TaxTMI 
TaxTMI 
2022 (7) TMI 769
X X X X Extracts X X X X
X X X X Extracts X X X X
....;) by M/s. Aggcon Equipments International (P) Ltd., the Operational Creditor for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as 'CIRP') of the Corporate Debtor, M/s. JMC Projects (India) Ltd. on the ground that in spite of sending demand notice under Section 8 of the IBC, 2016 the Corporate Debtor committed default in paying operational debt of Rs. 53,52,336/- which includes outstanding invoiced amount of Rs. 48,42,603/- along with interest of Rs. 5,09,733/-. 2. The Operational Creditor stated that as per letter Intent dated 27.06.2018 and the Work Order dated 03.09.2018, it has given custody of Hydraulic Rig to the Corporate Debtor on hire charges. The condition to pay hire charges was that th....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of this application it has paid to the Operational Creditor the sum of Rs. 11,00,000/- after reconciling its own accounts (it is contended by way of supplementary affidavit). As far as mobilization of the Rig at work place and its demobilization charges are concerned, there is serious dispute still pending in between them. The Operational Creditor suppressed some vital documents relating to pre-existing dispute. Hence, it has filed an application bearing IA No. 805 of 2020 under Section 65 of the IBC, 2016 to take action against the Operational Creditor for fraudulent initiation of the CIRP. According to the Corporate Debtor, the Operational Creditor suppressed certain material facts. It is prayed that application is not maintainable. It m....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (b) there has been [payment] of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or (e) any disciplinary proceeding is pending against any proposed resolution professional: Provided that Adjudicating Authority, shall before rejecting an application under sub-clause (a) of clause (ii) give a notice to the applicant to rectify the defect in his application within seven days of the date of receipt of such notice from the Adjudicating Authority. 9. This provision of law is well explained by Hon'ble Sup....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ervations, the above provisions of law and pronouncement relating thereto, we proceed to examine facts of this case. 11. We make it clear that our finding on the controversy in between the parties that whether there is pre-existing dispute pending relating to Operational Debt, it is not necessary for us to look into details of the accounts produced by both the parties so minutely and further to hold that whose account would be properly maintained etc. Once we come to the conclusion that there is a pre-existing dispute about the Operational Debt as claimed herein, we looses our jurisdiction to enter into a controversy in between the parties about the accounts. 12. It is not in dispute that demand notice under Section 8 of the IBC, 2016....
X X X X Extracts X X X X
X X X X Extracts X X X X
....18 (Page - 130, 132 & 133) 26.11.2018 (Page - 134 Annexure-F). We have already noted that the dispute had cropped up in between the parties prior to demand notice under Section 8 of the IBC, 2016 about the amount claimed in this application. In our considered opinion, this dispute cannot be decided and resolved by this Adjudicating Authority within its limited jurisdiction. The parties are free to approach the appropriate forum for the same. 14. In view of evidence and material on record, we hold that there is a pre-existing dispute pending in between the Operational Creditor and the Corporate Debtor relating to the claim of Operational Debt herein. We answer the question in the affirmative. 15. We noted the fact that Corporate Debtor....