2018 (8) TMI 1268

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....ting Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of Respondent company, claimed to be the corporate debtor. 2. The applicant Jotun India Private Limited, claimed to be the operational creditor, is a company incorporated under the provisions of Companies Act, 1956 having its registered office at Fulcrum A wing, 601(II)/602, Next to Hyatt Regency Sahar Road, Andheri East Mumbai Mumbai City MH 400099. 3. The Respondent M/s. Extreme Coatings Private Limited against whom initiation of Corporate Insolvency Resolution Process has been prayed for, is a company incorporated on 20.05.2006 under the Companies Act, 1956 having its registered office at 102, Aga....

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....ost on 27 December 2017, which has delivered to the Respondent/Debtor on 02 January 2018. 6. It is contended by the applicant that a principal amount of Rs. 72,28,213/- (Rupees Seventy Two Lakhs Twenty Eight Thousand Two Hundred Thirteen Only) is debt payable by the respondent to the applicant from 21.12.2015 and a total sum of Rs. 96,79,666.00 (Rupees Ninety Six Lakhs Seventy Nine Thousand Six Hundred Sixty Six Only) as on 23.03.2018 is the total amount due including the aforesaid principal and contractual interest rate @ 24% applied from 19.02.2016. 7. The respondent company has filed its reply on 25.05.2018 raising objections in respect of pending dispute between the parties regarding various issues raised by respondent to operatio....

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....cate as to which portion of the claims are admissible. Tribunal will not examine the merits of the dispute other than to see if a real dispute having some substance in fact exists. 11. It is also pertinent to note that the present dispute has not been raised for the first time just to stall the insolvency process. In the instant case notice under Section 8 of the Code was issued on 27.12.2017. However, respondent has raised dispute much earlier through email dated 23.10.2015. There are several e-mails and correspondences on record to show existence of dispute much prior to the demand notice issued under Section 8 of the Code. In the face of these facts, there is material to believe that dispute certainly exists, the present case and it i....