2021 (4) TMI 1074

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....ng Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The applicant, M/s. Soham Polymers Private Limited has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. It is the case of the applicant that it had placed orders for the supply of the goods/materials from time to time to Flocksur India Private Limited (Corporate Debtor) and has raised invoices. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: ....

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....he Corporate Debtor in its reply to the application submits that: a. There is a pre-existing dispute between the parties prior to the issuance of the alleged demand notice. That the applicant had issued demand notice dated 05.08.2019 under section 8 of the Code, 2016 which was received by the corporate debtor on 09.08.2019 and a reply dated 26.08.2019 was duly supplied to the applicant. Mere pursual of b. reply to the notice signifies there is existence of pre-existing dispute. c. That the corporate debtor on 20.05.2019 vide an email already intimated the applicant regarding the substandard quality of the goods supplied by them and the losses that were incurred by the corporate debtor on using the same supplied ma....

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.... application." (emphasis given). 7. It is the case of the respondent that there has been pre-existing dispute between the parties prior to the issuance of the alleged demand notice, wherein, the applicant had issued demand notice dated 05.08.2019 under section 8 of the Code, 2016 which was received by the corporate debtor on 09.08.2019 and a reply dated 26.08.2019 was duly supplied to the applicant. However, the documents on records show that the respondent raised its dispute much before issuance of demand notice. 8. In the factual background it is seen that there has been no admission of operational debt by the respondent. In fact, there has been a dispute regarding the quality of the goods being supplied by the applicant. F....