TaxTMI 
TaxTMI 
2021 (6) TMI 50
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....nsolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The applicant, M/s. The System Overseas 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 supplied goods on behalf of the Corporate Debtor to overseas buyer namely M/s. Divine World Wide General Trading LLC in the months of February and March, 2019 in terms of Sales of Goods Agreement dated 21.12.2018 and has raised 9 invoices. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. That the Ope....
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....er the website of Ministry of Corporate Affairs, Government of India, where the operational creditor supplied services to the Corporate Debtor which was replied to. f. It is submitted that the corporate debtor for the first time mentioned about the List of Defective Goods and Letters dated 12.06.2019 and 25.10.2019 sent by the overseas buyers in its reply and the said documents were ante-dated and were created by the said overseas buyer upon the instruction of the corporate debtor in the month of July 2020 only after the initiation of criminal prosecution in the month of January 2020. g. The Investigation Officer on 17.08.2020 filed its final report stating that the investigation was closed as no criminal offence was made ....
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....n of the respondent to make the payment on advance or remit payment or wait till the entire payment is received by the respondent from its overseas client. c. As per agreed terms and conditions of the agreement, it is submitted that the operational creditor shall be responsible for the quality, packaging delivery, warehouse clearance, sort out any objection from customs on the goods supplied etc to the overseas clients of the corporate debtor and shall bear all the expenses/risk of the damaged, loss or delay of the goods etc. Further they have agreed that the corporate debtor shall not be liable to make any payment on defective goods if supplied by the applicant. d. That in the month of February- March, 2019 the operationa....
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....on that the applicant managed to get the FIR registered against the Director of the respondent company at Gurugram bearing FIR No. 0022 dated 19.01.2020 at the Police Station Palam Vihar and the same was investigated by the cyber police station in a supervision of a very senior officer and found out that the claimed filed by the applicant was completely false, baseless and documents submitted by the applicant were fake and fabricated. Further, after proper investigation, the said FIR was cancelled at the Police end itself. Copy of the FIR alongwith the Cancellation Report is filed alongwith. 5. Heard the parties and perused the case records. 6. In respect of definition of "dispute" in the Code, Hon'ble Supreme Court has h....
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....ns. 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 and in furtherance to which the overseas client raised concern about the same and said that they will not be liable to make payment as the goods supplied are not of any use. 9. There was existence of dispute much prior to the issuance of notice under Section 8 of the Code. Respondent has raised the dispute with sufficient particulars. The amount of claim raised by the applicant clearly falls within the ambi....