TaxTMI 
TaxTMI 
2021 (11) TMI 186
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....ferred as the 'I & B Code') for initiating Insolvency Resolution Process against M/s. Blaze Polypacks (India) Private Limited (hereinafter referred as 'Corporate Debtor') stating that the Corporate Debtor is liable to pay a total sum of Rs. 2,01,284/- (Rupees Two Lakh One Thousand Two Hundred and Eighty-Four Only) including the interest @ 24% per annum interest of Rs. 86,664/- (Rupees Eighty-Six Thousand Six Hundred and Sixty-Four Only). The Operational Creditor had issued the invoice in the name of M/s. Blaze Polypacks (India) Private Limited from 04.01.2018 till 05.08.2020 in respect of outstanding invoice dated 28.12.2017. 2. The Corporate Debtor is a private limited company incorporated on 08.04.2009, having CIN No. U24....
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..... 1,14,620/- (Rupees One Lakh Fourteen Thousand Six Hundred and Twenty Only). The Corporate Debtor is also liable to pay an interest @ 24% per annum on the outstanding as Rs. 86,664/- (Rupees Eighty-Six Thousand Six Hundred and Sixty-Four Only), as per the terms of outstanding invoice from the due date of the invoices till the date of the demand notice. 4. The Operational Creditor stated that after giving several reminders, the Operational Creditor issued the statutory demand notice in Form 3 along with Form 4 dated 05.08.2020 as required under Section 8 of the IBC, 2016 and the certified copy of Form 5A issued by Bank where deposits are made or credits are received normally by the Operational Creditor in respect of Corporate Debtor, refle....
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....nty Thousand Only) only needs to be paid for the full and final settlement of the invoice. In furtherance to the same the Corporate Debtor had made effective payment of the amount of Rs. 5,20,000/- (Rupees Five Lakh and Twenty Thousand Only). 6. It is also stated that the Corporate Debtor had on several occasions asked the Operational Creditor to collect the defective goods as he specifically stated that he has no use of the same. However, the same was not collected and remained in the Corporate Debtor's godown since 2017. The Operational Creditor delayed the collection as he was fully aware that the material cannot be reused which had only scrap value. The Corporate Debtor informed to the Operational Creditor that they would scrap the....
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....d received the demand notice as evidenced by postal track reports. The Corporate Debtor failed to raise any existence of dispute or any pendency of suit or arbitration and send a statutory reply as envisaged by Section 8(2) of the IBC within the stipulated time. 10. The allegation that a representative was send by the Corporate Debtor to the Operational Creditor to verify the defects in January, 2018 is refuted as the same is an afterthought to circumvent the ensuing liability arising out of invoice. They denied that there were any defective goods supplied and no such grievance was raised by the Corporate Debtor at any point of time. 11. The allegation that there was an agreement between the parties that defective goods will be collected ....
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....ed on 18.01.2021 is barred by limitation as 3 years from 28.12.2017 expired on 27.12.2020. 16. In view of the Notification No. 1205(E) dated 24.03.2020 issued by the Ministry of Corporate Affairs specified the Rupees One Crore as the minimum amount of default and that the amount claimed which is below Rupees One Crore, this application cannot be entertained. 17. To get further clarity on this issue, we have gone through the Notification S. O. 1205 (E) : dated 24.03.2020 which reads as under:- "S.O. 1205(E). -In exercise of the powers conferred by the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby specifies one crore rupees as the minimum amount of default for the purposes of ....