TaxTMI 
TaxTMI 
2021 (4) TMI 769
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....cy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Natraj Proteins Limited through its Managing Director Mr. Kailash Chand Sharma vide board resolution dated 31.07.2019(for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against Claro Energy Private Limited (for brevity 'Corporate Debtor'). 2. The applicant is a company limited by shares duly registered and incorporated under the provisions of the Companies Act, 1956 on 21.11.1990 having CIN No. 00153MP1990PLC006090. The company is having its registered office at Nagpur Kalan Ordinance Factory Road, ITARSI, Hoshangabad, M.P. 461111. 3. The corporate debtor is a private limited company duly registered and incorporated und....
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....t but no payment was made till date. It was stated by the corporate debt or that the applicant has incorrectly raised Invoices worth Rs. 24,49,910/-. The debit note was raised by the corporate debtor dated 16.04.2019 of value Rs. 24,49,910/- and FORM GSTR-3B was filed as well. Secondly, Invoices worth INR 17,65,750/- are not due as per the corporate debtor. It is further stated that as mutually agreed, payments were to be made by the corporate debt or to the applicant only after they were received from the end customer i.e. Madhya Pradesh UrjaVikas Nigam Limited (MPUVN). MPUVNL has withheld a portion of the payment for all parties who participated in the project. The applicant's portion of withheld payment amounts to Rs. 17,65,750/-. 7. ....
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....act was not executed, but stated that the Corporate debtor failed to submit the executed copy of the Agreement. 13. The applicant as stated that the Corporate Debtor was always irregular in payment of the invoices raised .The Applicant has sent email dated 25.02.2018 which was only for seeking "the understanding how many of each component goes into each site. How do we bifurcate into 150 sites and arriving at a costing, so as to help us understand the project better and thereby billing you more efficiently'. Therefore, the applicant do not agree that there was any confusion about the "cost break up" of each component for each site covered by the project. Therefore, it is very clear that the mail was sent for only seeking clarification fo....
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....the rates and terms it were mutually agreed..'It is very clear that the Corporate debtor has raised dispute after receipt of the demand notice, which cannot be considered as the pre-existing dispute under the I & B Code,2016. Hence, the false and baseless dispute shown and uploaded at the portal of the Information Utility is not valid and acceptable at all. 16. In our view no disputes were raised as covered under section 5(6) of the Code which provides that "the dispute includes a suit or arbitration proceedings relating to-(a) the existence of the amount of debt; (b) the quality of goods or service; or (c) the breach of a representation or warranty". Therefore, there is no pre-existing dispute before issuance of the demand notice to the....
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....djudicating 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." In view of above observations, the dispute raised by the corporate debtor does not categorized as dispute as reproduced above, and the plea of dispute is nothing but moonshine defense, created by Corporate Debtor against the applicant without any evidence and hence merit, which is clear after thought to defeat the claim of applicant. 18. The registered office of corporate debtor is situated in....
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....sh Lohia to meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 23. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the Corporate debtor, prohibiting as per proviso (....