TaxTMI 
TaxTMI 
2022 (4) TMI 1363
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....tcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules'), by M/s. Vikas Scaffolding Systems (for brevity 'Applicant'), through its Sole Proprietor Mrs. Seema Saini, with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP), against M/s. Competent Vidyut Towers Pvt. Ltd. (for brevity 'Respondent'). 2. The Applicant, the Operational Creditor, is a Sole Proprietorship, whose proprietor is Mrs. Seema Saini, having its address at P-65, L.G.F. South Extension, Part-II, New Delhi 110049. 3. The Respondent, the Corporate Debtor, namely M/s. Competent Vidyut Towers Private Limited, is a company incorporated on 24.03.2003, under the provisions of Companies Act, 1956, with CIN N....
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....Debtor, on a monthly basis. That between 31.06.2016 and 01.09.2017, the Operational Creditor continued to raise invoices for goods supplied and the said invoices aggregated to Rs. 8,07,752/-, which amount is duly reflected in the Ledger Account, maintained by the Operational Creditor, in respect of account of Corporate Debtor, for the period 01.04.2012 till 30.06.2019. 7. That between 10.08.2016 and 15.08.2018, the Corporate Debtor had made certain ad-hoc payments, in response to the constant communications, which were underway between the Corporate Debtor and the Operational Creditor. However, after 15.08.2018, till date, no payments whatsoever, had been credited in favour of the Operational Creditor, thereby resulting in an outstanding....
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....ty Five Thousand Nine Hundred and Ninety Five and Ninety Six Paise) inclusive of interest, within 10 days from receipt of the notice, failing which the Operational Creditor shall initiate the Corporate Insolvency Resolution process against the Corporate Debtor. 10. The applicant has annexed postal receipt, for the delivery of the said demand notice at the registered office of the Corporate Debtor. 11. After the delivery of demand notice, sent under Section 8 of the Code, the Corporate Debtor has not sent its reply to the said notice, nor raised any dispute in response to the notice. As no payment was coming, hence this application, seeking to unfold the process of CIRP. 12. The Operational Creditor, in Part-IV of the Application, h....
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.... faulty materials and scaffoldings provided by the operational creditor, has blocked the payment w.r.t. the same. (vii) The corporate debtor always was ready and willing to tender the legal amount of Rs. 2,57,752/-, however, the operational creditor has denied the same on the pretext of extracting illegal money. Thus on this ground alone the instant petition is liable to be rejected." 15. In "Innoventive Industries Ltd. (Supra)", the Hon'ble Supreme Court held that pre-existing dispute is the dispute raised before demand notice or invoices was received by the 'Corporate Debtor'. Any subsequent dispute raised while replying to the demand notice under Section 8(1) cannot be taken into consideration to hold that there i....
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....orporate debtor has stated about the existence of some dispute with regards to the material supplied. However, no documents/communication has been annexed to prove the existence of any dispute. Hence, it appears to be an illusionary dispute. 18. The Operational Creditor has attached the copy of Bank statements in compliance of the requirement of Section 9(3)(c) of the IBC 2016. 19. In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. 20. The registered office of Corporate....
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....ssession of the Corporate Debtor. 22. That the supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. 23. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. 24. That the order of moratorium shall have effect from the date of this Order, till the completion of the corporate insolvency resolution process or until this Bench approves the Resolution Plan under Sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, as the case may be. 25. That the publi....