TaxTMI 
TaxTMI 
2022 (12) TMI 1610
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....s a Company incorporated on 30.04.2003 with CIN U74950DL2003PTC120112 under the provisions of the erstwhile Companies Act, 1956, having its registered Office at 8/106, 3rd Floor, East Guru Angad Nagar, Near Gurudwara, Laxmi Nagar, New Delhi -110092, which is within the jurisdiction of this Tribunal. The Authorized Share Capital of the Respondent is Rs. 50,00,00,000/- and Paid-up Share Capital is Rs. 35,67,17,360/- as per the master data. 3. It is stated by the Applicant that it is engaged in the business of supplying various chemical products, whereas the respondent is engaged in the business of flexible packaging. The Applicant has stated that in the usual course of the business, Respondent has placed orders for supply of chemicals and the Applicant had duly supplied the same to the Respondent. On successful delivery of the said chemicals, Applicant raised various invoices, which were duly accepted by Respondent. The Applicant used to maintain the ledger accounts in respect of the said business transactions and issued the debit note of the interest payable by the Respondent from 04.01.2017 to 12.10.2021. However, the Respondent did not pay Rs. 02,92,93,223/- (the principal amou....
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.... issue of defective MEK solvent was brought to the notice of the Applicant company through its Director, however, the Applicant suggested that the solvent - Toluene or IPA, which is also used in the manufacture of the films along with MEK, may be defective and represented that they could provide better Toluene 86 IPA, which will not result in any defect and the product shall be of the standard as expected. Basing on the representations of the Applicant and to produce quality products, the Respondent company, even sourced Toluene 85 IPA from the Applicant, which were supplied by the Applicant at the above address of the Respondent in two consignments on 20.04.2021 and 23.04.2021. 6.4. As per the suggestion of the Applicant, the MEK supplied on 10.04.2021 and 11.04.2021 was again put to production with the new batch of Toluene 86 IPA received from the Applicant, however, the results remained the same and it was clear beyond doubt that the MEK so supplied was defective. 6.5. The Applicant and their representative being in complete knowledge of the defective material produced due to the defective MEK so supplied kept the Respondent assured for compensating for the com....
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....aring Invoice No. PR275/FY2122 dated 31.12.2021 amounting to Rs. 2,42,11,648/- upon the Applicant and on adjusting the said value from the account, the Applicant is liable to pay an amount of Rs. 70,09,430/- to the Respondent and also deliver the original Credit Note dated 31.07.2021 amounting to Rs. 1.66 Crore. 7. We have heard the Ld. Counsels appearing for both the parties and perused the documents placed on record. The Respondent has opposed the prayer of the Applicant mainly on the ground that there is a pre-existing dispute between the parties. It is contended by the Respondent that the demand notice was issued on 11.11.2021, whereas the Respondent vide its letter dated 10.12.2020 had raised the dispute with regard to rejection of supplies by their buyer due to smell and impurity in solvents supplied. It is further stated that as a consequence, their export order was rejected with debit of Rs. 6.5 Crore by the customer. Therefore, we would like to refer to the letter dated 10.12.2020 written by the Respondent to the Applicant, which is reproduced below: 8. The Applicant has filed the reply sent by email of 14.07.2021 to the letter dated 10.12.2020, which is reproduced b....
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....contention/dispute raised by the respondent prior to issue of the demand notice, which is not disclosed by the Applicant upfront in its application and which is yet to be settled conclusively and further, the applicant has approached this Adjudicating Authority for recovery of its alleged dues, which is not the objective of IBC. 14. In view of the above discussion, this Bench is of the considered view that there exists a dispute between the parties prior to the issue of the demand notice, which necessitates a detailed investigation of documents and adducing of evidence from the all concerned, which is beyond the scope of the summary jurisdiction of this Adjudicating Authority. 15. Accordingly, the present Application is Dismissed. ============= Document 1 Pant-Iv PARTICULARS OF OPERATIONAL DEBT 1. TOTAL AMOUNT OF DEBT, DETAILS OF TRANSACTIONS ON ACCOUNT OF WHICH DEBT FELL DUE, AND THE DATE FROM WHICH SUCH DEBT FELL DUE Rs.2,92,93,223/- (Rupees Two Crore Ninety Two Lakh Ninety Three Thousand Two Hundred Twenty Three Only) Including Principle Amount of Rs.1,72,04,137/- (Rupees One Crore Seventy Two Lakh Four Thousand One Hundred and Thirty Seven Only) and Interest....
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....D 16,683,720 Dar production tear esed Solvents and fol zwing complale received from our customer - · Stigercare'i . hparty hSo- Que to a labene houes our Export order ajected by o sr caso ser a od we are debited by thees 650 Crore, dve long aussciution we are not debiting you wiele amount of rejection amount. We have given you debit note of you tapplied material utlich ts 1.86 Crore please arrange to shane Credit Noce. Document 4 Chemical Suppliers India (P) Limited CONNO. V24299DL1997FTC90655, PAN NO- AAACCS340Q Date 14.07.2021 Reference - GLS Leter dated 10.12.2020 To whoes it may concern This is to inform you that we are in tremendous shock to receive rejection letter from GIS dated 10.12.2020, against our overdue long outstanding payments receivable for sum of Rs 1,66,89,770/- (one croce sixty-six bos eighty-aine thousand seven hundred seventy only) from GLS towards supply made in the month of September 2019 & October 2019 bearing bill no.1696,1697,1727,1791.1819,1821,1844, we bataliy dezy and strongly condem your false and baseless allegations of supply of inferior quality RM (Tolaene & MEK) supplied to you time to time as per your requir....
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....epeatedly asked to come to check the status and reconcile the accounts, but you have failed to comply to the same. Your actions of making false accounts and demanding money through illegal threats have p.s us under tremendous stress and mertal agony. You are, therefore, called upon to reconcile the accounts and appropriate the losses occurred due to defective materials. Hope you shall comply at the carliest. With Best Regards Sachin Rao Document 6 Frozen "Chemical Suppliers India (P) Limited" <thenitttrwnichtgmail.com> Dater to Sepanter 2021 at 10:18:18 PM IST Tar Sachin Rao <[email protected] Cer sandeep alegh "sandeep singhitalifilms.com>, Kridan <krishreggisfiltre.com?". contrastehinderce. Molh /i <toalit.4:@@@gmail.even ?. camalukatserealizemallsouls. ca.milyismertliesmeerschastort.Is. sedespiLglufims.coma Subject: Re FINAL REMINDER FOR PAYMENT RECEIVABLE IU Fajnvy & Billing Address CLB Fims Industries Pve. LKi Opp. Drahrea Kumari Achirass, Pitnudi Road, Dhors Kalan, Qllaspor, DISIL - Qurgeon (IM) 122413 Corporate Address ;. GLS Flies fruitsstries PYL. LML Jrd floor, 000-210, JMD Pacific Square, 800 - 18 Part-IL Gargron, Haryana, hdd KIND ATTENTION ....
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....following complaint for immediate action: 1. That we have been having regular business relations with our vender M/s Chemical Suppliers India(P) Ltd., and the above noted accused No. 1 and 2 are its Directors and the Accused no. 3 is their Chartered Accountant. 2. That there used to be quality issues in the material supplied by the said vendor and we used to inform them about the same and the issue used to be resolved by issue of Debit/Credit notes. 3. However, lately, the above noted accused No. 1 has been asking illegal & untenable money of Re. 4,60,05,397/- without acknowledging the previous debit notes and the current quality issues for which have been calling them to reconcile but to no avail. 4. However, lastly, the said person has been sending emails to employees and Directors of both the companies and threatening that he shall commit suicide if the money is not paid and keeping the other accused copied saying that if anything happens to him then our company and their officials be held responsible. And the accused No. 2 and 3 are not at all interjecting in the otherwise illegal acts of threat of suicide which shows they have also colluded with the accused No. ....