2020 (10) TMI 770

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....tion to Adjudicating Authority), 2016 (for brevity 'the Rules') by K & A Organics (for brevity 'Applicant') through Mr. Ankit Mehta, being the partner of the applicant firm, authorized on 04.04.2019, with a prayer to initiate the Corporate Insolvency process against Tamta Construction Co Pvt. Ltd.(for brevity 'Corporate Debtor'). 2. The Applicant is a partnership firm incorporated vide partnership deed dated 25.11.2009 under the provision of Partnership Act, 1932 having its office at G-40, 3rd Floor, Kirti Nagar, New Delhi-110015, email id: [email protected]. The applicant is involved in the business of manufacturing and sale of various industrial chemicals and raw materials. 3. The Corporate Debtor is a co....

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....Rules, 2016 along with copy of invoices calling upon the corporate debtor to pay the total outstanding amount of Rs. 1,73,106/- and interest of Rs. 98,670/- @ 24% p.a. aggregating to Rs. 2,71,776/- calculated from the date of default till 15.03.2019. 7. That vide reply dated 19.04.2019, the corporate debtor denied the contention of the applicant and stated that the applicant in its Section 8 notice had mentioned that corporate debtor had purchased chemicals and raw materials but has enclosed bills of safety materials. The corporate debtor has stated that no payment is due to the applicant. 8. The Applicant filed the present Application under section 9 of IBC, 2016 and served the copy of this application which was duly delivered to the....

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....t were always received by the corporate debtor in their full satisfaction but is delaying the payment due to its bad financial condition and have filed forged documents to avoid its legitimate dues. 12. Considering the documents on records and submissions of counsels, it manifests that the corporate debtor has tried to create and establish a preexisting dispute by asserting that the materials were neither delivered nor received. However, no documentary evidence or correspondence is placed on record by the corporate debtor to support the contentions. No documentary evidence is placed on record to manifest that there is a pre-existing dispute but the said dispute was raised for the first time only after notice under Section 8 of IBC was is....

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.... 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." In view of the above observation it can be concluded that the dispute raised by the corporate debtor, is spurious, plainly frivolous, unable to categorize as genuine dispute as reproduced above and the contention of the corporate debtor, of a pre existing dispute without any evidence and merit is a clear after thought to defeat the claim of the applicant. 14. The date of default is 15.12.2017 and the present application is filed on 30.04.2019. Hence the application is not time barred and filed within the period of limitation. ....