2019 (11) TMI 1534

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....Resolution Process of M/s. Fortune Spirit Ltd. 2. The respondent M/s. Fortune Spirit Ltd. is a private limited company registered under the provisions of the Companies Act, 1956, bearing CIN: U15511OR2007PLC009628. 3. The Registered Office of the Corporate Debtor is situated at Bhubaneswar, Odisha. Hence, this Adjudicating Authority has jurisdiction to entertain this application. 4. The applicant submits that the Operational Creditor is a proprietorship firm engaged in manufacturing of printing and packaging material. The operational debtor has bottling unit situated at Berhampur. The Corporate Debtor approach the Operational Creditor for supplying of labels and materials since 2010. The Operational Creditor submits that in the yea....

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....ble to the Corporate Debtor. The Operational Creditor at that meeting agreed for the rise of 5% price. Accordingly, a Debit Note to the tune of Rs. 12,51,393/- was raised. The Debit Note was sent along with Calculation Sheet dated 29.05.2015. The copy of the Ledger calculation dated 01.06.2015 and the account of the Operational Creditor for the year 2012-19 are also filed along with this reply. 6. We have heard the parties in details, perused the application, reply, rejoinders, written submission and detailed Invoices calculation of interest and other documents filed by both the parties. It is clear that there has been dispute regarding the pricing since, 2015. 7. The Hon'ble Supreme Court has held that existence of undisputed deb....

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....of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the Adjudicating Authority is to see at this stage is whether there is a plausible contention which requires further investigation and that 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. However, in doing so, the Court does not need ....