TaxTMI 
TaxTMI 
2018 (8) TMI 1863
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....urnished Form No. 5 under Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Operational Creditor" on 17.10.2017 by invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code (hereinafter as the Code). 2. In the requisite Form, under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as, 'M/s. Neelkanth Realtors Private Limited' (hereinafter as Debtor) having registered address at, Neelkanth Heights, Pokhran Road No. 2, Thane (W), Maharashtra - 400602. 3. Further under the Head "Particulars of Operational Debt" the total amount in default is stated as Rs. 1,29,37,500 - with further Interest thereo....
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....lication under provisions of S. 9 of the Code. Submissions by the Operational Creditor : 10. The Learned Advocate for the Operational Creditor has submitted that, pursuant to the appointment letter the Operational Creditor has duly rendered his services and duly raised Invoice for the same. Copy of the Invoice is annexed with the Petition/Application. 11. It is further submitted that because of the efforts of the Operational Creditor the Debtor has received a Financial Assistance from Edelweiss vide a letter dated 28.07.2015 bearing no. ECLF/RE/1314. 12. It is further stated that after the sanction of the assistance the Operational Creditor has raised an Invoice bearing no. SCSPL/002; 16-17 dated 25.04.2016 for an amount of Rs. ....
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....e i.e. within 10 days. 18. It is further submitted that pursuant to the Appointment Letter the Operational Creditor was required to complete his job within the stipulated time however, the same has not been done by the Operational Creditor. 19. It is also stated that one of the Director of the Operation Creditor, in or about July, 2015. had informed the Debtor that the Operational Creditor is not able to conclude the financial arrangement with any of the institutions and therefore the sanction given by the Edelweiss is not on the instance of the Operational Creditor. However, the Debtor had made effort to get the said sanction. And consequently the Invoice raised by the Debtor is false. 20. It is further stated that, since the Oper....
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....to the Demand Notice issued by the Operational Creditor within the stipulated time. The claim was strongly contested. 23. Further on perusal of the record it is noticed that there is no Order by me Court Room No. 1 of this Tribunal in CP 1022/2017 which reflects that the said Petition has been withdrawn with a liberty to file a fresh proceeding. 24. That, the Operational Creditor has also failed to demonstrate that he has taken effort for the order of withdrawal by Court Room No. 1. It is also noticed that Operational Creditor has failed to demonstrate that the sanction given by the Edelweiss is at the instance of the Operational Creditor. The sanction letter also does not reflect the name of the Operational Creditor. It is also notic....
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....or or there is a record of dispute in the information utility, it is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending 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.....