TaxTMI 
TaxTMI 
2021 (7) TMI 410
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 2. The 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - I, Chennai) while passing the impugned order in IBA/155/2020 (in an application filed under Section 9 of the I & B Code by the Respondent/Applicant/ Operational Creditor) at paragraphs 12 to 17 had observed the following: "12 - A perusal of Section 8(2)(a) of IBC, 2016 manifests the fact that upon the receipt of the Demand notice, the Corporate Debtor is required to bring to the notice of the Operational Creditor, the existence of any dispute before the receipt of the Demand Notice. In the present case, the Demand Notice was sent to the Corporate Debtor on 24.10.2019 and the same was received by the Corporate Debtor on 26.10.2019 and in their reply letter da....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the present Application falls well within the period of limitation. 16. Thus, the Operational Creditor has proved the existence of an 'Operational Debt' and the 'Corporate Debtor' has committed 'default' in the repayment of the said 'Operational debt' to the 'Operational Creditor' and in the said circumstances we are constrained to initiate the 'Corporate Insolvency Resolution Process' in relation to the 'Corporate Debtor'. 17. Further in relation to the 'Pecuniary Jurisdiction' even though the 'Threshold Limit' has been raised to Rs. 1 crore as and from 24.03.2020 by virtue of a Notification issued under Section 4 of IBC, 2016, as regards the present Application, it is seen that the present Application has been filed on 10.01.2020 whi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....parts of Tamil Nadu, the parties found it difficult to establish face to face meetings to further talks of settlement and no fruitful result could be achieved with the available time period. 4. The Learned Counsel for the Appellant contends that on 04.03.2021 after explaining the Appellant's stand a request for short accommodation was sought for the purpose of arriving at a mutually conducive terms of settlement in regard to the full and final settlement of all its dues. However, the 'Adjudicating Authority' had not granted any further time and directed the parties to put forward their submission based on the facts averred in the counter affidavit. Later, the 'Adjudicating Authority' had recorded that the orders would be reserved 'subject ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r addressed to the Appellant/Corporate debtor wherein the total amount paid was mentioned as Rs. 74 lakhs towards to the full and final settlement of dues amounting to Rs. 80 lakhs. (vide Annexure A9 page 414 of the Volume A3 of Appellant's paper book). Also, it is the version of the Appellant in the Appeal that it has made one more payment of Rs. 3 lakhs on 08.06.2021 to the Respondent over and above the agreed sum and in all, it had made payment of Rs. 77 lakhs to the Respondent etc. 9. Considering the fact that the Appellant had paid the due amount in full and final settlement with the Respondent/Operational Creditor and an 'acknowledgement letter dated 04.06.2021' was issued by the Respondent/Operational Creditor to the Appellant/Corpo....