2020 (6) TMI 768

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....lication to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of Jains & Alliance Palms Venture Private Limited (hereinafter referred to as 'Corporate Debtor/Respondent') on the ground that the Corporate Debtor has committed default for a total outstanding amount of Rs. 12,75,316/- (Rupees Twelve Lakh Seventy Five Thousand Three Hundred and Sixteen Only) including interest being Rs. 3,60,209/- (Rupees Three Lakh Sixty Thousand Two Hundred and Nine only) as on 19.06.2019. Workings on Computation of claim amount is annexed to the Petition. 2. Mr. Mahendra Jain, the Director of the Petitioner has filed this petition being duly authorised by Board Resolution dated 24.....

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....se the payments for the genuine bills if the same had not been made so far. (5) The Petitioner submits that email dated 15.07.2019 by the Respondent was suitably replied to, by the Petitioner stating that the Respondent is merely attempting to delay Petitioner's rightful payments. (6) The Respondent filed its Statement of Objections on 25.02.2020 denying the allegations of the Petitioner and stating that the Petitioner has suppressed the payment of Rs. 1,37,296/- received on 26.04.2018 and Rs. 1,23,298/- received on 03.08.2018. The Respondent has annexed its Bank statement showing the above payments being made to the Petitioner. (7) It is submitted that the Respondent sought certain clarification from the Petitioner vide email dated 1....

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....he email for verification of the same. 6. Itis imperative to bear in mind that an application under section 9 of the Code, 2016 cannot be filed to recover the debt amounts. The code has been enacted to bail out Companies that have become insolvent through the insolvency resolution process. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited v. Kirusa Software Private Limited' has inter alia held that | & B Code, 2016 is not intended to be a substitute to a recovery forum and cannot be used to jeopardise the financial health of an otherwise solvent company by pushing it into insolvency. Further, the Hon'ble Supreme Court in the case of K. Kishan v. Vijay Nirman Company Private Limited? clarified that the Petitioners....