TaxTMI 
TaxTMI 
2020 (1) TMI 239
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....MISHRA, TECHNICAL MEMBER The Appellant M/s.Sandvik Asia Private Limited has filed an appeal under Section 61(1) of the 'Insolvency and Bankruptcy Code, 2016 (for short, 'the I&B Code') R/w Rule 11 of NCLAT Rules, 2016 against the impugned order dated 14th June, 2019 passed by National Company Law Tribunal, ('for short Adjudicating Authority'), Principal Bench, New Delhi in CP No.(IB) - 1643 (PB)/2018 rejecting the Appellant's Application. The Appellant has filed the Appeal under Section 9 of the Code seeking initiation of Corporate Insolvency Resolution Process (for short 'CIRP') against the Respondent i.e. The Indure Private Limited. The Appellant has declared that he has filed the said Appeal within the period of limitation specified und....
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....ake, declared and confirm that they shall be fully responsible for the successful performance of the Stacker-cum-Reclaimer and associated auxiliary equipment and undertake to carry out all the obligations and responsibilities under the contract in order to discharge the Contractor's obligations and responsibilities stipulated in the Contract. Further if the NTPC sustains any loss or damage on account of any breach of the Contract, they are 'jointly and severally undertake to promptly indemnify, and pay such losses/damages caused to the NTPC' on its written demand without any demur, reservation, contest or protest in any manner whatsoever. The Deed of Joint Undertaking also states that in case of Award, in addition to the Contract Performanc....
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....time, the outstanding amount was of Rs. 4.6 Crore. There was internal correspondence between the parties on 01.02.2016 wherein they have discussed about the genuine details of the supplier and deduction from bills. The Adjudicating Authority has observed that the Appellant has chased the payment vide email dated 15.04.2016 and also vide e-mail dated 03rd June 2017. The Appellant has also issued a notice for non-payment of dues vide letter dated 09.01.2018 and also issued a Demand Notice dated 20.03.2018, wherein the outstanding amount was raised of Rs. 2,25,82,259/- along with interest of Rs. 97,86,723/-. 7. The Respondent has replied the said Demand Notice vide letter dated 31st March, 2018 raising the question on account of liquidated da....
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....filled as per Section 9(5) of the I&B Code, 2016: Section 9(5) - The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), by an order (i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,- (a) the application made under sub-section (2) is complete; (b) there is no [payment] of the unpaid operational debt; (c) the invoice or notice for payment to the corporate debtor has been delivered by the operational creditor; (d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and (e) there is no disciplinary proceeding pending against any resolutio....
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....ding 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. 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 Authori....