TaxTMI 
TaxTMI 
2019 (12) TMI 127
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....cy Resolution process ( in short CIRP) as against the against M/s. Indo Nabin Projects Limited/Corporate Debtor. The Operational Creditor is engaged in supply of MS Steel Tubular Poles. As per Exhibit 'B', purchase order, the Corporate Debtor placed an order for supply of Steel Tubular Poles upon the terms and conditions as provided in the Annexure 'B', purchase order. The Operational Creditor has supplied and delivered goods in terms of the said purchase order in three different lots as per the request received from the Corporate Debtor. The corporate Debtor has received the materials from the Operational Creditor. The Operational Creditor also generated invoices along with the required documents as specified in the purchas....
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....39;, 'E', third Letter of Credit - Annexure 'G'. The correspondence evidencing the payment exchanged in between the Operational Creditor and the Corporate Debtor are also produced and marked as Exhibit 'H', I, 'J', 'K'. Upon the above said contentions, the Operational Creditor contends that they are entitled to claim, despite receiving the documents as required to credit the same amount in the account of the Operational Creditor. Despite, repeated demands, the Corporate Debtor failed to pay the above said amount of Rs. 36,37,454/- (Rupees Thirty Six lakh thirty seven thousand four hundred fifty four only) with interest @ 24% per annum from September 20, 2016. It is further contended that all the requi....
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....cation. According to the Corporate Debtor, as per Clause 7, the Operational Creditor failed in issuing 'El' Form for supplies made to the Respondent. It further contends that as per Clause 7 in the purchase order, upon submission of 'C Forms by the Corporate Debtor to the Operational Creditor, the Operational Creditor has to issue the corresponding El Form. That has not been issued so far. Therefore, the amount in demand is not payable as claimed by the Operational Creditor. The issue regarding issuance of El Form or the credit to be resolved by the Applicant upon receipt of a copy of the Demand Draft covering the balance due and payable by the respondent. However, so far it has not been issued and therefore, their exists a disp....
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....al Creditor prays for admission of the Application. 3. This case is taken up on 07-08-2019. When it was taken up in the morning, the Ld. Counsel for the Operational Creditor was present. However, when the Application was taken up for hearing at about 1 p.m., nobody turned up on the side of the Operational Creditor. Therefore, we heard the Ld. Counsel appearing on the side of the Corporate Debtor in the absence of the Ld. Counsel on behalf of the Operational Creditor. 4. Perused the records. 5. Upon hearing the argument advanced on the side of the Corporate Debtor and perusal of the contentions in the Application as well as in the rejoinder and the contentions taken on the side of the Corporate Debtor, the only one point for conside....
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....ssuance of the demand notice. In order to substantiate his argument, he referred to Clause 7 in the Annexure 'B' purchase order: Clause 7. "Sales Tax Concessional Sales Tax as applicable against 'C form will be paid extra. You will submit El Form immediately after receipt of 'C form. Way bill will be issued on confirmation of despatch/inspection of materials." 7. The abovesaid being one among the terms which would be complied by the Operational Creditor, non payment by the Corporate Debtor cannot be held to be in accordance with the terms agreed in between the parties. A reading of the rejoinder and supplementary affidavit filed dated 06-08-2019 what it reveals is that El Form has not been issued to the ....
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....e letter referred to at page 130 is good to read. The extract of the letter reads as follows : 'From : "P Sadani", ps(g)indonabin.in Date Thursday, February 9, 2017 1:33 PM To : "A AGARWAL [VP SALES-ELECTRO POLES]" Subject : Re.: MOST URGENT RELEASE OF PAYMENT VIDE ILC OVER DUE FOR SUPPLY OF ST POLES MANIPUR Dear Sir, We are in receipt of your mail dated 02-02-17 stating that you have received the E-l from the sales tax department. In this connection we wish to inform you the following :- 1. We doubt the authenticity of your message because thee is no documentary evidence attached along with your mail. 2. We have repeatedly requesting you to expedite the E-l form vi....