TaxTMI 
TaxTMI 
2022 (6) TMI 1181
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....ip and authorized distributor and supplier of PVC Pipes and other pipeline fittings etc. That the Corporate Debtor is a company registered under the Companies act, 1956 and is engaged in business of real estate and construction. ii. The Corporate Debtor had been developing housing project namely Project French Archade at Koshambhi, Ghaziabad, Uttar Pradesh. As the Corporate Debtor required PVC Pipes and other Pipeline Fittings, it approached the Operational Creditor for supply of the said materials for its project. iii. That according to the terms of understanding between the parties, the Corporate Debtor promised to make payments within seven days from the date of submissions of supply invoice. The Operational Creditor had supplied material worth Rs. 52,17,697/- (Fifty Six Lakh Seventeen Thousand Six Hundred and Ninety Seven) between June 2011 and June 2017. Against the supply of the materials, the Corporate Debtor had made partial payments amounting to Rs. 46,47,711/- (Forty Six Lakhs Forty Seven Thousand Seven Hundred and Eleven). Thus, the outstanding amount pending against the Corporate Debtor regarding the aforementioned project is Rs. 5,69,986/- (Rupees Five Lakh Sixty-N....
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....ed from the Corporate Debtor, the Operational Creditor issued notice to the Corporate Debtor under Section 8 of the Insolvency and Bankruptcy Code, 2016 at its registered as well as at the corporate office in Form 3 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by speed post on 16.05.2019 and the said notice was duly received by the Corporate Debtor but no payment was received from the Corporate Debtor. viii. That the Corporate Debtor undisputedly owes a sum of Rs. 9,46,177/- (Rupees Nine Lakh Forty Six Thousand One Hundred and Seventy Seven only) which comprises of unpaid amount of Rs. 5,69,986/- (Rupees Five Lakh Sixty Nine Thousand Nine Hundred and Eighty Six only) and interest of Rs. 3,76,191/- being @ 36% accruing from the date of respective invoices for supply of materials to the said project in terms of instructions of the Corporate Debtor payable to the Operational Creditor but the Corporate Debtor has till date has not paid the said amount. 2. Consequent to the notice issued by this Tribunal, the Counsel for the Corporate Debtor filed its reply on behalf of the Corporate Debtor stating as below: i. That the Petition filed by the ....
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....herefore, in an unlikely event of the petition being admitted, it is not known whether the Interim Resolution Professional would be competent person having exposure to the real-estate industry and also has experience in dealing with the Financial Creditor by way of flat owners. It is also not known whether the Interim Resolution Professional has requisite knowledge and capacity to handle the business enterprise of the Respondent. 3. The Counsel for the Operational Creditor has filed rejoinder to the reply of the Corporate Debtor stating that: i. That the Corporate Debtor has filed a concocted and fabricated ledger account, in order to mislead this Tribunal. A bare perusal of the ledger accounts maintained by the Corporate Debtor depicts that it is concocted as they have willfully removed invoices from their ledger account which they themselves have acknowledged. The Corporate Debtor has maliciously removed invoices from the ledger account in order to show that no amount is due and payable to the Operational Creditor. The Operational Creditor has correctly raised the invoices and a perusal of the said invoices makes it cogent that the said invoices were raised. Therefore, it is e....
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....ly failed to pinpoint that which invoices are forged or fraudulent and has further alleged that only an amount of Rs. 210/- is due at their end. The Corporate Debtor malafidely removed certain entries from its statement of accounts filed along with its reply. However, the Operational Creditor in the rejoinder was constrained to re-file the particular invoices which were deliberately missed by the Corporate Debtor and the VAT returns which were paid by the Operational creditor. The invoices bear stamp and signature of the Corporate Debtor and are therefore duly acknowledged by him. iii. That even during the course of arguments, the Corporate Debtor when asked about which particular invoice is alleging to be forged and fabricated failed to disclose the same which clearly breaks the moonshine defense malafidely made by the Corporate Debtor. iv. That the Operational Creditor has already produced the invoices which has a receiving given by the Corporate Debtor and Ledger showing the total dues since the Corporate Debtor has a running account and several invoices were only partially paid by the Corporate Debtor. 5. The Counsel for the Corporate Debtor has filed written submissions o....
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.... averments made in the application as well as the documents enclosed with the application. 7. The Applicant has alleged a default on part of the Respondent in payment of a sum of Rs. Rs. 9,46,177/- (Rupees Nine Lakh Forty Six Thousand One Hundred and Seventy Seven). The Respondent has, in reply to the Demand Notice dated 16.05.2019 in Form 3 under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, issued by the Petitioner/Applicant, raised dispute in relation to amount due and the invoices raised. The Respondent has even disputed the invoices raised by the Petitioner/Applicant by stating that certain invoices raised by the Petitioner/Applicant are deliberately and malafidely forged. In "Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software (P) Limited", analyzed the meaning of dispute with respect to Operational Creditors and observed: "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 deliv....