. Both cheques were presented for realisation of money to the bank. Both cheques were returned unpaid. This prompt the petitioner to issue notice under section 138 of the Negotiable Instruments Act (Anne....