TaxTMI 
TaxTMI 
2022 (5) TMI 804
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....ency Resolution Process (hereinafter referred to as 'CIRP') against M/s. Fitcast Founder & Engineers Private Limited, the Corporate Debtor for a default amount of Rs. 6,73,726/- (Rupees Six Lakhs Seventy-Three Thousand Seven Hundred and Twenty Six Only) including interest up to 17.12.2018. 2. The Operational Creditor has submitted that in pursuance of the purchase orders placed by the Corporate Debtor, the Operational Creditor supplied goods to the Corporate Debtor and raised the various invoices (Eleven Invoices) from 11.01.2017 to 31.08.2017 of Rs. 6,50,172/- (Rupees Six Lakhs Fifty Thousand One Hundred and Seventy-Two Only) and out of the said amount the Corporate Debtor paid an amount of Rs. 1,48,173/- (Rupees One Lakh Forty-....
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....rate Debtor further submitted that this petition is nothing but merely to misguide and mislead this Authority. The Corporate Debtor also stated that the person who signed the petition is not authorized to file the affidavit on behalf of the Operational Creditor on the ground that once the powers are delegated by the board the same can be not delegated further. In this petition, the Board of the Operational Creditor has authorized a few persons through Board Resolution dated 13.11.2018 and, they further authorized the signatory of this petition. 6. The petitioner company filed an application bearing IA No. 757 of 2019 for placing on record additional documents after the reply filed by the Corporate Debtor the same was allowed by this Auth....
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.... The contention to the Corporate Debtor that the claim amounts were received in lieu of previous invoices and the Rs. 5,01,999/- is still pending to be paid by the Corporate Debtor. The amount received from the Corporate Debtor has been adjusted on the basis of a first in first out basis. In support of the aforesaid claim, the Operational Creditor has placed on record 11 invoices raised from 22.04.2016 to 26.12.2016 through Interlocutory Application it bearing No. 757/2019. But the Operational Creditor has failed to justify that how much amount has been adjusted against which invoices. 9. If we consider the contention of the Operational Creditor the paid amount has been adjusted on the basis of a first-in and a first-out basis. As per th....
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....aying the outstanding amount to the Corporate Debtor, the Operational Creditor has sent the claim of 9 invoices only and the principal amount claimed is Rs. 4,33,086/- but in the petition, the principal claim amount is Rs. 5,01,999/-. 12. We are of the considered view that no amount is due to be paid to the Operational Creditor, as the statement of Bank Account of Corporate Debtor, shows that the outstanding amount has been paid. Moreover, there is inconsistency in the details of invoices and adjustment of payments provided by the Operational Creditor. Hence, the present petition is rejected. 13. Accordingly, the present petition is dismissed and disposed of. ============= Document 1 Invoice No Invoice Date Inv Amt Re....