TaxTMI 
TaxTMI 
2021 (3) TMI 1347
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....on process ("CIRP") under Section 9 of the Insolvency and Bankruptcy Code 2016 ("the Code') of the Respondent PSR Aqua and Engineers Private Limited for the alleged default on the part of the Respondent in clearing the debt of Rs. 32,08,640/- (Rupees Thirty-Two Lakh Eight Thousand Six Hundred Forty only) i.e., Principal amount of Rs. 22,75,120/- and Interest of Rs. 9,33,520, as alleged by the applicant, towards the material supplied by the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The applicant submits that an oral agreement was executed between both the parties, wherein it was held that the CR Sheets, HRPO Sheets, HRPO slitted co....
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....e Respondent filed its reply Affidavit on behalf of the Respondent stating that: i. The Respondent started its business by purchasing materials from "Allied Strips Limited" (ASL). however, the Allied Strips Limited started supplying material to its customers through Power2SME Private Limited. ii. The Respondent submits that the Entire correspondence for purchase and supply of materials were done by the Respondent with Mr. Rajeev Rawat and Mr. Vikas Dhaiya who were employees of Allied Strips Limited. iii. That the Respondent through Allied Strips limited placed an order for 84 tons of material through different purchase orders and a series of emails were exchanged between the ....
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....issions made in the application: * That no reply to the statutory demand notice has been received till date, thus no dispute was ever raised by except by way of counter to the present petition. * That the Respondent admitted all the invoices so raised by the Applicant and also admits the invoiced amount of Rs. 22,75,120/-. The Applicant also states that the Respondent prepared 02 cheques dated 03.07.2018 for Rs. 10,25,119.75/- for payment and adjusted the debit note of Rs. 12.5 lakhs Thus, the Respondent admitted the entire liability and showed no protest against the invoices raised, the material supplied and also admitted that it intended to pay Rs. 10,25,119.75/-. * The app....
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....s not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. * That in Par 48 [Neeraj Jain, Director of M/s. Flipkart India Private Limited vs. Cloudwalker Streaming and Anr. Company Appeal (AT) (Insolvency) No. 1354 of 2019 decided on 24th FEBRUARY, 2020, It was made clear that for filing application u/s. 9 of Insolvency and Bankruptcy Code 2016 in case the demand notice is delivered in Form 3 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule....
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....erved: "33. The scheme under Sections 8 and 9 of the Code, appears to be that an operational creditor, as defined, may, on the occurrence of a default (i.e., on non-payment of a debt, any part whereof has become due and payable and has not been repaid), deliver a demand notice of such unpaid operational debt or deliver the copy of an invoice demanding payment of such amount to the corporate debtor in the form set out in Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 read with Form 3 or 4, as the case may be (Section 8(1)). Within a period of 10 days of the receipt of such demand notice or copy of invoice, the corporate debtor must bring to the notice of the operational credi....