TaxTMI 
TaxTMI 
2019 (1) TMI 1802
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....016' (for short, the 'I&B Code') in Form 5 alleging default of debt amounting to Rs. 2,10,00,000/- . The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench taking into consideration that the respondent had issued notice under Section 8(1) of the I&B Code and there being default, admitted the application by the impugned order dated 13th September, 2017. 2. The case of the appellant is that the respondent - 'M/s. ISMT Limited' does not come within the definition of the 'Operational Creditor' as it has not supplied any goods or given any services. On the other hand, according to the learned counsel for the respondent - 'M/s. ISTM Limited', which is an 'Operational Creditor' had to pay 50% as advance against security to pay....
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....hank you for the courtesy extended to us and the positive response to resolve the pending claims and all issue between us. As the purpose of the advance against your work order could not be fulfilled due to reasons beyond the control of both the companies. It was mutually agreed to share and absorb the cost equally between the two companies. Based on the understanding it was settled that we will pay Rs. 1.30 cr. It was also agreed that the amount will be gradually settled from the supply of local coal to your plant via Nagpur. Based on the understanding an amount of Rs. 50 lakhs was duly adjusted from the supply of coal to your plant. You had also retained an amount of Rs. 80 lakhs of M/s. Shyam Coal Service against the su....
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.... 6. In view of that we hold that the respondent is not an 'operational creditor', and, therefore, the application under Section 9 was not maintainable. We accordingly set aside the impugned order dated 13^th September, 2017 passed by the Adjudicating Authority, Mumbai Bench. However, we make it clear that if the 'corporate debtor' failed to make payment in terms of their offer or if there is any default, it will be open to the respondent to move appropriate application before the Appropriate Authority claiming it to be a 'financial creditor' as suggested by the appellant. 7. In effect, order (s) passed by Ld. Adjudicating Authority appointing 'Interim Resolution Professional', declaring moratorium, freezing of account and all other or....
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.... 1. Scope of work: Supply of 10,000 MT of Indonesian thermal coal at our site situated at village Kurla Rith, Waghnak Panchyat, Taluka Warora, district Chandrapur, Maharashtra, by road. You shall:- 1.0 1.1 1.2 1.3 233 Deliver the contracted coal at our site address as mentioned above. Supply and unload the coal at the site under our personnel's guidance & Instructions. Be solely responsible for the delivery of the contracted quantity at site. Be solely responsible for environmentally safe transportation of coal by road to or site by ensuring the trucks are properly covered. Our obligations: We shall provide place and access to enter into our site for unloading the coal. Specificati....
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....y the following formula:- Invoiced price = FOB Price X Actual GCV (ADB) 5100 (FOB price includes transportation charges & all Taxes). (C) On Short delivery The ordered quantity of coal shall be delivered as per following Schedule: Delivery will finish within 45 to 60 days of issue of LC. Document 3 ISMT LIMITED 7. 9. 10. Delivery of documents: All original documents including Invoice, packing list, Delivery Challan, Lorry Receipt, your test reports etc. shall be delivered to our site address to the attention of plant in charge Mr. Durga Rao. Billing and payment: (i) (ii) (li) 50% advance against the security as under:- (a) Rs. 1,25,00,000/- against submission of Bank Guarantee....