AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2022 (10) TMI 871
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....le Companies Act, 1956, having its registered Office at Flat No. 26/13, Second Floor, Deepak Building, Nehru Place, New Delhi - 110019, which is within the jurisdiction of this Tribunal. That the Authorized Share Capital of the Respondent is Rs.10,00,000/- and Paid-up Share Capital is Rs.1,00,000/- as per the Master Data of the Respondent. 3. It is stated by the Applicant that on 07.10.2019, the Applicant and Respondent executed a Channel Partner Registration Form, wherein it was agreed by the parties to work on mutually accepted terms and conditions. It is further stated by the Applicant that - 3.1. The Respondent raised a Purchase Order bearing no AISPL/19-20/P0-032 dated 25.10.2019 upon the Applicant. Accordingly, the Applicant supplied the goods and services to the Respondent and raised the invoice bearing no. RV1927813879 dated 31.12.2019 for Rs. 1,32,45,904.84/-. 3.2 In accordance to the agreed payments terms of 60 days, the invoice dated 31.12.2019 fell due for payment on 29.02.2020. It is stated by the Applicant that the Respondent and Applicant had several meetings, wherein the Respondent had reiterated its promise to release the outstanding amount to the Responde....
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....as acknowledged by the Applicant that it was bound to deliver the goods in entirety and not in parts for qualifying the payment. v) As per the terms of the said Agreement, it was agreed between the parties that the Petitioner shall undertake to deliver the consignment in accordance to tne terms of me Purchase Order and a tax invoice shall be raised against the delivery of such products only when the delivery is affected in accordance to the terms of the Purchase Order. The relevant clauses of the said Agreement are reproduced hereunder for ready reference : "Clause 9.1 The terms of the delivery shall be in accordance with the delivery terms specified in the Purchase Order. Clause 12.3 Brightstar shall submit to you a tax invoice following dispatch by Brightstar of the product to you in accordance with the terms of the Purchase Order and this Agreement." vi) Owing to the deviations by the Applicant in performance of the Purchase Order, it was agreed between the parties that the payment of the outstanding amount will he completed on delivery of the complete consignment of the goods as per the terms of the said Purchase Order. The relevant clause of....
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....eply and contended that the present petition is baseless and pre-mature. 9. On perusal of the Part IV of the application, it is observed that the Applicant has claimed an amount of Rs.1,15,11,486/-, comprising of the principal amounting to Rs.1,01,80,986/- and interest Rs.13,30,500/- from 29.02.2020 to 15.12.2021 @ 18% per annum. From the period for which the interest is being claimed by the Applicant, we observe that the majority of the period is falling under the suspension period of IBC (i.e., from 25.03.2020 to 24.03.2021), for which no CIRP can ever be initiated as stipulated under Section 10A of IBC, 2016. Hence, in our view, no interest can be claimed for the suspension period of IBC for triggering CIRP. Further, as held in the catena of the Judgements, this Tribunal is not a court of recovery, therefore, we will not indulge in calculating the interest amount for the remaining period. 10. As already noted above, the principal amount claimed by the Applicant is Rs.1,01,80,986/-, which is arising out of the unpaid invoice no. RV 1927813279. 11. In the course of hearing, it was contended by the Respondent that the Applicant has not adjusted all of the following part-pa....
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....ghty Six Only). The Principal amount due ix Rx. 1,01,50,966/- (Rupees One Crore One Lakh Eighty Thousand Nine Hundred and Eighty Six Only) and interest due is Rs. 13,30,500/- (Rupees Thirteen Laleh Thirty Thousand and Five Hundred Only) for the period 29.02.2020 to 15.12.2021 calculated @ 18% P.A. as agreed. Details of transac tions on account of which debt fell due: up-to the The transactions leading aforementioned due amount is as follows. 1. That the Corporate Debtor and the Operational Creditor had executed a Registration Form/Agreement for the supply of products upon the Corporate Debtor. 2. Pursuant to this the Corporate Debtor have raised Purchase Orders. That vide Purchase Order no. AISPL/19-20/PO- 82 dated 25.10.2010 (Herein after referred to "TO") the Corporate Debtor has placed order upon Operational Creditor for procurement of various products. the the s. That the Operational Creditor supplied products as demanded by the Corporate Debtor through O raised. Admittedly, the said products were delivered and the same has also been acknowledged b....
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....drawn on ICICI Bank situated at 19, Chawla House, Nehru Place, New Delhi-110019 The said cheque was presented by the Operational Creditor with its banker on 24.11.2020. However, the said cheque got dishonored. 7. That on 17.12.2020 during a virtual meeting the director of the Corporate Debtor had assured that payment of the complete admitted outstanding would be made by December 2020. Thereafter, on 19.12.2020 the Corporate Debtor had made an on account part payment of Rs. 17,74,010/- against the total outstanding. However, the Corporate Debtor has again failed to clear the complete outstanding and the liability towards the outstanding invoice of the Operational Creditor as assured. Thereafter, vide email dated 90.12.2020 the Corporate Debtor had reiterated their assurance to make complete payment to the Operational Creditor and with malafide motive giving himself an indefinite timeline for making the same. Document 5 8. That due to the recalcitrant attitude and dilly delaying of the payment by the Corporate Debtor, the Operational debtor was constrained to re-present the cheque after intima....
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....cipal amount due is Rs. 1,01,80,986/- (Rupees One Crore One Lakh Eighty Thousand Nine Hundred and Eighty Six Only) and interest due is Rs. 13,30,500/- (Rupees Thirteen Lakh Thirty Thousand and Five Hundred Only) for the period 29.02.2020 to 15.12.2021 calculated @ 18% P.A. as agreed. Needless to mention, there is no dispute between the parties w.r.t. the instant invoice. The date of default as per pending invoice is as follows: Purchase Order No. AISPL/19- The date from & Date which such debt fell due: Tax Invoice No. Date of Tax Invoice 31.12.2019 20/PO-32 dated 25.10.2019 RV1927813879 Due date for 29.02.2020 Payment Document 8 2. Principal Amount 1,01,80,986/- outstanding (in INR) Interest Amount 15,30,500/- Outstanding (in INR) Total Outstanding 1,15,11,480/- (in INR) Computation of working is annexed and marked as Annexure II-F. Amount For the purpose of the present Application The total amount of Debt due claimed to be in default and the date on which the default occurre d (attach the workin gs for....