TaxTMI 
TaxTMI 
2018 (7) TMI 634
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....ion letter dated 01-03-2018. 3. The respondent/Corporate Debtor "M/s. Sardhana Papers (P) Ltd" is acompany incorporated on 26/03/1985 under the provision of Companies Aet,1956, bearing Identification Number U21011UP1985TTC007097. The Authorised Share Capital of corporate debtor company is 7,50,00,000/- (Seven Crore Fifty Lakh Only), and Paid-up Share Capital is Rs. 25,79,45,110/- (Rupee Twenty-Five Crore Seventy-Nine Lakhs forty-five thousand one hundred ten only). 4. Brief facts related to petition arc as follows: (i) In the regular course of its business, the applicant company received purchase orders from the respondent company for the purchase of waste paper required by the respondent company for manufacturing paper and other produce of the respondent companies' unit situated at Sardhana, District Meerut. (ii) As against the said purchase orders, the applicant company had duly despatched the requisite material to the unit of the respondent company at Sardhana, District Meerut, which were accepted by the respondent company without protest. The delivery of the material despatched by the petitioner company has never been disputed by the respondent company. A perusal of g....
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.... maintained by the corporate debtor is marked as Annexure 2 of counter affidavit). (ii) That on 15-12-2016 Rs. 10,46,713/- was paid to M/s Dev Priya Industries Pvt. Ltd., Meerut as agreed and directed by the Operational Creditor. (A true copy of Document about payment as agreed by the operational creditor is annexed as Annexure.No-3 to this Counter affidavit) (iii) Corporate Debtor further mentioned that on 16-12-2016 there was mutually agreed settlement between the parties for the outstanding due and two debit/credit notes being of amount Rs. 31,91,295/-, and Rs. 17,61,561 were issued to the corporate debtor as per settlement for payment of outstanding due as on 01-12-2016. (Copy of Debit/credit notes dated 30-09-2016 is Annexed and marked as Annexure 4) (iv) Corporate debtor further stated that as per mutually agreed settlement on 22-12-2016 twelve Cheque of Rs. 4,00,000/- each were given to Operational Creditor for clearing the due amount as per settlement. (v) Thereafter during Audit of the Corporate Debtor, it was revealed that there was one debit note dated 30-09-2016 Amounting to Rs. 5,61,750/- being admitted and agreed by operational creditor was not entered into le....
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....y Hon'hle High Court is annexed as Annexure No.9. (xi) That in pursuance of the order passed by Hon'ble High Court of Allahabad, Corporate Debtor had deposited two drafts amounting Rs. 2,25,000/- and Rs. 25,000/- before Mediation and Conciliation Centre of Allahabad High Court on 01-12-2017 and stated that Mediation Proceedings in Pursuance of the order passed by Hon'ble High Court is still Pending. (xii) Hence stated that as per ledger Account of Operational Creditor maintained by Corporate Debtor, after giving credit of the debit/credit note dated 30-09-2016 amounting to Rs. 5,61,750/-, which was entered on 04-02-2017, and after encashment of three cheques Rs. 4,00,000/- each, the closing balance of the operational creditor is Rs. 30,38,250/- 7. Corporate debtor hence concluded that the dispute between the parties occurred when after an audit of Corporate Debtor Company, debit /credit note dated 30-09-2016 was revealed to be not entered in ledger account of Operational Creditor and same was entered on 04-02-2017 and stated that dispute of accounting could not be solved because of initiation of the criminal proceeding. 8. Operational Creditor in reply to facts of....
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....ere no entry of alleged debit/credit notes. (iv) Hence Operational Creditor in rejoinder stated that from a perusal of the Ledger account dated 10-02-2017 duly confirmed by the respondent, and the Expert report dated 16-02-2018 it is clear that the Respondent had prepared fake debit/credit notes to expunge the liability of payment of money to the operational creditor. 9. Heard the Ld. Counsel for the Operational Creditor and Corporate Debtor. 10. A perusal of record shows that Corporate Debtor has only relied upon Debit Notes stating that Corporate Debtor has mutually agreed with Operational Creditor to clear outstanding dues against supply of goods by Operational Creditor as on 01-12-2016 by two debit notes dated 16-12-2016 amounting to Rs. 31,91,295/- and Rs. 17,61,561/-, and they had issued 12 cheques of amount Rs. 4,00,000/- on 22-12-2016 in favour of Operational Creditor, but Operational Creditor has totally denied the validity of these Debit notes by stating that they have never agreed for this mutual settlement, and the Sign of Mr.Amit Kumar Gupta (One of the Director of Operational Creditor) on these debit notes is forged and fabricated which are created by Corporate De....
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....matter of record that Operational Debt owed by Corporate Debtor is of more than One lakh Rupees and perusal of record shows that Corporate Debtor failed to raise dispute through reply to demand notice within ten days after receipt of Demand Notice as mandated under section 8 (2)(a) of the Code and its after getting demand notice they first time through there Counter Affidavit raised the dispute. Even in their Ledger Account they have admitted their liability owed towards Operational Creditor (Copy of Ledger Account of operational Creditor maintained by Corporate Debtor is annexed as Annexure No.2 of the Counter Affidavit). 15. Hence by following the Principle laid down by Hon'ble Supreme Court in the [Civil Appeal No.9405 of 2017, dated 21-9-2017] in Matter of Mobilox Innovation (P.) Ltd. v. Kirusa Software (P.) Ltd. It is clear that Under provision of section 9(5)(2)(d) notice of dispute has not been received by the operational creditor and "dispute" raised by Corporate Debtor is mere a patently feeble legal argument and assertion of fact unsupported by valid evidence, which could establish dispute between the Operational Creditor and Corporate Debtor. 16. The operational cr....