2021 (5) TMI 310

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....Corporation, seeking initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor i.e., M/s. Swan Electric Contracts Company Private Limited. The Registered Office of the Corporate Debtor Company is at 34, Khadhar Nawazkhan Road, Kakani Towers, 3rd Floor, Nungambakkam, Chennai-600 006, (CIN No. U31102TN2007PTC063663). This application was filed on 31.01.2020. 2. The Applicant submits that the Applicant is running a Proprietary concern under the name and style "M/s. Akash Cable Corporation". In the course of business, the Applicant supplied cable wires to the Respondent vide Purchase Order dated 09.10.2018 and the same is enclosed at Page 16 of the application. The Corporate Debtor placed Purchase Order to a v....

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.... or supplementary Purchase order would be issued. The disputes arose between the parties as reflected in the letters dated 01.11.2019, 10.09.2019 and 14.02.2020 are enclosed at Page 4 of the application. The Respondent further submits that along with the Purchase Order, the Respondent also issued blank post-dated cheques. The Respondent further submits that it was agreed between the parties that after supply of the material if there is an excess or lesser quantity of material, accordingly the Applicant shall take back the excess goods. The payment shall be made to the actual material supplied/used by the Respondent. Hence, in respect of the Purchase Order/Invoices referred in the application, the Respondent has already told the Applicant to....

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....bject to jurisdiction of courts in Chennai City only. 12. Kindly treat our earlier P.O. SECCPL/G/TN/1264/18-19 dated 28.08.18 as cancelled. 5. The Applicant has also filed invoices dated 24.11.2018 for supply of the materials and the total value of these invoices is Rs. 21,44,529.27. However, the Applicant herein has only claimed Rs. 17,80,466/- as "debt" due and payable. Apparently, there have been some transactions between the parties. Vide letter dated 10.09.2019, the Respondent has categorically stated that there are excess materials lying and has informed the Applicant to take back the excess materials. As per the Purchase Order also, it was mutually agreed between the parties that the materials plus or minus 5% shall be adjusted af....