TaxTMI 
TaxTMI 
2022 (1) TMI 1515
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....re Complex 414-Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra-400013. Therefore, this Bench has Jurisdiction to deal with the present petition. 3. The present Petition was filed by the Operational Creditor before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a total sum of Rs.91,89,867/- (Rupees ninety-one lakh eighty-nine thousand eight hundred sixty-seven only). The Date of Default is 20.10.2017. 4. The case of the Operational Creditor is as under: a) The Corporate Debtor issued the Purchase Orders to the Operational Creditor for supply of Mobile Phones. The details of the Purchase order are as follows: Sr. No Purchase Order No. Date 1. 20170811627954 11.08.2017 2. 20170811627956 11.08.2017 3. 20170811627957 11.08.2017 4. 20170812629305 12.08.2017 5. 20170831664328 31.08.2017 6. 20170831664329 31.08.2017 7. 20170831664330 31.08.2017 8. 20170831664332 31.08.2017 9. 20170831664333 31.08.2017 10. 20170831664410 31.08.2017 11. 20170831664414 31.08.2017 12. 20170831664421 31.08.2017 13. 20170831....
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....eral defects during the existence of the transactions. As per the provisions of the Sale Agreement, the Corporate Debtor is well within its right to return the goods to the Operational Creditor's sister concern, however, the Corporate Debtor could not return the goods if the same did not meet the quality standards or were defective but also the right to return was an encompassing right to return any goods which were unsold. d) Upon the instructions of the Operational Creditor's sister concern, the goods were directly returned to the original vendor of the products. As the goods were returned as per instructions of the Operational Creditor's Sister Concern under the Sale Agreement and raised 3 Credit Invoices dated 13.04.2018 for a total amount of Rs.39,84,764/- (Rupees thirty- nine lakh eighty-four thousand seven hundred sixty-four only), 18.04.2018 for a total amount of Rs.7,76,446/- (Rupees seven lakh seventy-six lakh four hundred forty-six only) and 19.4.2018 for a total amount of Rs.76,863/- (Rupees seventy-six lakh eight hundred sixty-three only) upon the sister concern totalling to an amount of Rs.48,38,291/- (Rupees forty-eight lakh thirty-eight thousand....
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....and one hundred nine only) which is the principal amount due and payable excluding the interest. It was always understood between all the four entities that the amount due and payable amongst them shall be settled eventually via Group Reconciliation as there were various dues payable amongst the said 4 entities. i) The Operational Creditor has sent the Demand Notice dated 30.01.2019 in utter abuse of the process of law under the IBC to extort money from the Corporate Debtor despite there being larger claim due and payable to the Corporate Debtor and the Parent Company and in furtherance to its unethical, and wrongful claim, has also filed the instant section 9 Petition wrongfully to recover the same. Further, the total amount as per the Operational Creditor's claim which is alleged to be due from the Corporate Debtor to the Operational Creditor is less than the total amount due and payable by the Operational Creditor's Sister concern to the Corporate Debtor and the Parent Company as the total amount payable by the sister concern is Rs.1,19,95,109/- (Rupees one crore nineteen lakh ninety-five thousand one hundred nine only) which is the principal amount due excludin....
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....he IBC, in regard to the following: (i) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002; (iv) The recovery of any property by an owner or lessor where such property is occupied by or in possession of the Corporate Debtor. (c) Notwithstanding the above, during the period of moratorium,- (i) The supply of essential goods or services to the corporate debtor, if continuing, shall not be terminated or suspended or interrupted during the moratorium period; (ii) That the provisions of sub-section (1) of section 14 of the IBC shall not a....