2018 (12) TMI 1376

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsolvency & Bankruptcy<br>Bansi Lal Bhat J. (Judicial Member) For the Appellant : Sanjoy Ghose and Akshay Goel JUDGMENT BANSI LAL BHAT, J. Appellant - shareholder of Respondent No.2 namely 'Exclusive Overseas Pvt. Ltd.' (Corporate Debtor), being aggrieved of the impugned order dated 26th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....According to the Operational Creditor, the Corporate Debtor paid Rs. 1,50,000/- and Rs. 1,06,788/- holding back Rs. 4,00,000/- which remained unpaid. The Operational Creditor slapped a demand notice contemplated under Section 8(1) of the I&B Code on the Corporate Debtor demanding the outstanding amount of Rs. 4 lakhs together with interest. However, the Corporate Debtor failed to comply with the d....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on any communication to substantiate its contention that the Operational Creditor was apprised of the goods supplied being substandard and defective. Even during the course of arguments learned counsel for the Appellant, when asked to refer to any relevant document on record to demonstrate that the Operational Creditor was served with any communication in regard to quality of goods supplied allege....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....observed that the dispute raised as defence to the triggering of the Corporate Insolvency Resolution Process at the instance of Operational Creditor is just a sham designed to defeat the petition under Section 9 of I&B Code. In absence of even a whisper from the Corporate Debtor suggesting that the goods supplied were defective or did not conform to the agreed standard and his failure to show any ....