TaxTMI 
TaxTMI 
2022 (7) TMI 235
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....itiation of Corporate Insolvency Resolution Process in respect of respondent company, claimed to be the corporate debtor. 2. The applicant, M/s. Tarannom Shargh International Transportation Company has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. The Operational Creditor started doing business with the Corporate Debtor in the year 2014 for engaging the services of the Operational Creditor in connection with transportation of goods and movement of freight into various countries of th....
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....e main objections raised by the corporate debtor are as follows: a. The Corporate Debtor submits that they used to provide its logistics services to exporters. The Operational Creditor was engaged by the Corporate Debtor to transport their goods to the final destination. The final destination includes Almaty and other locations in the region. b. The Corporate Debtor submits that there has been Longstanding disputes between the parties in respect of discrepancies in invoices. The specific discrepancies (on account of overcharging, difference in rates, etc.) had been raised vide e-mails by the Corporate Debtor. The same was acknowledged and assured by the Operational Creditor stating that the accounts are under consideration....
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....arding the discrepancies in the invoices vide emails dated 02.06.2018, 22.12.2020. h. The Corporate Debtor also stated that they replied to the demand notice vide letter dated 06.04.2021 stating therein disputes previously raised by the Corporate Debtor on the subject of discrepancies in invoices, overcharging, delay in issue of documents, stoppage of cargo, loss of customers and revenue due to the Applicant's actions etc. 5. The operational creditor has filed its rejoinder and submitted as follows: a. The Operational Creditor submits that there had been the email correspondence from 11.11.2019 to 11.01.2020 between the parties with respect to the quantum of debt on the Corporate Debtor and enough opportunities to c....
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....ns - "(a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured;" 9. In the present matter, the Corporate Debtor in his reply has admitted the fact that till mid-2019, all the transactions between the Applicant and the Corporate Debtor were conducted without any disputes or disagreement. And the Corporate Debtor had withheld payments towards the Applicant due to the conditions beyond their control. Here....
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....d it is relevant to note that the admission with respect to no dispute or disagreement and also toward the debt of USD 60,000/- pose a reasonable inference that it is an admitted fact that 'debt' and 'default' exists. The Corporate Debtor was in a bad financial position and has failed to pay the debts due towards them. 11. In view of the foregoing documents, this Tribunal is of the affirm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant, accordingly, the present application stands admitted in terms of Section 9(5) of the Code and CIRP is hereby ordered to be initiated against the respondent Corporate Debtor, forthwith. 12. The operational creditor has ....