TaxTMI 
TaxTMI 
TaxTMI 
2020 (2) TMI 1488
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....9;the Rules') by M/s. Worldwide Metals Pvt. Ltd. through its Authorized Representative Mr. Prem Chand Gupta (for brevity 'Operational Creditor'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. J.P. Engineers Pvt. Ltd. (for brevity 'Corporate Debtor'). 2. The Operational Creditor namely, M/s. Worldwide Metals Pvt. Ltd. is a Company incorporated under the Provisions of Companies Act, 1956 with CIN No. U51109DL2015PTC286863, having its registered office at 402, 4TH Floor, Aditya Tower, Laxmi Nagar, District Centre, Vikas Marg, New Delhi-110092. 3. The Corporate Debtor namely, M/s. J.P. Engineers Pvt. Ltd. is a Company incorporated on 20.03.2014 under the Provisions of Companies Act, 201....
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....8. The Operational Creditor has annexed an Affidavit filed under the Section 9(3)(b) of IBC, 2016. The Operational Creditor has also attached the Bank Statements issued by Punjab National Bank for the period from 01.01.2018 to 30.03.2019 in compliance of the requirement under Section 9(3)(c) of IBC, 2016. 8. That the Corporate Debtor has filed its reply on 10.06.2019, wherein, it has submitted that the supplies made by the Operational Creditor were based on oral instructions and without written purchase orders. It has further added that both the Operational Creditor and Corporate Debtor were maintaining running account and payments were being made on regular basis. 9. It is also submitted by the Corporate Debtor that the entries for the p....
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....,95,79,294 against LC No. 106217ILCOW0395 dated 10.11.2017 to Olympus Metal Private Limited reflected in the Ledger Account of the Corporate Debtor annexed at Page 41 and 42 of its reply. 12. The copy of Ledger account maintained by the Corporate Debtor reflecting the adjustment entries in favour of M/s. Olympus Metal Pvt. Ltd. is reproduced overleaf: 13. The Corporate Debtor submits that the same has been acknowledged by the Operational Creditor. To support its contentions, the Corporate Debtor has placed its communication vide letters dated 21.10.2017 and 10.11.2017 to the Operational Creditor, letters dated 21.10.2017 and 11.11.2017 to Olympus Metals Private Limited and Confirmation Letters dated 22.10.2017 and 11.11.2017 to the Corpor....
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....ention to defeat the claim of the Operational Creditor. 18. It is further submitted by the Operational Creditor that the persons, who have signed such letters were not authorized to sign the same on behalf of the Company. The Ld. Counsel for the Operational Creditor has further placed reliance on the Doctrine of Constructive Notice, whereby all persons including the Respondent dealing with the company are deemed to have knowledge of the Company's Articles of Association and Memorandum of Association. 19. The Ld. Counsel for the Operational Creditor has further placed reliance on the Judgment passed by the Principal Bench in the matter of Oyster Steel and Iron Pvt. Ltd. vs. Royal Kitchen Appliances C.P. IB 968(PB) 2019, the relevant Pa....
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....e Corporate Debtor. The Operational Creditor has annexed its Bank Statements to support its contentions. The details of the Bank Statements reflecting payment of Rs. 1,95,34,823 on 21.10.2017 and Rs. 1,95,79,294 on 10.11.2017 by the Corporate Debtor to the Operational Creditor, are reproduced overleaf : 21. Per contra, the Ld. Counsel for the Corporate Debtor has placed reliance on the Judgment passed by this Tribunal in the matter of M/s. Oyster Steels and Iron Pvt. Ltd. vs. M/s. SMW Metals Private Limited in (IB)-1244(ND)2019, the extract of which is reproduced below : "Therefore, there exists a pre-existing dispute. Moreover, the relationship between the Corporate Debtor and Operational Creditor regarding the supply of goods and payme....
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....ebtor. 24. In view of the above, this Bench is of the opinion that the dispute raised by the Corporate Debtor is illusionary and moonshine, which is upstretched with an intention to erase its liability and defeat the claim made by the Operational Creditor. 25. In the given facts and circumstances, the present Petition being complete and having established the default in payment of the Operational Debt beyond doubt, the Operational Creditor is entitled to claim its dues. The amount of default being above Rs. 1,00,000 for the unpaid invoice, the Petition is admitted in terms of Section 9(5) of the IBC and accordingly, moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of the moratorium in terms of Section ....