2021 (9) TMI 144

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....20 dated 04.03.2021 whereby the Adjudicating Authority dismissed the Application filed by the Appellant invoking the jurisdiction of the authority under Section 9 of the Insolvency and Bankruptcy Code 2016 (IBC 2016) against the Respondent/Corporate Debtor. Appellant's Submissions :- (2) The Learned Counsel for the Appellant submitted the brief facts necessitated to adjudicate the Appeal. He submitted that the Appellant is engaged in the business of manufacturing and exporting of Hydraulic cylinder to various customers as per their requirement. While so, the Appellant had sold/transferred MEIS Licenses between the period of July 2018 and November 2018 to the Respondent through different transfer letters and raised periodical invoices ....

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....nd of existence of dispute. The Learned Counsel submitted that there is no existence of dispute and the Hon'ble Adjudicating Authority ought to have admitted the Application and initiated CIRP proceedings against the Respondent. Appraisal/Analysis :- (4) Heard the Learned Counsel for the Appellant. The short point involved in this matter is whether the 'Ld. Adjudicating Authority' rightly dismissed the Application on the ground of pre-existing of dispute between the parties? (5) The Adjudicating Authority held that there is 'pre-existing dispute' between the parties prior to filing of the Application, and held that the 'Application' is not admitted. Accordingly, the Application is dismissed. (6) The bone of contention of the App....

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....ificate for sale to us and the details and the value of which detailed given under: S.No License Number Date Amount 1 3819009427 21-12-2018 1118516 2 3819008247 11-10-2018 1299068 3 3819008241 11-10-2018 669652 4 3819008467 23-10-2018 1534655 5 3819007106 12-07-2018 3173328 6 3819007870 31-08-2018 582037 7 3819007586 07-08-2018 1184326 8 3819007315 21-07-2018 452331 9 3819007255 20-07-2018 896481     Total 10910394 3. My clients state that all the certificates were handed over to my clients by your Companies representatives along with a covering letter mentioning receipt of entire payment. Th....

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....e the Appellant/Company had not received the payment and committed default. (11) Thereupon, the Appellant issued a 'Demand Notice' dated 26.11.2019 demanding a sum of Rs. 1,29,70,574/- in full within ten days from the receipt of the 'Demand Notice'. The Respondent/Company replied to the 'Demand Notice' on 05.12.2019 annexed as A10 at Page 63 of the Appeal Paper Book(s). (12) In reply, the Respondent had stated that the said 'Demand Notice' dated 26.11.2019 is only a counter blast to the Legal Notice already issued by the Respondent dated 26.10.2019. Further, the Respondent stated that the alleged Demand Notice dated 26.11.2019 is not inconsonance with the IBC 2016 as no invoices were annexed with the Demand Notice. Findings :- (....