TaxTMI 
TaxTMI 
2021 (12) TMI 1553
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....C011261 under the provisions of the erstwhile Companies Act, 1956 having its registered Office at 626, 6th Floor, Tower-A, DLF Tower Jasola, New Delhi-110025. 3. That the Authorized Share Capital of the Applicant Company is Rs. 1,20,00,000/- and Paid-up Share Capital is Rs. 24,00,000/- as per the Master Data of the Applicant Company. 4. That the Corporate Debtor (CD) namely, M/s.UM Green Lighting Private Limited is a Company incorporated on 26.11.2010 with CIN U31500DL2010PTC210780 under the provisions of the erstwhile Companies Act, 1956 having its registered Office at 806, Devika Tower, 6, Nehru Place, New Delhi-110019. 5. That the Authorized Share Capital of the Corporate Debtor is Rs. 5,00,00,000/- and Paid-up Share Capital is Rs. 3,43,97,900/- as per the Master Data of the Corporate Debtor. 6. It is submitted by the Applicant that in December 2014, tenders were issued by Uttar Pradesh Renewable New Energy Development Agency ("UPNEDA") and the corporate debtor was declared as the successful bidder for home lighting and street lighting system. Accordingly, the corporate debtor issued three purchase orders for supply of Street Lighting and Home Lighting Systems. In te....
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....vementioned due amount. He sought more time to repay the outstanding dues and requested to hold the Application for revival of the Application. 10. It is further submitted that accordingly, the Applicant sent the Demand notice under Section 8 of IBC dated 05.09.2019 demanding a total operational debt due of Rs. 2,51,87,305/-. The Demand Notice was served upon the Corporate Debtor at their registered office on 06.09.2019. The Tracking Report has been annexed. It has been submitted that on 12.09.2019, the Applicant received an envelope containing 14 blank pages. Thus, the Corporate Debtor neither replied to the Demand Notice nor raised any dispute. 11. It is submitted by the Applicant in the Part-IV of its Application that the "total amount of the operational debt due as on date" is of Rs. 2,51,87,305/-. The Applicant has also filed an Affidavit under Section 9(3)(b) stating that no notice of dispute is raised by the CD. 12. That as per the Ledger Account at page no. 91 maintained by the Applicant, the operational debt has been reflected. The scanned copy of the Ledger Account is reproduced overleaf : 13. The Corporate Debtor has filed reply dated 24.02.2020 to aforesaid ....
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.... However, the Applicant failed to support and therefore, the Corporate Debtor issued Letter dated 09.09.2019 and 17.09.2019, stating that the letter must be considered as an appropriate notice for invoking 'Arbitration' under the Dispute Resolution. d) It is also stated that the Respondent has made proportionate payments to the Applicant from the payments as received from UPNEDA. "The Respondent has so far paid amounts aggregating to Rs. 24.23 Crores to the Petitioner, which is approximately 85% of the total sales Value agreed between the parties." It is the contention of the Corporate Debtor that despite payment of the substantial amount, the Applicant has been pressurizing and demanding the balance amounts from the Corporate Debtor. e) That no email or speed post containing notice & Application has ever been delivered to the Directors of the corporate debtor. That the Applicant is indulging in delay tactics to defeat the legal remedies of the Corporate Debtor to contest the present Application by not effecting service of notice issued by this bench upon the Corporate Debtor. It is added that the Applicant has filed a false affidavit in this regard and in terms o....
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.... has been paid to the Applicant and also sought time to pay the outstanding dues of the Applicant. Accordingly, the existence of debt and default is established. It is the averment of the Applicant that the Corporate Debtor raised no defect and deficiencies before raising the notice under Section 8. d) It has been argued by the Corporate Debtor that the settlement agreement was executed under coercion. However, at no stage, the Corporate Debtor initiated any proceedings challenging the factum and validity of the settlement agreement nor filed any criminal complaint against the Applicant. Moreover, the execution of the said agreement has not been disputed rather it has been admitted time and again during the arguments. With regards the argument of the Corporate Debtor that there is no mention of the settlement agreement in the purchase order the Applicant has relied upon the case of Ircon International Ltd. vs. Vinay Heavy Equipment. e) The Corporate Debtor has alleged that there exists a pre-exiting dispute raised prior to the issue of demand notice. Further argument is also advanced that in response to the demand notice dated 05th September 2019, a response was s....
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....omised to clear the following pending debts in view of expected receivables from UPNEDA : (i) Rs. 2,58,16,305/- dues to be cleared by 31.05.2019, (ii) Rs.1,84,82,252/- dues to be cleared by 31.05.2020. That Mr. Kamboj further admits that they have paid only Rs. 6,29,000/- in May, 2018 out of the abovementioned due amount. He sought more time to repay the outstanding dues and requested to hold the Application for revival of the Application. The email dated 12.08.2019 is reproduced overleaf : 20. In the context, we are strengthened by the law laid down by the Hon'ble Supreme Court in the matter of "Innoventive Industries Ltd. Vs. ICICI Bank and Ors. - (2018) 1 SCC 407", whereby it is held that: "The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment amount. For the meaning of "debt", we have to go to Section 3(11), which in turn tells us that a debt means a lia....