TaxTMI 
TaxTMI 
2018 (5) TMI 642
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....03, West Bengal. The Corporate debtor is M/s. Southern Cooling Towers Private Ltd. whose identification No. is U63023WB1982PTC034674 having its registered office at 2, Chowringhee Terrace, Kolkata-700020, West Bengal. 3. The applicant has stated that it had trading relation with corporate debtor from time to time on the request from the corporate debtor, sold and delivered consignments of plywood of various specifications to the Corporate Debtor and in lieu thereof the corporate debtor duly acknowledged receipt of the said goods and made some payments for the same. 4. Operational creditor has stated that the Corporate Debtor made a default in payment of Rs. 62,12,142/- (Rupees Sixty two lakhs twelve thousands one hundred and forty two only) and liable to pay to the operational creditor the legitimate dues of the Operational Creditor for Rs. 62,12,142/-. (Rs. 41,53,530/- being the principal dues along with interest of Rs. 20,58,612/- till 28/08/2017 @ 18% per annum together with further interest from 29/08/2017 till actual payment). A copy of the worksheet showing computation of default marked as Annexure P3. 5. Pursuant to the request from the corporate debtor, the operational ....
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.... 2017 also produced and marked as Annexure P8 in support of its claim. 10. The applicant has also stated that Mr. Madhup Bajoria, Assistant Manager of the Company has been authorized to act on behalf of the operational creditor. In support of its contention the petitioner has also filed affidavit. Petitioner has also filed the authorization letter which shows that the petitioner company by its resolution dated 11-08-2017 had authorized Mr. Madhup Bajoria to sign, verify, appoint advocate, institute the petition or/execution case, give written statement and complaints, sign affidavits, replies, evidence on behalf of the company with the appropriate Court of law having jurisdiction on behalf of the applicant company. 11. The applicant has also proposed the name of Shri Prabhjit Singh Soni (Address: GG-1/144/C, Vikas Puri, Near PVR, New Delhi 110018 E-mail Address: [email protected] - Registration No. IBBI/IPA- 002/IP-N00065/2017-18/10143) as Interim Resolution Professional in Form 2 and has certified that he is fully qualified and permitted to act as an Insolvency Resolution Professional. Shri Prabhjit Singh soni, the proposed Resolution Professional has given consent in Form....
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....debtor has filed reply wherein it has been stated that the corporate debtor through its Advocate issued the notice of dispute/replied to the demand notice dated 08-09-2017 which was duly received by the operational creditor. 17. The Corporate Debtor further stated that in the reply that the corporate debtor raised serious dispute relating to suppression of material facts like existence of purchase order in respect of the transaction in question and supply of defective material which are not in conformity with the standard of requirement by the corporate debtor and thus the material couldn't be utilized by the corporate debtor, who had to purchase the goods from the local market on urgent basis at an extra cost. Furthermore, he also added saying that the operational creditor duly accepted the purchase order on 22-10-14 and subsequently supplied materials to the corporate Debtor. A copy of the said receipted Purchase Order dated 21-10-14 is annexed here and marked Annexure-A. 18. The Corporate Debtor further stated that the operational creditor supplied the defective 9mm plywood to the corporate debtor total amounting to Rs. 51, 47,120.47(as per operational Creditor) out of which t....
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....e debtor falls with in the ambit of section 5(6) of the I&B, Code. 22. The corporate debtor in its reply mainly raised objections to the claim on the basis of a purchase order allegedly issued to the operational creditor for buying the goods. Corporate debtor admittedly received the goods referred to in the four invoices annexed to the demand notice admittedly received by the corporate debtor. According to the learned Counsel for the corporate debtor the operational creditor committed breach of terms as per the purchase order and supplied sub standard Plywood of 9 mm and supply of 16 mm was in conformity with the terms in the purchase orders. 23. To prove that the 9 mm plywood received by the corporate debtor is substandard produced the test result Annexure- B. No supporting document produced to prove that Annexure A was actually served upon the applicant by hand delivery as alleged in the reply affidavit. Since the authenticity of Annexure A is challenged and the objection regarding its genuineness is found sustainable. I find some force in the argument that the corporate debtor never issued purchase order as a precondition for purchasing goods from the applicant. More over even....
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....rate debtor raised objections regarding its liability. No pre-existing dispute as laid down in the above cited decision established in this case on the side of the corporate debtor. The Corporate Debtor is therefore, found does not qualify within the meaning of the word 'dispute' and the objection is mere objection raising a dispute for the sake of dispute and /or unrelated to clause (a) or (b) or (c) of sub-section 6 of section 5 of the 'I & B Code'. It is observed that the claim of the dispute was vague and motivated to evade the liability. The objections to the claim put forward by the corporate debtor being not sustainable and since the ingredients as provided under section 9(5) (a to e) are satisfied by the applicant for admission of this petition under section 9 of I&B Code it deserves to be admitted. 25. The applicant proposed Shri. Prabhjit Singh Soni as the resolution professional. Annexure P-10 written communication shows that there is no disciplinary proceeding is pending against the resolution professional proposed by the applicant. 26. In view of the above said discussion this petition filed by the operational creditor under Sec. 9 of the I & B Code, 2016 is liable t....