TaxTMI 
TaxTMI 
2021 (1) TMI 900
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.... Debtor. Pursuant thereto the Operational Creditor had issued invoices upon the Corporate Debtor along with delivery challans. The delivery challans are signed and stamped by the Corporate Debtor. The Corporate Debtor was earlier known as Mayfair Spaces Ltd. Hence, all the invoices and delivery challans were issued in the name of Mayfair Spaces Ltd. As per ledger account the Operational Creditor has supplied goods to the Corporate Debtor for the total sum of Rs. 02,29,94,288/-. Whereas, the Corporate Debtor has made part payment of Rs. 02,09,30,948/-. Even after several email communications, the Corporate Debtor has not made any payment for balance amount of Rs. 20,63,340/-. Therefore on 11/02/2017 the Operational Creditor has sent a demand notice to the Corporate Debtor. Despite receipt of the notice, the Corporate Debtor has neither replied to the notice nor made any payment. Therefore, the Operational Creditor has filed an Application under Section 9 of the I&B Code before the Adjudicating Authority for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. 3. The Corporate Debtor resisted the Application on the ground that the invoic....
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....p; ii. The 14 invoices raised against the respondent amount to Rs. 08,53,775/- have been acknowledged with the seal and stamp of respondent. iii. The ledger account placed on record by the appellant is in-tune with claims of the appellant. iv. Within three years from the date of acknowledgment, the application is filed. Thus, it is within limitation. 7. Per contra, ld. counsel for the respondent has made the following submissions: i. The appellant has failed to establish that there is an Operational Debt of more than Rs. 1 lac due to it from the respondent. As per ledger only Rs. 70,165/- is due which is less than Rs. 1 lac. Therefore, the application under section 9 is not maintainable. ii. The respondent has never supplied the copy of ledger account to the appellant. The copy of the ledger account produced by the appellant is unsigned and source of procurement is not disclosed. Therefore, it cannot be relied upon. iii. The appellant has supplied the goods to Mayfair Corporate Park but erroneously raised the disputed bills to the respondent. Thus, there is a pre-existing ....
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....ndent denied this fact and according to him as per the ledger, the outstanding amount is only Rs. 70,165/-. In support of this contention, the respondent filed ledger account of appellant maintained by the respondent for period of 01/04/2012 to 20/03/2018. (See Page 97-102 of Appeal Paper Book) The respondent has produced its statement of accounts which clearly shows that the total amount outstanding against the appellant is Rs. 70,165/- which is less than Rs. 1 lac. The appellant has not pointed out any error in the statement of account filed by the respondent. 12. In rebuttal, the Appellant has filed the ledger account of the appellant, copy of which served by the respondent upon appellant. In this ledger account the amount payable to appellant is shown as Rs. 19,89,130/-. 13. The respondent has taken a serious objection that the respondent's officer has not supplied any such copy of ledger account to the appellant. Such unsigned copy cannot be relied upon. 14. We have considered the objection in regard to the ledger account filed by the appellant (please see pg. 117-122 of the appeal paper-book). It is true that this ledger account is....
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....ing to Rs. 05,33,120/- and 05,16,460/-. The respondent has no connection with Mayfair Corporate Park, therefore they have returned the invoices to the appellant. According to the appellant, the Mayfair Corporate Park is a construction project developed by Mayfair Spaces Ltd. (respondent) and thus they are associated entities. Therefore, the disputed invoices were rightly sent to the respondent. 20. As we have noted that the appellant is relying on the ledger account maintained by the respondent. In this ledger account the amount of disputed invoices are not shown. Therefore, we hold that there is no dispute between the parties in regard to the aforesaid invoices. Thus, we do not agree with the finding of ld. Adjudicating Authority that there is a pre-existing dispute between the parties. 21. Now, we have considered the objection of ld. counsel for the respondent that the claim is barred by limitation. The ledger account is a running account which shows that on 05/11/2015, the respondent has made payment of Rs. 12 lacs to appellant and from this date of acknowledgment within three years, that is on 15/01/2018 the application is filed. Thus, the application is....
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.... 1358 3,345 Purchase 1527 15,610 Purchase 1529 1,09,270 Purchase 1530 95,890 Purchase 1744 1,62,790 = Total 19,18,965 Document 2 Northway Spaces Limited 5-9/10, Essen House BIDC, Gorwa Vadodara CIN: U70106012007PLC050205 MCC CONCRETE Ledger Account SURVEY NO 109, BIH KRISHNA KATHIYAWADI HOTEL, NH NOB VILLAGE DUMAD 0265-2760791/ 1-Jan-2001 to 10-Oct-2017 117 Page 1 Date Particulars Vch Type Vch No Debit Credit 7-10-2012 By Pur-Cement & 30-9-2012 By Pur-Cement & Rme(Twin Tower) Purchase By Pur-Cement Rmc (Sunrise) 2-10-2012 By Pur-Cement & Rme(Signature) 3-10-2012 By Pur-Cement Rmc (Sunrise) 4-10-2012 By Pur-Cement & Rme(Signature) 10-2012 By Pur-Cement Rmc (Sunrise) 10-2012 By Pur-Cement & Rme(Signature) By Pur-Cement&Rme 511 13,380.00 Purchase 512 23,415.00 Purchase 545 22,300.00 Purchase -548 11,150.00 Purchase 12,265.00 Purchase Document 3 118 Northway Spaces Limited MCC CONCRETE Ledger Account: 1-Jan-2001 to 10-Oct-2017 Date Particulars Vch Type Vch No. Debit Page 2 Credit Br....
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.... Rmc (Sunrise) Purchase 1333 1,42,800.00 By Pur-Cement & Rmc(Address) Purchase- 1334- 2,16,580.00 By Pur-Cement & Rmc(Twin Tower) Purchase -1335- 2,07,060.00 By Pur-Cement & Rmc(Address) Purchase 1336- -1,99,920.00 By Pur-Cement Rmc (Sunrise) By Pur-Cement & Rmc(Address) By Pur-Cement & Rmc(Address) By Pur-Cement & Rmc(Address) By Pur-Cement Rmc (Sunrise) By Pur-Cement & Rmc(Twin Tower) Purchase 24-3-2013 By Pur-Cement & Rmc(Twin Tower) Purchase 1347 Purchase 1337 Purchase -1338 Purchase 1339 Purchase -1340- Purchase 1341 1342- -1,45,180.00 84,7 OC 31,220.00 - 35,680.00 15,610.00 -13,43,998.00 To Closing Balance 1,58,400.00 53,84,710.00 82,82,588.00 28,97,878.00 82,82,588.00 $2,82,588.00 28,97,978.01 190 7,23,700.00 62 1,64,220.0 1-4-2013 By Opening Balance 17-4-2015 To Kotak Mahindra Bank (08412180000303) Payment 3-5-2013 By Pur-Cement & Rme(Twin Tower) Purchase By Pur-Cement & Rmc(Twin Tower) Purchase By Pur-Cement & Rmc(Twin Tower) Purchase By Pur-Cement & Rmc(Twin Tower) Purchase By Pur-Cement & Rmc(Address....
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....83- 184 31,220 00 185- 8,020.00 180 39,025.00 -223 03,600.00 224 15.610.00 225 15,610.00 225 28.990.00 -227 24,530.00 220 10,035.00 6,090.00 324 31,220.00 325 46,830.00 326 -327- 10,035.00 8,920.00 328 23,415 00 -329 37.910.00 330 30,105.00 -331 12,265.00 332 17,840.00 4,400.00 334 1,42.8000 335 1,32,055 0 By Pur-Cement & Rme(Twin Tower) Purchase By Pur-Cement & Rmc(Address) By Pur-Cement & Rmc(Address) By Pur-Cement & Rme(Address) By Pur-Cement & Rme(Address) By Pur-Cement & Rmc(Address) By Pur-Cement & Rme(Address) By Pur-Camant & Rmc(Address) 330 1,45,100 0 Purchase 337 Purchase 338 Purchase 339- Purchase 340 Purchase 341 Purchase 342 Purchase 343- By Pur-Cement & Rec(Address) Purchase 344 By Pur-Cement & Rmc(Address) By Pur-Coment & Rmc(Twin Tower) Purchase Purchase 345 31.2200 49.060 0 -15.010.01 15.610 01 15.010 0 15.6100 15.610 17.8400 15,955 0 345 6,33,080.0 By Pur-Cement&Rme Purchase 347 By Pur-Cement Rmc (Sunrise....
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.... By PUR CEMENT & RMC MILLENIUM Purchase Paypent 21-7-2013 To Axis Bank (912020032063493 ) 12-4-2013 By PUR CEMENT & RMC MILLENIUM Parche By PUR CEMENT & RMC MILLENIUM Purchase By Pur-Cement Bag U 541 1.22.650.00 542 22,300.00 1543 +99,950.00 544 54,740.00 Purchase, -545 2,33,240.00 Purchase 540 2.49.900.00 Purchase 547 1,83,260.00 -548 11,150.00 549 66,900.00 -550 -33,320.00 Document 6 Northway Spaces Limited MCC CONCRETE Ledger Account: 1-Jan-2001 to 10-Oct-2017 Date Particulars Vch Type Vch No Debit Brought Forward 57,12.410.00 121 Page 5 Credit 95.74.168.00 3-13-2013 By Pur-Cement Rme (Sunrise) Purchase 983 1,16 62000 By Pur-Cement & Rmc(Address) Purchase -984 By Pur-Cement & Rmc(Address) Purchase 985 8,920.00 18,955.00 4-10-2013 To Axis Bank (912020032063493) Payment 2018 22,00,000.00 To Axis Bank (912020032063493) Payment 2042 8,00,000.00 10-10-2013 By PUR CEMENT & RMC MILLENIUM Purchase. -1028 33,450 00 By PUR CEMENT & RMC MILLENIUM Purchase By Pur-Cement & Rme(Address) P....
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....ILLENIUM Purchase By PUR-CEMENT & RMC (EKLAVYAJ Purchase - TAXE BANK (12020032003493) Payment 2-3-2014 By PUR CEMENT & RMC MILLENIUM Purchase 3-3-2014 By PUR CEMENT & RMC MILLENIUM Purchase 6-3-2014 By PUR CEMENT & RMC MILLENIUM Purchase 29-3-2014 By PUR CEMENT & RMC MILLENIUM Purchase 21 By PUR CEMENT & RMC MILLENIUM Purchase By Pur-Cement Bag 3001 -1505 1500 4527 1528 1529 1530 1532 3.16,540.00 54,740.00 13,380 00 63.640.00 15 610 00 40 140.00 1,09,270.00 95.800.00 -1,23,750 00 Payment 3207 10,00,000.00 Purchase 1741 1742 3,345.00 2.61.800.00 1743 28.000.00 1744- 1.62.790.00 033,828.00 1040 3.33.200.00 1943 2.30.000.00 1951 83.300 00 2123 2.10.500 00 2124 1,46,370 00 Purchase 2125 Carried Over 1.23.46 238 00 150,31,243.00 continued Document 7 Northway Spaces LINE MCC CONCRETE Ledger Account: 1-Jan-2001 to 10-Oct-2017 Date Particulars Brought Forward Vch Type Vch No. 29-3-2014 By PUR CEMENT & RMC MILLENIUM Purchase By Pur-Cement Rmc (Sunrise) 2127 Purchase -2128 By PUR CEM....