TaxTMI 
TaxTMI 
2021 (12) TMI 433
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.... requesting to initiate the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") against the Corporate Debtor, M/s. KB Ispat Private Limited for the default amount of Rs. 26,89,290/-. 2. The Operational Creditor has submitted that it had business relations with the Corporate Debtor from September 2018. In all 42 consignments were delivered to the Corporate Debtor, each invoice being around Rs. 5 to 12 lakh, and all the consignments were supplied to the Corporate Debtor and invoices were raised with valid GST Number. 3. The Operational Creditor further submitted that the goods were supplied to the Corporate Debtor and three invoices were raised in the impugned transaction by the operational creditor for the total amo....
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....twisting. Tactics to pressurize the respondent company to accept an unreasonable and fallacious claim. There is a pre-existing dispute as per the alert circular dated 25.03.2019 issued by the Office of Commissioner of Central Goods Service Tax and Central Excise, Kolkata South Commissionerate (hereinafter referred to as "Commissioner of GST"). As per the alert circular issued by the Commission of GST, M/s. Rathank Retails Private Limited was found to be a non-existent and fictitious company that passed a huge amount of irregular Input Tax Credit to various recipients throughout India without physical supply of goods. The Operational Creditor was purchasing the material from the aforesaid bogus company. The apprehension of the Corporate Debt....
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.... Private Limited. Moreover, the Operational Creditor has regularly filed GST Return and at no point of time Input Tax Credit of the Operational Creditor has been disputed. It is also submitted that at no point in time claim amount of Operational Creditor is disputed by the Corporate Debtor. The issue of likely problem in getting Tax Credit has created by the Corporate Debtor merely as an eyewash to avoid payment of the legal claim of the Operational Creditor. 8. We have heard the Ld. Counsels of the Operational Creditor as well as the Corporate Debtor and have gone through the records. It appears that the Operational Creditor has supplied the impugned goods worth Rs. 3,89,87,276/- (including GST of Rs. 59,47,211/-) to the Corporate Debtor.....