TaxTMI 
TaxTMI 
2019 (10) TMI 1348
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....Section 9 of the IBC, 2016 R/w Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s.Ingersoll -Rand Climate Solutions Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for total outstanding amount of Rs. 4,99,534/- (Rupees Four Lakhs Ninety Nine Thousand Five Hundred and Thirty Four Only) along with the interest at the rate of 18% per annum. 2. Brief facts of the case, which are mentioned in the Company Petition and are relevant to the issue in question, are as follows: (1) M/s.Enkay Technologies (India) Private Limited is a Company bearing CIN:....
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....ad-hoc payments to the Operational Creditor as follows: Sr. No. Date Reference Amount Rs. 1. 14th Jan 2016 HDFC/BGLR/51 2,24,095 2. 5th Feb 2016 HDFC/BGLR/55 2,78,452 3. 17th Feb 2016 HDFC/BGLR/58 3.24,722 4. 11th Mar 2016 HDFC/BGLR/68 1.22,515 S. 14th Sept 2016 HDFC/BGLR/43 4,20,140/- Total Received 13,69,924/- Taking into account the list of invoices and payments received thereon the aggregate principal sum due and payable by the Corporate Debtor is summarized as follows: Summary Total supply (A) 14,91,303/- Total Installation (B) 3,78,155/- Total Invoices 18,69,458/- (-) Less Payment Received 13,69,924....
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....at they have owed the Operational Creditor, a sum of Rs. 4,99,534/- with interest @18% p.a. to be calculated 30 days from date of each such outstanding invoice till receipt of payment. 3. The Corporate Debtor/Respondent has filed Statement of Objection dated 27.09.2019, by inter alia contending as follows: (1) The Operational Creditor has not come before this Adjudicating Authority with clean hands and has created the documents in order to claim the amount which is not due towards the Operational Creditor by the Corporate Debtor. As such, the instant application has to be dismissed in limine. The Corporate Debtor is a solvent company having turnover of around Rs. 3,20,00,00,000/- (Rupees Three Hundred Twenty Crores only) a year ....
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....udicating Authority with concocted facts again claiming the said amount towards the supply of the Electronic Security System at the Project Site. (3) It is stated that as per the Purchase Order dated 15.10.2015, the Operational Creditor was supposed to supply the Electronic Security System materials at the Project Site and provide a warranty period of 24 months for the materials supplied. Electronic Security System materials supplied by the Operational Creditor were defective and despite repeated requests by the Corporate Debtor the Operational Creditor did not replace the defective materials. The Operational Creditor has not even submitted the alleged invoices bearing No(s) IXC/16-17/92011 dated 10.08.2016 and IXC/16-17/92015 date....
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.... Testing and Commissioning of the Electronic Security System at the Project site and has filed the above mentioned petition in order to make unjustifiable gains at the cost of the Corporate Debtor. 4. Heard Ms. Amaresha M., learned Counsel for the Petitioner and Shri Prashant Kammar, learned Counsel for the Respondent along with Shri Naveen Samanth, MD of the Respondent Company. We have carefully perused the pleadings of both the parties and extant provisions of the Code. 5. The case is listed for hearing on several dates viz. 03.06.2019, 12.06.2019, 27.06.2019, 11.07.2019, 17.07.2019, 05.08.2019, 23.08.2019, 27.08.2019, 29.08.2019, 06.09.2019, 18.09.2019, 30.09.2019 & 14.10.2019 in order to give opportunity to the parties to settle t....
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....se of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, 1 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.," Supreme Court of India, it is inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. As per para 34 of judgment, it is stated that Adjudication Authority, while examining an application filed under Section 9 of the Code, will have to determine: a) Whether there is an 'operational debt' as defined exceeding Rs. 1 Lakh? b) Whether documentary evidence furnished with the application shows that the afor....