TaxTMI 
TaxTMI 
2019 (12) TMI 1376
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....t on: 02.12.2019 It is an Insolvency and Bankruptcy Application (in short "IBA) filed u/s 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") by M/S. Quippo Energy Limited (hereinafter referred as "Operational Creditor") for initiation of Corporate Insolvency Resolution Process (in short "CIRP") against M/S. Soundararaja Mills Limited (hereinafter referred as "Corporate Debtor") in defaulting an amount of Rs. 1,33,29,658 towards Principal and Rs. 4,35,803 towards Interest put together Rs. 1,17,65,461 as on 20.04.2019. 2. The crux of the case is, the Applicant says that there is no dispute with regard to its claim before issual of Sec.8 notice to the Corporate Debtor, as against which, the Corporate Debtor counsel has stated tha....
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....til 30.9.2018. Kindly issue your credit note for this amount. 3) Further, engine No. 1 (1.024 mw) was stopped from July 2018 due to frequent trippingfor which we have been consuming power from EB at a higher cost. We request you to kind adjust the above and send us your revised outstanding statement. Further, if required we will work out the above workings for October and November 2018 to arrive at a final outstanding figure. "Email dated 18.12.2018 From: J. Sivakumar Sent : 18 December, 2018 11.44 AM To : Jayesh Goswami Subject : Discontinuance of Gas Gensets (1.024 MW & 1.364 MW) Dear Mr.Jayesh Goswami, As per our CMD's instructions and with refe....
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....firming that they would continue payment as per their schedule, today this Corporate Debtor, the Operational Creditor says, shall not raise objections earlier raised as existence of dispute between the parties. 6. Against this Argument, the Corporate Debtor counsel spontaneously responded drawing our attention to the same e-mail stating that it is true that the Corporate Debtor side has not made any statement intentionally, they only reiterated that the earlier statement was based on Accounts Department inputs, and they would continue making payment, but final figure would be arrived at only after discussing, therefore, the Operational Creditor counsel had taken out a sentence from that e-mail to say that this is an unconditional admissi....
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.... by the Operational Creditor were terminated before completion of tenure as agreed between the parties and also assessed some amount to be deducted from the claim of the Operational Creditor towards stoppage as well as tripping, therefore, we cannot hold that the claim mentioned by the Operational Creditor is devoid of existence of dispute between the parties. 9. To bolster the argument of the Operational Creditor, the Operational Creditor counsel has relied upon judgement in "Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited in Civil Appeal No.9405 of 2017, decided on September 21, 2017 which is as follows: "Para 54 - According to the learned counsel for the respondent, the definition of "dispute" would in....
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....ithin one week, failing which the respondent would be forced to explore legal options and initiate legal process for recovery of the said amount. This email was refuted by the appellant by an email dated 26-2-2015 and the appellant went on to state that it had lost business from various clients as a result of the respondent's breaches. Curiously, after this date, the respondent remained silent, and thereafter, by an email dated 20-6-2016, the respondent wished to revive business relations and stated that it would like to follow up for payments which are long stuck up We, therefore, allow the present appeal and set aside the judgment of the Appellate Tribunal. There shall, however, be no order as to costs As to para abovementioned, it is....