TaxTMI 
TaxTMI 
2022 (1) TMI 1134
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....goods and services provided. The Date of Default as provided in the Part-IV of Form-5 is 15.07.2016. The details of transactions leading to the filing of this application as averred by the Operational Creditor are as follows: i. That the Operational Creditor and the Corporate Debtor entered into a Memorandum of Understanding dated 24.07.2015, wherein the operational creditor were to provide goods and services in the nature of facility management, house-keeping, supervision etc. to the Corporate Debtor. ii. The Operational Creditor submitted that it provided the services on credit and duly raised various invoices aggregating to Rs. 70,42,292/-. Further it was submitted that the Corporate Debtor failed to make the payments and made only part payments on various occasions amounting to Rs. 45,24,555/- against invoices raised till 12.12.2016. Copies of the abovesaid invoices raised were annexed with the application as annexure A-6. iii. The Operational Creditor submitted that in accordance with the settled terms and conditions set at the time of Memorandum of Understanding dated 24.07.2015 with the Operational Creditor, the Corporate Debtor was required to discharge its liability ....
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..../- due & payable by the Corporate Debtor to the applicant. In August/September 2018, Operational Creditor had approached the Corporate Debtor with a query vis-à-vis the availability of a shop/office space in the mall named Genesis Mall, owned and possessed by the sister-concern of the Corporate Debtor, namely Genesis Infratech Pvt. Ltd. The Operational Creditor showed an inclination to make an investment in the said project i.e., Genesis Mall. Thereafter, series of meetings took place between the parties to the present application and M/s. Genesis Infratech Pvt. Ltd., whereupon number of negotiations were held between the parties vis-à-vis the rate and allotment of shop to the Operational Creditor. During the negotiations, Operational Creditor had made it clear that the outstanding amount due & payable by the Corporate Debtor to it would be adjusted from the final sale price towards the said shop/showroom/office space proposed to be purchased by it in the said Genesis Mall. The said offer of the Operational Creditor was duly considered and accepted by the Corporate Debtor as well as M/s. Genesis Infratech Pvt. Ltd. e. That in furtherance of negotiations between the ....
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....uyers' Agreement dated 12.04.2019, a total consideration for allotted shop/office space has been fixed at Rs. 33,21,000/- (369 sq. It @Rs. 9,000/- per sq. ft. Out of the said total sale consideration amount, a sum of Rs. 23,16,315/- stands paid by the Operational Creditor to M/s. Genesis Infratech Pvt. Ltd. in terms of the adjustment as aforesaid, and a remaining sum of Rs. 10,04,685/- remains due & payable by Operational Creditor to M/s. Genesis Infratech Pvt. Ltd. On payment of the remaining sale consideration amount of Rs. 10,04,685/-, possession of allotted shop is to be handed over to the Operational Creditor. h. The Corporate Debtor further submitted that as per statement of account filed by Operational Creditor, an amount of Rs. 25,07,869/- is due and payable by Corporate Debtor to the Operational Creditor. That the said amount reflected in the accounts of the applicant is inclusive of tax deducted at source. As per the statement of accounts maintained by the Corporate Debtor, an amount of Rs. 1,91,554/- has been deducted towards TDS out of the amount of Rs. 25,07,869/- and thus as per the running account maintained by the respondent, an amount of Rs. 23,16,315/- remai....
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....ding debt payable by the Corporate Debtor would be a totally extraneous transaction with regard to the case in hand. Since, the Memorandum of Understanding dated 24.07.2015 under which the Corporate Debtor was required to discharge its liabilities to the Operational Creditor for services provided was signed between the Corporate Debtor and Operational Creditor only. It is also to be noted that after filing of the Police complaint by the Operational Creditor regarding forging of signatures and stamp of the Operational Creditor by the Corporate Debtor relating to purported sale purchase of Office/Showroom, the Corporate Debtor handed over cheques of Rs. 23,16,315/- to the Operational Creditor. Even though the cheques were dishonored. This raises doubts about the authenticity of the sale purchase transaction of the office/showroom from the side of Corporate Debtor. However, it must be said that with regard to the Operational Creditors contention relating to forging of signatures and stamp by the Corporate Debtor cannot be determined under the summary jurisdiction of this Adjudicating Authority. 8. Irrespective of the matter related to the adjustment of the dues of the Operational Cre....