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2022 (6) TMI 780 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT - It is pertinent to mention that the FIR relied upon by corporate debtor is against some boy working in the office of corporate debtor and no allegation is there in the FIR against the Operational Creditor. Hence, the said FIR does not have any evidentiary value in the present case. Firstly, the corporate debtor has raised the issue regarding limitation. It is seen from the records that the corporate debtor has issued the cheques and same dishonoured on 07.05.2018 and the present petition is filed on 09.01.2020. Therefore, the petition is filed well within the limitation. The Corporate Debtor has raised the objection regarding existence of pre-existing dispute. This Adjudicating Authority has to look whether there is pre-existing dispute actually exist or not. The Corporate Debtor has relied upon the letter dated 16.04.2018. It is pertinent to discuss the content of the said letter dated 16.04.2018. On perusal of the said letter, it is clear that the said letter was not accompanied by any evidence. Furthermore, the corporate debtor did not follow-up with the operational creditor regarding the issue raised in the letter dated 16.04.2018. Rather on the other hand, corporate debtor has issued the cheques dated 25.04.2018 amounting to Rs. 1,96,30,000/- to discharge its liability - this Adjudicating Authority is of the opinion that such argument in not maintainable in the eyes of law as corporate debtor has failed to produce any satisfactory evidence to show the existence of pre-existing dispute. Hence, this tribunal is inclined to initiate the CIRP of Corporate Debtor as a result the Petition is admitted. Application admitted - moratorium declared.
Issues:
1. Initiation of Corporate Insolvency Resolution Process under Section 9 of the Insolvency & Bankruptcy Code, 2016. 2. Existence of pre-existing dispute between the Operational Creditor and the Corporate Debtor. 3. Appointment of Interim Resolution Professional (IRP) and declaration of moratorium. Detailed Analysis: 1. The Operational Creditor, M/s. Hind Tradex Limited, filed a petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. AGL Televentures Private Limited, due to non-payment of dues amounting to Rs. 1,96,30,000. The Operational Creditor supplied goods to the Corporate Debtor, who defaulted on payments, leading to the demand notice issued under section 8 of IBC, 2016. 2. The Corporate Debtor disputed the liability, claiming dissatisfaction with the goods supplied, alleging that the products were fake and counterfeit, and raised a pre-existing dispute regarding the quality and performance of the goods. The Corporate Debtor relied on judgments emphasizing the necessity of a genuine dispute existing before the demand notice. The Corporate Debtor also raised concerns about the demand notice not being served and highlighted an FIR against an office boy regarding stolen documents. 3. The Tribunal analyzed the contentions of both parties and found that the Corporate Debtor's objections lacked substantial evidence to prove the existence of a pre-existing dispute. The Tribunal dismissed the Corporate Debtor's arguments regarding limitation and pre-existing dispute, emphasizing the lack of evidence supporting the claims made in the letter dated 16.04.2018. Consequently, the Tribunal admitted the petition, initiating the CIRP against the Corporate Debtor. 4. The Tribunal appointed Mr. Vikky Dang as the Interim Resolution Professional (IRP) from the IBBI list, directing him to manage the Corporate Debtor's affairs. A moratorium was declared to prohibit legal actions against the Corporate Debtor, ensuring the continuity of essential services. The IRP was instructed to comply with relevant provisions of the Insolvency and Bankruptcy Code, and the Operational Creditor was directed to provide initial finance for the CIRP process. The Registry was tasked with updating the Corporate Debtor's status with the Ministry of Corporate Affairs.
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