2018 (11) TMI 1778

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....ated to be 4,62,852, against supply of chemicals to the Corporate Debtor during November and December 2014, hence this Company Petition for initiation of Corporate Insolvency Resolution Process (CIRP) under Insolvency & Bankruptcy Code. 2. The brief history of the case is that the Petitioner is in the business of trading in chemicals and the Corporate Debtor is a manufacturer of medicinal chemicals and botanical products. Both have been into business relationship since 2012-13 and the Petitioner was continuously supplying chemical items to the Corporate Debtor. The Petitioner says that the last supply was made to the Corporate Debtor on 02.12.2014 and the terms of payment in the invoice was to pay on completion of 30 days from the date o....

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.... the material supplied vide Inv. No. 73 was of poor quality, hence payment was not made. The Petitioner submits that till that point of time there was no communication received from the Corporate Debtor in respect to quality of material supplied to them. The Petitioner further submits that their invoices contain a clause that in case of any dispute regarding quality of material supplied, a third party test by a reputed laboratory is required to be carried out. It was not done in the case of alleged poor quality material supplied vide Inv. No. 73 as also the Corporate Debtor issued post dated cheques to settle the entire outstanding payment, which proves the claim made by the Corporate Debtor is merely a decoy. To substantiate the same, the ....

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....ying with the Corporate Debtor. It is pleaded that the Debtor company had paid substantial amount of 15,59,967 in respect of the other supplies, barring the defective supply, which itself proves that the Debtor company had no bad intention to make the payment to the Petitioner. The Petitioner had wilfully concealed all such facts that there was dispute in existence and filed the Petition under I&B Code. The Corporate Debtor further states that there was no term agreed by them to pay interest on delayed payment as also the Petitioner never sent any notice for the delayed payment for earlier bills. The Corporate Debtor also submitted that the PDCs were issued to the Petitioner expecting that the rejected goods will be replaced and when the Pe....

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.... (Insolvency) No. 58 of 2017 decided on 14.09.2017), the Honble NCLAT held that the Corporate Debtor wrote a letter previously before notice issued denying the liability and because there were series of correspondence between the parties prior to issue of demand notice the Appellate Tribunal dismissed the appeal. (iii) Mobilox Innovations Pvt. Ltd. vs. Kirusa Software Pvt. Ltd. (Civil Appeal No. 9405/2017 order dated 21.09.2017) wherein the Honble Supreme Court has elaborately discussed the definition of dispute and held that the dispute should have been raised before issuance of demand notice. 10. On the Company Petition filed by the Petitioner, the Corporate Debtor prayed for dismissal of the Company Petition with cost on the ....