TaxTMI 
TaxTMI 
2020 (3) TMI 1395
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....,2016 by the Applicant/ operational creditor, i.e. "Nitin Singh, Proprietor of Shri Shyam Printers" for initiation of Corporate Insolvency Resolution Process against the Respondent/ Corporate Debtor Company "Waves Bio-Tech Pvt. Ltd.". 2. The Applicant is a supplier of Printing and Packaging material. 3. The Respondent/Corporate Debtor is incorporated on 27.07.2001, bearing CIN No. U2423DL2010PTC111836. It is a private limited company and the authorised Share Capital of Corporate Debtor company is Rs. 10, 00,000/-and Paid-up Share Capital is 9, 65,000/-. 4. Brief Facts of the petition are: i. The learned counsel for the petitioner stated that the Corporate Debtor have been in business relation with the Operational Creditor for past many....
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....quality of goods supplied by the Operational creditor. The Corporate Debtor had not raised any dispute prior to the issuance of the Demand notice. 5. We have heard the learned counsel appearing for Applicant/ Operational Creditor. 6. The present case has been filed on behalf of Operational Creditor against the Corporate Debtor U/s 9 of the I & B Code and before filing the present petition, the Operational Creditor had sent the demand notice as required U/s 8 of the IBC, which is enclosed at page no. 24-29 (Annexure-B). 7. He further submitted that the said statutory demand notice was sent by speed post on 10.06.2019 to the Corporate Debtor but the same was returned with noting "No Such Person Found". 8. But before considering the submis....
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....ce before the initiation of CIRP and that has been decided by the Hon'ble Apex Court in Innoventive Industries Ltd. v. ICICI Bank, (2017)205 Comp Cas 57(SC) held: "The scheme of Sec 7 stands in contrast with the scheme under Sec 8 where an operational creditor is, on the occurrence of a default, to first deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in sec 8(1) of the Code. Under Sec 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned in Sub Section (1), bring to the notice of the operational creditor the existence of a dispute or the record of the pendency of a suit or arbitration proceedings, which is pre-existing -i.e.,....
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....or designated partner or key managerial personnel, if any, of the corporate debtor, and on the basis of the facts stated in the application, we find, the applicant had sent the demand notice through the registered post, which was returned as "no such person found", so, Rule 5(2)(a) has not been complied with. As far as Rule 5(2) (b) is concerned, the applicant has sent the demand notice through electronic mail but the corporate debtor has nowhere mention in the application, whether it is sent on the email id of the whole time director, designated partner or key nanagerial personnel of the corporate debtor. Therefore, it can be said that the applicant has not delivered notice under Section 8 of Insolvency and Bankruptcy Code, 2016, in accord....