2022 (8) TMI 419

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....6 (I&B Code) r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Wellous Pharma Private Limited (hereinafter referred to as 'Corporate Debtor'). The prayer made is to admit the Application, to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). 2. From Part-I of the Application, it is seen that the Operational Creditor is a Partnership firm having its Registered address as No. 9, 4th Cross Street, Natesan Nagar, Pondicherry - 605 005. This application has been signed by Mr. C. Umamurugan, who has been authorized by Power of Attorney dated 03.12.2019. 3. Part II of the ....

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....rate Debtor had defaulted in honouring the invoices raised by the Operational Creditor from 05.02.2018 to 11.09.2018. 8. It was further submitted that the Operational Creditor has given several remainders to the Corporate Debtor regarding outstanding payment. In the absence of a proper reply, the Operational Creditor has caused demand notice dated 26.09.2019 and thereafter filed this application to initiate CIRP against the Corporate Debtor. 9. In opposition to that the Ld. Counsel for the Corporate Debtor in the counter submitted that there is a pre-existing dispute between the parties. The Operational Creditor had failed to perform the electrical work as agreed and in the e-mail dated 02.04.2018, the Corporate Debtor clearly listed ....

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....n no. 7 of the purchase order the Applicant was liable to give CENVAT credit for an amount of Rs. 3,00,000/-. Since the GST was implemented subsequent to the purchase order the Applicant promised to purchase materials in the name of the Corporate Debtor as to claim an input tax credit by the Corporate Debtor. However, the Applicant failed to submit any material bills purchased for carrying out the work so as to enable the Corporate Debtor to avail input tax credit. 14. In the Rejoinder filed by the Operational Creditor denied the existence of a pre-existing dispute and submitted that the deficiency pointed out by the Electrical Inspector in the letter dated 02.02.2018 were rectified, thereafter upon satisfaction of the Electrical Inspect....

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.... to dismiss the application as not maintainable. 20. Having gone through the documents on record, after submissions of Learned Counsels, it is seen that in the purchase order No. 33 dated 18.06.2017 it was mentioned as follows "5. CEA approval including Genset approval is your responsibility. 7. CENVAT credit approximately Rs. 3,00,000/- - since GST implicated, the CENVAT benefit cannot be passed to the client - billing will be raised with GST." Reading the above clarifies that the Operational Creditor has agreed to get the CEA approval and will get the GST bill in the name of the Corporate Debtor. 21. Further, it is seen that in para 6 and 7 of the rejoinder the Operational Creditor has clearly admitted that it h....