2019 (3) TMI 1522

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....Pvt. Ltd.' ('Corporate Debtor') preferred this appeal against the order dated 16th October, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, whereby and whereunder, the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('I&B Code' for short) preferred by Mr. Haresh Dharmani ('Operational Creditor') has been admitted and order of 'Moratorium' has been passed and 'Interim Resolution Professional' has been appointed. 3. Learned counsel appearing on behalf of the Appellant referred to the documents including the tax invoices to suggest that certain amount was due from the 'Operational Creditor' and if such amount is set off then it will be evident that no amount is payable t....

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....in contrast with the scheme under Section 8 where an operational creditor is, on the occurrence of a default, to first deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned of a dispute or the record of the pendency of a suit or arbitration proceedings, which is preexisting- i.e. before such notice or invoice was received by the corporate debtor. The moment there is existence of such a dispute, the operational creditor gets out of the clutches of the Code." 8. In "Binani Industries Limited Vs. Bank of Baroda & Anr. - Company Appeal (AT) ....