2020 (10) TMI 169

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....ority) Rules, 2016 (for brevity 'the Rules') by Magnum Steels Ltd, (for brevity 'Applicant') through its authorized representative Mr. Ishwar Chand Jindal vide board resolution dated 21st May 2018 with a prayer to initiate the Corporate Insolvency process against Collage Group Infrastructure Pvt. Ltd. (for brevity 'Corporate Debtor'). 2. The Applicant is a limited company incorporated bearing CIN U27109DL1991PLC042681 and having its registered office at Essel House, A10, Asaf Ali Road New Delhi, PIN 110002. 3. The Corporate Debtor is a private limited company, incorporated under the provisions of Companies Act, 1956 on 26.02.2007 bearing CIN 1145200DL2007PTC159749 and having its registered office at 56-58, communit....

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....on to Adjudicating Authority) Rules, 2016 demanding total amount from the Corporate Debtor of Rs. 91,82,988/- (Rupees Ninety One Lakhs Eighty Two Thousand Nine Hundred And Eighty Eight Only) and interest of Rs. 62,44,432/- (Rupees Sixty Two Lakhs, Forty Four Thousand Four Hundred And Thirty Two) @24% p.a. totaling to Rs. 154,27,420/-. 7. The corporate debtor had duly replied to the said notice on 19.06.2018 raising dispute and also mentioning that nothing is due and payable. The corporate had referred to stand taken by it in its reply dated 19.01.2018 while replying the previous legal notice and further asserted that there is a dispute with respect to payability of debt, which is existing much prior to the issuance of section 8 demand noti....

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....g the averments made in the reply and has denied all the averments made by the corporate debtor. 11. Heard both the sides and perused the documents on record, the reply dated 19.01.2018 sent by the corporate debtor, brings on record a dispute raised and existed between the parties prior to the issuance of the section 8 demand notice. There is thus force in the contention of the corporate debtor and it can be concluded that a dispute does truly exist between the parties in terms of section 5(6)(b) in the present case, which may or may not ultimately succeed but requires trial/investigation. Though this is not the forum to examine and adjudicate as to which portion of the claims or counter claims are admissible. Tribunal will not examine the....