2019 (3) TMI 1653

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....ency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor for having the Corporate Debtor defaulted in paying 1,54,05,282.30 to the Operational Creditor herein. 2. On perusal of the factual matrix, it is an agreement between the parties for supply of power to the Corporate Debtor, in pursuance thereof, the Operational Creditor kept on supplying power to the Corporate Debtor, having supplied so, the creditor simultaneously raised invoices against the Corporate Debtor. As and when any tariff rate is raised, fresh agreements have been executed, this practice being in vogue, the Operational Creditor subsequently entered into a new agreement on 20.05.2016 superseding the earlier agreem....

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.... determining tariff for future supply superseding the earlier agreement dated 15.11.2014. 6. As per the earlier agreement dated 15.11.2014, the power was already supplied and it was consumed without any objection, now the objection of the debtor when it has come to pay is, since the earlier agreement is not in force, no obligation is subsisting upon the debtor to pay to the power supplied by the creditor and consumed by the debtor under the old agreement. 7. This argument could be true if the creditor wanted to enforce it seeking performance of the agreement, but here the creditor is only asking for payment for the power already supplied under the old agreement, not asking for enforcing any of the clauses of the earlier agreement. It ....

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.... 10. In view of the same, we have not found any merit in the argument of the Corporate Debtor counsel saying that the debtor is under no obligation to pay the dues for the supply of power already availed under the old agreement dated 15.11.2014. 11. For it is not even the case of the debtor that this claim is hit by limitation, obligation to pay to the supply availed is already cleared and dispute existing between the parties, we cannot arrive to a conclusion that the debtor is relieved from paying the dues against the power supplied by the creditor. 12. Since the Creditor has filed copies of invoices, earlier agreement dated 15.11.2014 entered into between the parties, subsequent agreement, Demand Notice dated 07.03.2018 sent to t....