TaxTMI 
TaxTMI 
2018 (6) TMI 1193
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....Debtor to stop work and raise the final bill. In accordance with the instructions of Corporate Debtor work was stopped and a final bill was raised in a sum of Rs. 1,32,87,228/- on 14.12.2011. Despite several attempts the said amount remains unpaid as of date. Police complaints have also been lodged against the Corporate Debtor in 2012 as well as 2013 without much avail. In the circumstances under the earlier dispensation, notice was sent to the Corporate Debtor for winding up. However, the said statutory notice dated 01.02.2017 was not able to be served and was returned back unserved. 2. The Operational Creditor, under the circumstances it is averred, sent the Demand Notice dated 14.03.2017 under Section 8 of IBC, 2016 and the said notice was sent to both its Registered Office address as well as to office located at Wazirpur Industrial Area, New Delhi - 110052 and an attempt was made to serve the Corporate Debtor by hand as well, but all the attempts proved to be unsuccessful as it was found that the Registered Office of the Corporate Debtor was found to be locked and in the circumstances on the premise that notice under Section 8 should be taken to be deemed to be served upon the....
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....o consider the provisions of IBC, 2016 in this regard and the applicability of the said decisions cited to the provisions of IBC, 2016. Section 8 of IBC, 2016 read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('AAA' Rules) and the forms prescribed thereunder, namely, Form 3 & Form 4 lays down both the substantive law and procedural compliances required to be adhered to on the part of an Operational Creditor in relation to delivery of a Notice of Demand upon the Corporate Debtor. Both Section 8 of IBC, 2016 and Rule 5 of 'AAA' Rules are reproduced below, save the forms prescribed for ready reference; - 8. (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed. (2) The corporate debtor shall, within a period of ten days of the receipt of the demand notice or copy of the invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute, if any, and record of the ....
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....o Notice of Demand/Default is reproduced hereunder:- 24. The scheme Under Sections 8 and 9 of the Code, appears to be that an operational creditor, as defined, may, on the occurrence of a default (i.e., on non-payment of a debt, any part whereof has become due and payable and has not been repaid), deliver a demand notice of such unpaid operational debt or deliver the copy of an invoice demanding payment of such amount to the corporate debtor in the form set out in rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Form 3 or 4, as the case may be (section 8(1). Within a period of 10 days of the receipt of such demand notice or copy of invoice, the corporate debtor must bring to the notice of the operational creditor the existence of a dispute and/or the record of the pendency of a suit or arbitration proceeding filed before the receipt of such notice or invoice in relation to such dispute (section 8(2)(a). What is important is that the existence of the dispute and/or the suit or arbitration proceeding must be pre-existing - i.e. it must exist before the receipt of the demand notice or invoice, as the case may be. In case the unpai....
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....is other enactment in Innoventive Industries Ltd. v. ICICI Bank and Ors Civil Appeal Nos. 8337-8338 of 2017 and while drawing a distinction between a Code and an ordinary enactment has brought out succinctly the self contained nature of IBC, 2016 after a detailed discussion and since the decision is material is reproduced below as contained in paragraph 52 and paragraph 53 of the said judgment:- 52. On the other hand, the Insolvency and Bankruptcy Code, 2016 is an Act to consolidate and amend the laws relating to reorganization and insolvency resolution, inter alia, of corporate persons. Insofar as corporate persons are concerned, amendments are made to the following enactments by Sections 249 to 252 and 255: 249. Amendments of Act 51 of 1993. The Recovery of Debts due to Banks and Financial institutions Act, 1993 shall be amended in the manner specified in the Fifth Schedule. 250. Amendments of Act 32 of 1994. The Finance Act, 1994 shall be amended in the manner specified in the Sixth Schedule. 251. Amendments of Act 54 of 2002. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be amended in the manner spec....
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.... how the law previously stood, and then, assuming that it was probably intended to leave it unaltered, to see if the words of the enactment will bear an interpretation in conformity with this view. If a statute, intended to embody in a code a particular branch of the law, is to be treated in this fashion, it appears to me that its utility will be almost entirely destroyed, and the very object with which it was enacted will be frustrated. The purpose of such a statute surely was that on any point specifically dealt with by it the law should be ascertained by interpreting the language used instead of, as before, by roaming over a vast number of authorities in order to discover what the law was, extracting it by a minute critical examination of the prior decisions...." The court in interpreting a statute must therefore proceed without seeking to add words which are not to be found in the statute, nor is it permissible in interpreting a statute which codifies a branch of the law to start with the assumption that it was not intended to alter the pre-existing law nor to add words which are not to be found in the statute, or "for which authority is not found in the statute". (at pages....