2019 (11) TMI 1723

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....inafter called the 'Corporate Debtor') on the ground that the Corporate Debtor committed default to the extent of Rs. 4,90,01,183/-, as provided under Section 9 of Insolvency and Bankruptcy Code, 2016 (hereafter called the 'Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the Petitioner and Corporate Debtor have been doing business with each other for buying and selling gold bars. The invoices raised by the Petitioner were duly acknowledged by the Corporate Debtor. The invoices were paid on account vide bank payments. The Petitioner annexed invoices (Annexures B1 to B7 and C1 to C39) raised by them demanding payments from Corporate Debtor. The Corpo....

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.... the invoices does not arise. 6. Heard both the sides. The counsel of the Petitioner relied on the confirmation of the balance given by the Corporate Debtor. The counsel for Corporate Debtor argued that there is no liability of payment of amount to the Petitioner, the notice issued by the Petitioner is not a valid notice. 7. Admittedly, there is a confirmation of debt on 12.02.2019 by the Corporate Debtor, which shows that there is an unpaid amount of Rs. 4,90,01,183/- outstanding payable to the Petitioner which has not been repaid, and the Corporate Debtor has not denied the issuance of the confirmation of balance. If there was no liability, why was the confirmation of balance dated 12.02.2019 issued by the Corporate Debtor. Hence de....