TaxTMI 
TaxTMI 
2017 (7) TMI 1074
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....tor on the ground that the Petitioner raised invoices demanding payment for the goods supplied to the corporate debtor on the Purchase Order given by the Corporate Debtor and the corporate debtor having failed to repay dues outstanding against the Corporate Debtor, the Petitioner initially issued notice u/s 8 of the Code, when there was no reply within ten days thereof, the petitioner filed this Petition for initiation of Insolvency Resolution process against the Corporate Debtor. 2. On perusal of the Company Petition it appears that the Operation Creditor raised six invoices against the Corporate Debtor for the goods supplied to the Corporate Debtor, on such supply, the Corporate Debtor received the said goods agreeing to pay the dues w....
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....235.2017 u/s 8 of the Code giving details of the amount in default as well as details and copies of unpaid invoices, but no reply came from the debtor within 10 days from the date of receipt of notice i.e, 26.5.2017. Since the debtor neither paid the claim amount to the petitioner, nor replied to the notice given by the petitioner, the Petitioner filed this Company Petition u/s.9 of I&B Code on 16.6.2017, as soon as this case was filed, notice of hearing has been served upon the Corporate Debtor, today Counsel appeared on behalf of the Corporate Debtor. 4. The Petitioner has also filed email from the Corporate Debtor making a request to the petitioner to withhold the cheque bearing No.430835 for and cheque bearing No.430836 for 92,475 an....
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....n this petition, hence this Petition is liable to be dismissed. 7. On perusing the averments and submissions of both sides, it appears that it is not the case of the debtor that purchase orders have not been issued, goods not supplied and invoices not raised, cheques given by the debtor not bounced, and it is also not the case of the debtor in the email making request for not presenting cheques so that the debtor would pay its dues soon, the only defense the debtor taken out is that when the petitioner is entitled to proceed against all the bounced, why this petitioner filed criminal case under section 138 of Negotiable Instruments Act, not against all the cheques bounced, it appears to us this defence is too fragile because the petition....
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....ve any reply within 10 days from the date of receipt of notice, the Petitioner having obtained Certificate from the Union Bank reflecting no payment has been made in response to the notice sent by the Petitioner and also filed an Affidavit as prescribed u/s.9 of the Insolvency & Bankruptcy Code reflecting no reply has been given by the Corporate Debtor within 10 days from the date of receipt of the notice and also reflecting no payment has been made in respect to the notice sent by the Petitioner, we hereby hold that this petition deserves admission. 10. This Petition clearly reveals that there is a debt as defined in Section 3(11) of I&B Code 2016, also there is default in this case within the meaning of Section 3(12) of I&B Code 2016, ....