2020 (1) TMI 1273

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....on to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Sindhu Cargo Services Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed a default for an amount of Rs. 4,30,500/- (Rupees Four Lakhs Thirty Thousand Five Hundred Only) along with interest @ 18%. 2. Brief facts of this case, as mentioned in the Company Petition, are as follows: (1) M/s. FD Centre Services (India) Private Limited (hereinafter referred to as 'Petitioner/Operational Creditor') is a limited Company bearing CIN:U74999MH2015FTC261817, engaged in the business of providing services of Finance Director/Chief Financial Officer. ....

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...., 2016 by demanding the Respondent to pay Rs. 5,38,500/- along with interest at 18% p.a. The Respondent issued a reply dated 26.03.2019 through their Counsel by inter alia denying the debt and default. It is alleged that during November 2018, the said CFO has suddenly left the service without handing over the work responsibilities, files, records, communications and other things. Due to act of CFO, the Company has suffered huge loss and also made huge efforts to trace the records. Therefore, the Petitioner itself is liable to pay the loss. 3. Heard Shri Dileep D., learned Counsel for the Petitioner, and Ms. Roopa Hegde, learned Counsel for the Respondent. We have carefully perused the pleadings of both the parties and the extant provisio....

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.... undertakes to look into any complaint carefully and promptly." 5. The Petitioner has raised various invoices to the Respondents, which are furnished below:     Invoice No. Invoice Date Invoice Amount in Rs. Amount received in Rs. Amount Due in Rs. Interest Calculated till date below Delay in Days Omte rest @ 18% (Rupees) Due date of Invoice Date on which the default     SC01/18-19 25.06.2018 88,500/- 81,000 7,500/- 25.07.2019 380 1405.47 10.07.18 11.07.18     SC02/18-19 01.08.2018 1,18,000/- 1,08,000 10,000 25.07.19 348 1716.16 10.08.18 11.08.18     SC03/18-19 01.09.2018 1,18,000 ....

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....as again issued another reply dated 08.04.2019 by inter alia denying the allegations made in the reply as baseless and still insisted that he is entitled for an amount of Rs. 5,38,500/-. 6. Shri Rajarshi Datta, has filed an affidavit on behalf of the Operational Creditor dated 13.09.2019 in support of the instant Company Petition by inter alia stating that on or around May 4th, 2019 by way of payment towards the partial discharge of aforesaid liability, the Corporate Debtor had made payment of Rs. 1,08,000/- (Rupees One Lakh Eight Thousand Only) against invoice No. SC02/18-19, however, failed to upload the TDS for the balance amount for SC01/18-19 and SC02/18-19. The Corporate Debtor by way of payment of Rs. 1,08,000/- (Rupees One Lakh E....

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....sp;       Opening Balance 0 432000 @0.000       2. VR/BLR-/19/027998 B L R 25.09.2019 Bank Payment V000261 1: the FD Cen BEBLR-1819484 59 SC04/18-19 05.10.2018 108000 0 [email protected] Towards Consultancy Charges for the month of Sept 2018-SC04/18-19...     3. VR/BLR-/19/0028 03 B L R 04.05.2019 Bank Payment V000261 1: the FD Cen BEBLR-1819484 57 SC02/18-19 06.08.2018 108000 0 [email protected] Towards Consultancy Charges for the month of July 2018-SC02/18-19.     4. VR/BLR-/19/0279 98 B L R 25.09.2019 Bank Payment V000261 1: the FD Cen BEBLR-181948461 SC05/18-19 ....

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.... free from dispute and the instant application is filed with an intention to recover the alleged outstanding amount. It is settled position of law that the provisions of Code cannot be invoked for recovery of outstanding alleged amount. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353 has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. In another latest judgment rendered in Transmission Corporation of A.P. Ltd. Vs. Equipment Conductors and Cables Ltd., (CA No. 9597 of 2018) dated 23rd October, 2018, (2018) 147 CLA 112 (SC) Supreme Court of India, it is inter alia held that existence of undisputed debt is sine qua non o....