TaxTMI 
TaxTMI 
2019 (6) TMI 966
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....tart Corporate Insolvency Resolution Process (in short "CIRP") of the Corporate Debtor as the Corporate Debtor allegedly committed default in paying operational debt of Rs. 1,45,74,133/- (Rupees One Crore Forty Five Lakh Seventy Four Thousand One Hundred and Thirty Three Only). 2. The following facts are not in dispute:- 2.1 Vide various invoices of the period in between 15.06.2014 to 31.05.2016 (details are given at page Nos. 25 to 29 at Annexure I- Exihibit B), the Operational Creditor supplied the Corporate Debtor Industrial Oxygen Cylinders, Carbon dioxide Cylinders and LPG Cylinders. 2.2 The Operational Creditor states that amount of Rs. 1,10,23,431/- (Rupees One Crore Ten Lakh Twenty Three Thousand Four Hundred and Thirty One....
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....reditor claimed the amount towards holding charges which was not agreed upon to be payable by them. Moreover the Operational Creditor did not send tax invoices so as to enable the Corporate Debtor to claim the refund. The Operational Creditor also wrongly claimed delivery charges though they admittedly paid at the time of delivery itself. 4. The Corporate Debtor further contended that the Operational Creditor filed false FIRs against the Corporate Debtor. That FIR is challenged by them by the Writ Petition bearing No. C.R.R. No. 130 of 2017. The FIR is outcome of disputes pending in between them about amount claimed. It is his say that complicated questions of facts and law are involved which require adjudication by way of Civil Suit. Th....
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....a) and other employees (details given below) were present there, and intoduced themselves to be the In-charge of and the persons responsible to the conduct of the business of the company namely "B.P. Projects Pvt. Ltd." having its registered office at 174/A, Baidyabati N. T. Road, hoogly, West Bengal, Pin Code-712222. They, conjointly, propagandized about the accused company's success by leap & bounds and expressed their profound desire to do some gigantic business with informant's proprietorship concern. Thereafter, both the noted above accused persons Nos. 2 & 3 invited Informant and Informant's son to have some dinner at "Great Eastern Hotel" which, Informant, turned down but due to their continuous nagging, Informant, himsel....
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....eding before the Hon'ble High Court at Calcutta bearing No. C.R.R No. 130 of 2017 (copy of proceeding is produced by the Corporate Debtor at Annexure-3 of the affidavit-in-reply). That appeal is still pending before Hon'ble High Court for adjudication. The Operational Creditor did not disclose these facts in his application filed under Section 9 of Insolvency and Bankruptcy Code, 2016. But the Operational Creditor claimed from the Corporate Debtor exact same amount pertained to same period for which he had made allegations of cheating etc. This itself shows that there is a serious dispute pending about the amount claimed by the Operational Creditor against the Corporate Debtor. 9. Apart from above it is the say of the Corporate D....
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....nding between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application....