TaxTMI 
TaxTMI 
2018 (12) TMI 1698
X X X X Extracts X X X X
X X X X Extracts X X X X
....s Limited stating that the Corporate Debtor failed to make payment of Rs. 31,70,404/- comprising of principal amount of Rs. 20,58,704/- and interest of Rs. 11,11,700/-. The Company Petition is to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 2. The background of the case is that the Operational Creditor has sold 8 licenses to the Corporate Debtor for an amount of Rs. 51,28,704/-. The Section 8 notice of the IBC was sent by the Operational Creditor to the Corporate Debtor on 9.3.2017 by Registered Post Acknowledgment Due annexing the invoice and ledger calling upon the Corporate Debtor to make payment of unpaid amount of Rs. 20,58,704/- in addition to interest as applicable. The invoice annexed to t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....payment against the receivables and called upon the Corporate Debtor to explain how the computation of Rs. 1,00,000/- was arrived at as against the balance of Rs. 20,58,704/-. 5. An affidavit-in-reply has been filed on 16.10.2018 by the Corporate Debtor and raised, inter-alia, following defences: a) The claim of the Operational Creditor is incorrect as it includes a rate of interest which was never contracted for by the parties. There is no document on record to show that interest is chargeable at any rate. b) The particulars of claim itself do not state any rate of interest, number of days of default or the computation of claim. The amount of Rs. 11,11,700/- stated in the particulars of claim is not mentioned in the de....
X X X X Extracts X X X X
X X X X Extracts X X X X
....group concerns since many years. The said debit of Rs. 19,58,704/- is clearly reflected in Statement of Accounts of the debtor. The Corporate Debtor has annexed its Confirmation of Accounts (i) dated 1.4.2017 for the period 1.4.2016 to 31.3.2017 showing a payment of Rs. 19,58,704/- to Metec Asia Ltd. (ii) dated 1.4.2018 for the period 1.4.2017 to 31.3.2018 showing a balance of Rs. 1,00,000/- to the Operational Creditor. h) It is contended that from the statement for the year ending 2017 as well as 2018 that now only an amount of Rs. 1,00,000/- is due and payable to the Operational Creditor, which was sent by way of cheque. i) To determine the exact amount of dues, if any, the books of accounts of the Corp....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... being the principal amount claimed in the petition. c) The Operational Creditor denied that the customary practice was to have most transactions telephonically and stated that the Operational Creditor follows a practice of serving contractual documents/ confirmations/ correspondence by letters or emails with every customer. d) The Operational Creditor stated that there is no concern of Metec Asia Limited to the present dispute. The Operational Creditor is not aware as to what and when the goods were supplied to one Jaico Enterprises LLP. The Operational Creditor is not aware of the fictitious debit note which is neither annexed to the present reply nor been received by the Operational Creditor. Further, the Operational Cr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)[ii](d) if notice of dispute has been received by the operational creditor 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. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....der Section 9 of IBC, 2016, declaring moratorium with consequential directions as mentioned below: I. That this Bench hereby prohibits a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financ....