TaxTMI 
TaxTMI 
2021 (12) TMI 961
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....Petition filed by the Appellant under Section 9 of the Code for initiating 'Corporate Insolvency Resolution Process' (CIRP) against the Respondent/Corporate Debtor - Sovika Aviation Services Pvt. Ltd, has been dismissed. 2. The Appellant has sought reliefs for setting aside and quashing the order dated 26.08.2019 passed by the Adjudicating Authority in CP(IB) No. 44(MB)/2018 and admit the petition under Section 9 of the Code for initiation of CIRP. 3. The Adjudicating Authority while passing the 'Impugned order' dated 26.08.2019 in CP(IB) No. 44(MB)/2018 had, inter alia, observed the following: "On due consideration of the several evidences on record as placed by both the sides a conclusion can be drawn that the liability in question of Operational Debt was not a clean and clear liability, what to say, an "admitted" liability on the part of the Debtor Company. The alleged liability in question was contentious as well as disputed. The Insolvency Code is not incorporated to resolve the dispute about the correctness of the amount of a liability if it is contentious. Under the I&B Code a petition is not in the nature of a Civil Suit for settling a dispute erupted among t....
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....ach month in advance made to Appellant of a lump sum of Rs. 4,00,000/- alongwith applicable taxes for cargo security services provided by the Appellant from the execution of the Agreement for Financial Year 2016-17. In addition, the Respondent was also required to pay and irrevocable and unconditional bank guarantee in favour of appellant equivalent to two months revenue for three consecutive Financial Years. The due dates specified were on or before 15th July, 2016 for Financial Year 2016-17, on or before 25th March, 2017 for Financial Year 2017-18 and on or before 25th March, 2018 for Financial Year 2018-19. 6. The details of all invoices raised by the Operational Creditor on the Corporate Debtor are reproduced hereunder: 7. The email correspondence during the month of June, 2017 is reproduced below which reflects strained relationship cropped up between the Appellant & Respondent: 8. The Appellant has also submitted that to wriggle out of the liability for the various dues of the Corporate Debtor started raising debit notes which were refuted by the Appellant vide its letter dated 22.06.2017 as depicted below: The Appellant has also submitted that the Corporate De....
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.... issue internal instructions for increasing the cargo load on the aircraft to its employees. It has also stated that there was a steep increase in not only the number of passengers boarding in the Appellant's aircraft but also in their passenger's baggage which deprived cargo belly space to the Respondent as the airlines was making higher profit on the excess baggage of passengers then what they will get from cargo belly space rental. It has also stated that changes in government policy started from November, 2016 demonetisation led to a certain slow down market condition owing to which the cargo industry was severely impacted and the Respondent's business also took a hit resulting in an unaccepted dip in cargo transportation. In January, 2017 the Appellant's aircraft were carrying only 4200 tonnes per month of cargo as opposed to 4900 tonnes per month during the period of first agreement. 14. It has also stated that it made several requests to the Appellant to reduce the loss of Respondent including the changes in the business terms. It has also stated that the debit notes submitted by Respondent from 15th June to 19th June, 2017 amounting to Rs. 27,74,71,081/ were returned by ....
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....India' who has entered into 'OTS Agreement' for release of payments in different instalments till 31.03.2023 and the Corporate Debtor has already paid two instalments in terms of the Settlement Agreement. The Resolution Professional (RP) associated with the CIRP also confirmed that the Original Applicant- Operational Creditor under the Code also recommended for withdrawal of Application. The RP received only two claims from two operational creditors 'Air India Sats Airports Services Pvt Ltd. of Rs. 24.40 lakhs and another claim of 'Transport India' to the tune of Rs. 18.02 lakh. This reflects that the present Appellant's claim was not appearing in that list. In the current application also, the Appellant has encashed the bank guarantee of Rs. 39,91,00,000/- towards the dues from the Respondent. The Adjudicating Authority has drawn the inference of 'pre-existence of dispute' which cannot be ruled out. It is also very much clear that the Appellant is chasing for payments which is also not the purpose of the Code. The Hon'ble Supreme Court in Civil Appeal No.9597 of 2018, "Transmission Corporation of Andhra Pradesh Limited Vs. Equipment Conductors and Cables Limited" vide para 15 h....
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....or an amount of Rs.8.31.24,6714 30. Credit note bearing no 2100000031 dated 20 December 2016 For Rs 31.61,360/- 31. Javolos bearing no. 2200001026 dated 20 December 2016 for Rs.1,14,138/ 32. Invoics bearing no. 2200001089 dated 3nd January 2017 for an amount of Rs.7.79,29,319/-. 33 Jnveiss bearing no. 2200001088 dased 3" Jan 2017 fur Ro. 24,725 34. Involes bearing se. 2200001138 dated 6 Jan 2017 for Rs.5,56,842- 35. Iavolo boading po. 2200001139 dated 19 January 2017 for an amount of Rs8,33,24,6717- 36. Invoice boaring no. 2200001:56 dated 6 February 2017 for Rs.5,68,947/- 37. Involes beneing no. 2200001178 dated 6th February 2017 Dot an amount of R8,55,29,039 38. Involue bearing ne.2200001215 desed 39. Involee bearing no. 2200001216 dated 14 February 2017 for Rs.1,00.63,500/-; February 2017 for Rs. 1,00,62,500- February 2017 for an amount of 40. Involos beecing no. 2200001249 dated 17 3. 7,30,26,186/- 41. Invoice bearing no. 220001285 dated 3rd March 2017 for an amount of R8.01,88,202/- 42. Involes bearing no. 2200001314 dated 43. Invoies bearing no. 2200001315 dated 2 44. Invotee bearing no. 2300001327 dat....
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....e cosinec comatos ang us any spread age an ess if Sandal de dans og eigen Press my pay for the ones and atthof is metabo The scoopcholy without a of my or amadors in ecotten ofthe message woh basahom From: B Krishnan (alte:bkrishnon@guar.] Sent: 29 June 2017 11:27 To: chandrasekher @gosir.Iny prasad.pathara@goairin; sharkar [email protected] Ravi Singh Subject: PW: Represntation Of Cheque F and advise please. From: Akhilesh Rap maltokbilabongue.com Sent: 28 June 2017 18:24 To: 'Dishon Cc: Sahil Mehta': 'Sidhi mehta soban, Wolfgang Procke Subject: Representation Of Cheque Dear Mr.Krishnan, you This is continuation to my earlier mail, the below mentioned cheque no 233347 drawn on Union Bank C India for INR 300,00,000/-(three crore) was not honored by our bank as all our fund were blocked by bank for borning BG of INR 39.91 er, you are here by requested to represent the cheque on 7th July 2017 for clearance and same will be honored by our baskers. We sincerely regret inconvenience caused & look forward for your support as always.. With Regards TRUE COPY Document 5 A Chiping Officer SOVIKA Mobile +9....
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....he cargo la loncedi/down loaded end if the same is " handled by Go Air through Ground Handlur, Cargo Agant had sgroed fo reimburse the actual coat as communinated by Go A. Cargo Agent has al along from tacaption of the Agreement that is then the effective cane-18 Jety 2016 --Merch-2017-had-acceples-without-any-demur-of- prebent al the detit roles raised by Gur enc Cargo Handier paid Re 3,78,87,19843. At the paymente wes rende by Cargo Agent without rete any dispute. The Cargo Agent in pursuance to its acceptance of the Side Saller as finalised in execution version of the Agmement la July 2017 and by virtue of your consistent conduct of #opting our debt néens and making payments thereof you have dearly demonstrated that the Cargo Agent are not entitled to relse any debit notes to GoAir, more portioularly for passenger baggage handling and for all Cango. Page 1 of 2 thout Prejudice. bay venta Capra of C1 Wikia Centre de 3, dial A, Net-113 5. So COPY Document 7 FLY SMART ON In view of the above, we are returning the original Debit Notes mentioned above which is treated as reproper, invalid and concalled. For Ge Alt....
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....deed and assuring you of our best coopereden and services at all times. Regards, Sahil Mahta CEO Sevika Aviation Services Pvt. Ltd. Sent from my Phona? Disclaimer: This message contains confidential information and is intended only for the Individual named. If you are not the intended radplant you should act disseminate, distribuse or copy this e-mail. Please notify the sender 1 Document 9 immediately by e-mail if you have received this e-mail by mistake and delete this email from your systems. transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept billity for any errors or omissions in the contents of this message, which arise as a result of e-mail tranamlasion. Please note that any views or opinions presented fo this efsall are solely those of the author and do not necessarily represent those of Companies. TRUE COPY Document 10* ANNEXURE.K Prasad Pathare From: Sent: To: Ca Subject: Attachments: Seni Mehta 01 September 2017 13:32 Anand Sahal B Krishnan: 'Chandrasekh....