TaxTMI 
TaxTMI 
2021 (5) TMI 579
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....ess (CIRP) in respect of Printech Digital Imaging Private Limited on the ground that it has committed default for an amount of Rs. 11,60,381/- (Rupees Eleven Lakhs Sixty Thousand Three Hundred and Eighty One only) which includes principal amount and interest @ 18% p.a. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) APS Poly Fab Private Limited (hereinafter referred as Petitioner/Operational Creditor), is a Private Limited Company was incorporated on 22.02.2011 under the Companies Act, 1956. It is involved in the business of Manufacturing of rubber products. (2) Printech Digital Imaging Private Limited (hereinafter referred to as Responde....
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....om Corporate Debtor after the issue of the Demand Notice. (4) It is stated that the certified copy of the Statement of Bank Account of Operational Creditor maintained with State Bank of India where deposits are made or credits are received normally by the Operational Creditor in respect of the Corporate Debtor, reflects that no amount has been received by the Operational Creditor from the Corporate Debtor post the issue of Demand Notice. 3. The Respondent has filed its Statement of objections dated 10.02.2020, by inter alia contending as follows: (1) The Petition is not maintainable either in law or on facts and the same is liable to be dismissed in limine. The material supplied under the subject invoice was of low qual....
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.... folded prints, due to which reason the flex could not be mounted. The issue of the ink being stuck was a coating issue of the flex. The flex imported from Star Flex, South Korea through Sunshine Technologies, New Delhi, was of poor quality resulting in failure of the print. "Airtel" rejected these prints which compelled the Corporate Debtor to replace them at their cost by procuring locally manufactured flex. This issue was brought to the notice of the Operational Creditor through several emails and telephone conversations. Even the email sent by "Airtel" reprimanding the Corporate Debtor about the bad quality was also sent to the Operational Creditor. In response to these emails, the Operational Creditor on 01.07.2016 forwarded an email r....
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....rred, is not enough to invoke the jurisdiction of this Adjudicating Authority and on this ground alone the Petition is liable to be dismissed, The IBC cannot be used to recover time barred debts. 4. Heard Shri Vijay Narayan, learned Counsel for the Petitioner, and Shri B. Vachan, learned Counsel for the Respondent. We have carefully perused the pleadings of the Parties, extant provisions of the Code, the Rules made thereunder and the Law on the issue. 5. As stated supra, the claim raised with reference to amount due for invoices dated 10.06.2016 and 05.07.2016 amounting to Rs. 7,59,962/- along with an interest on the outstanding due amounting to Rs. 4,00,419/- @ 18% p.a., as per the terms of the invoice from the due date of the invoic....