TaxTMI 
TaxTMI 
2019 (8) TMI 1745
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....at it has supplied Rosted Gunwar Korma, a raw material for the manufacture and sale of animal and poultry feed to the Corporate Debtor (CD) as per terms and conditions entered into between the parties and on the basis of Purchase Orders. (Annexure - I Exhibit - 'B' dated 26/06/2015). 3. The OC has allegedly delivered goods referred to in "Annexure - | - Exhibit C" Invoices in between 22/06/2015 to 09/07/2015 and thereby an amount of Rs. 80,14,200/- is due as the price of the goods supplied and delivered to the CD and despite demand, the CD has failed to pay the amount and thereby issued demand notice by way of e-mail on 15/11/2015 and then issued Demand Notice as per Section 8 of the 'I&B Code' on 21/03/2018. Despite receipt of Demand Notice dated 21/03/2018, the CD did not pay the amount. Hence, the OC has filed this application for initiating CIRP as against the CD. 4. The OC further contends that vide confirmation letter dated 15/06/2016, the CD has confirmed the balance amount outstanding to the OC and that all the requirements u/s. 9 have been complied with by the OC. Affidavit in compliance of Section 9(3)(b) and certificate in compliance of Section 9(3)(c) of the 'l & ....
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....y the OC or that the goods supplied were of inferior quality. So also it is contended that the documents related to confirmation are genuine documents. The OC never manufactured or fabricated any of the documents as alleged. The CD is liable to pay the amount as demanded. The denial of debt due to the CD tantamounts to ill-motive of the CD to avoid repayment of legitimate operational debt, and prays for passing an order of admission as against the CD. 10. Heard the Ld. Pr. CS. Mr. Rohit Sharma for and on behalf of the OC and the Ld. Sr. Counsel Mr. Joy Saha for and on behalf of the CD. Perused the records and citations referred to on the side of the CD. 11. This is an application filed u/s. 9 of the '| & B Code' for initiating CIRP as against the Corporate Debtor/AHPL alleging that an amount of Rs. 80,14,200/- along with 12% interest is due from the CD. This application was filed claiming that the total outstanding operational debt due as on the date of filing this application is Rs. 1,06,58,841/- inclusive of interest. Upon hearing the arguments and considering the contentions and arguments advanced on both side, the points that arise for consideration are - (i) Whe....
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....elied upon by the OC. An argument was advanced on the side of the CD that none of the invoices referred to in Annexure I, Exhibit C in the application contains stamp of the CD and does not bear the signatures of any of the employees of the CD and its authenticity is disputed and therefore, these documents Cannot be relied upon to prove that the debt as claimed is due. According to him, the transport challans and way bills being issued by a 3 party cannot be used as a corroborative evidence as per provisions of the Evidence Act and that it being illegible and original of the documents being not produced by the applicant and it bears no stamp of the CD those documents, cannot be relied upon to prove the delivery of goods as alleged. 15. Ld. Pr CS for the OC submits that all the invoices corroborate with the transport challans and way bills and transport challans bear the stamp of the CD with initial, and that while the business relationship was cordial affixture of seal of the CD in the invoices are usually not insisted upon, however the transport challan contains the seal of the CD it is sufficient to prove the delivery of Invoices and goods as alleged by the OG. 16. The conte....
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...."Once the operational creditor has filed an application, which was otherwise complete, the Adjudicating Authority must reject the application under Section 95)(2)(d) it notice of dispute has been received by the operational creditor or there was a record of dispute in the information utility. All that the adjudicating Authority was to see at this stage was whether there was a plausible contention which requires further investigation and that the dispute was not a patently feeble legal argument or an assertion of fact unsupported by evidence. The Court did not at this stage examine the merits of the dispute dispute". 19. In view of the above said discussion, and bearing in mind the above said proposition held in Mobilox innovations Pvt. Ltd, am of the considered view that the invoices referred to in Annexure I, Exhibit C were received by the CD along with the goods and therefore the objections that the invoices and the goods were not delivered to the CD is found devoid of any merits. 20. It is significant to note that the CD has raised a contention in the reply affidavit that the goods referred to in the application were rejected by the CD and the OC has agreed to replace the ....
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....he CD, AHPL. It contains initials of the authorised signatory of AHPL. As per the above said reconciliation of accounts dated 15/06/2016 the CD admitted an amount of Rs. 79,98,074/- as the outstanding amount due to the OC as on 31/03/2016. Ld. Sr. Counsel for the CD submits that the letter head can be printed in a computer and therefore fabrication of a letter cannot be ruled out. He also submits that the above said documents does not contain the seal of the CD and the name of the authorised signatory and therefore fabrication of like document can easily be done by anybody and this document cannot be replied upon. 24. The attempt of the CD in the case in hand, if taken as a whole, it is understood that the CD is attempting to prove inconsistent contentions. The CD miserably failed to prove both the contentions. In the above said background if I test the correctness of the reconciliation letter allegedly issued by the CD, I find no materials to hold that it is a manufactured document as alleged. If it was manufactured in a letterhead of the CD it invites criminal prosecution against the alleged maker. No complaint so far seen filed by the CD before any authorities to book them fo....
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.... 2016. The Interim Resolution Professional shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (I) of Section 15 of the Insolvency & Bankruptcy Code, 2016 shall be made immediately. (iv) Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property Including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor whe....