TaxTMI 
TaxTMI 
2020 (9) TMI 799
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.... Debtor), is incorporated on 29.12.2006 with CIN: U72200KA2006PTC041328, having its Registered Office at #113/IB, 1st Floor, SRIT House, ITPL Main Road, Kundalahalli, Bengaluru - 560 037. (2) The Operational Creditor provides mentoring and consultancy services to the Corporate Debtor on regular basis. The total amount debt due is Rs. 13,26,340/- as on 31.01.2019.The Corporate debtor approaches the Operational Creditor seeking his expertise in providing mentoring and consultancy services for the Corporate Debtor Company. On request of the Corporate Debtor, the Operational Creditor agreed on an arrangement where, the Operational Creditor's services were retained by the Corporate Debtor. Monthly invoices were to be issued by the Operational Creditor, which would be paid by the Corporate Debtor. (3) As on 12.07.2016, an email was received from Rivi Varghese, the CEO of the Corporate Debtor, furnishing the terms of the engagement: * Amount of SGD 9999. * 33% each in 3 tranches for 3 months * Each, on or before 30,60,90 days * Engagement - advising the Company's CEO on marketing and business development partnerships The aforesaid email refers to 3 month however the ....
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....ed a Demand Notice as prescribed under the Insolvency and Bankruptcy Code. Though the Corporate Debtor received the notice on 14.01.2019, failed to respond within the mandatory period of 10 days as stipulated under the Code. Further, pursuant to receipt of the notice, though the Corporate Debtor has reached out to the Operational Creditor, promising to pay from time to time, it has till date not made any payment, which establishes that the Corporate Debtor is insolvent and not in a position to pay its dues. Hence the petition. 3. The Respondent has filed a statement of Objection dated 30.06.2020 by inter alia contending as follows: (1) The Petition has been filed by suppressing material facts. The Respondent, through their hard work and dedication, has established good will in the market and has maintained good name by sheer hard work with meticulous business plans and professionalism. The Respondent maintains amicable relationship with its customers, vendors and services providers. The Respondent is a profit making company with sufficient financial strength. It is not in dispute that the Corporate Debtor availed the mentorship services of Operational Creditor as a retainer basi....
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.... clear violation of law. Further the corporate Debtor failed to produce the emails. Despite of emails the Corporate Debtor did not make any payments of the debt which it had duly acknowledged. (2) There is a proof of the acknowledgement of debt by the Director, Mr. Rivi Varghese through his whatsapp messages as well as there is no mention of unsatisfactory hence even the said ground of the Corporate Debtor is false. It is important to note that no dispute has been raised prior to the issue of demand notice to the Corporate Debtor and these alleged issues raised only after a month of receipt of the same. It is established law that any alleged dispute raised prior to issue of demand notice cannot be taken in consideration by the Hon'ble Tribunal. The Corporate Debtor failed to prove that there was any prior dispute. The interest charged at 15% is not absurd as alleged and is conservation by market estimates, however the Tribunal may decide on the question of interest. (3) It is further submitted the Petitioner rendered services at the request of the Corporate Debtor for a total period of 9 months, starting from August 2016 upto April 2017. The Petitioner made several request ....
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.... reference: "Hi Murli, This is the 3rd time I am communicating to you on this subject over time, hopefully I receive a response this time. We had an engagement in good faith with you. I will address this in two parts A) payment for the engagement B) comment on the engagement itself. A) Payment for the engagement We have accepted the invoices raised upon us, in good faith. We have complied with tax requirements in the applicable years and the tax is already paid to the govt and you can see that in you tax credits. Reproducing our statement of accounts as below: Invoice date Invoice No. Invoice details Gross Value TDS Payments made Balance payable 20.12.16 02 Founder Mentorship Service Sep to Nov 2016 493,9601 49,396 297,191 147,374 02.02.17 03 Founder Mentorship Service - Dec 2016 & Jan 2017 322,401 32,240 290,161 10.04.17 04 Founder Mentorship 20,029 32,003 288,026 Service - Feb to Mar 2017 10.04.17 05 Founder Mentorship Service - April 2017 156,8....