2017 (12) TMI 971

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2. The Petitioner has claimed to be an Operational Creditor and has prayed for initiation of the resolution process against the Respondent Corporate Debtor on grounds of non-payment of its dues. The said petition has been filed in the required format and is duly annexed with the particulars of the Operational Debt amounting to Rs. 33.78 lakhs/- inclusive of overdue interest @ 24% per annum. Interest has been claimed on the basis of the terms printed on the invoices. The petition has been instituted by Shri Chirag Ashok Patel, Director of the Petitioner Company, duly authorised under a valid Resolution passed by the Board of Directors to initiate the corporate insolvency resolution process against the Corporate Debtor. The Operational Credi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ry thereby affecting their business and were directly responsible for their financial losses. For this alleged offence, they had even filed a Police complaint. In view of these facts, Ld. Counsel submits that a dispute exists and Insolvency Resolution proceedings cannot be triggered. 5. Upon appraisal of the facts on records, in our considered opinion, the dispute sought to be raised is undoubtedly illusory and is without any legs to stand upon. There is no documentary evidence to substantiate that a dealership agreement existed between the parties. On the contrary, the Corporate Debtor has been issuing C-Forms and the terms and conditions printed on the invoice clearly provide for a period of 60 days to make the payments, failing which ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or se....