2023 (5) TMI 446 - SCH - Insolvency and Bankruptcy

Maintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT - The NCLAT having referred to the nature of the claim made has taken note that the amount as claimed by the appellant herein was to the extent of Rs.1,81,45,943/-. The appellant herein however contended that the claim as made is not sustainable but according to the statement of accounts maintained by the appellant herein only a sum of Rs.22,56,833/- was due to be paid. In that context, the NCLAT having taken note that in any event since the appellant herein had stated that they are due in a sum of Rs. 22,56,833/- which amounts to admission and such amount in any event being more than Rs. 1,00,000/- had pressed into service the decision of this Court in the case of MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED 2017 (9) TMI 1270 - SUPREME COURT and in that context was of the opinion that the application filed before the NCLT under Section 9 of IBC was sustainable and has accordingly remanded the matter. Be that as it may, in the present circumstance when the claim as put forth by the respondent is to the tune of Rs.1,81,45,943/- after referring to the earlier deductions and the appellant herein is presently contending that only a sum of Rs.22,56,833/- was due and was offered to be paid but declined to be received by the respondent, the said amount itself was made the basis by the NCLAT to arrive at its conclusion that in any event, the due admitted is more than Rs. 1,00,000/- - in the present circumstance it is opined that the impugned order is liable to be set aside and the matter is to be remitted to the NCLAT to undertake the said exercise to find out as to whether any amount more than Rs.22,56,833/- is due as claimed by the respondent herein and thereafter arrive at its conclusion in accordance with law. Appeal disposed off.

Summary

Issues Involved:
1. Appeal against judgment of National Company Law Appellate Tribunal (NCLAT) under Section 9 of the Insolvency and Bankruptcy Code (IBC).
2. Dispute over the amount claimed by the respondent and admitted by the appellant.
3. Validity of the confirmation of balance through email as evidence.

Summary:
The Supreme Court heard an appeal challenging the NCLAT judgment regarding an application under Section 9 of the IBC. The appellant disputed the amount claimed by the respondent, stating only a lesser sum was due. The NCLAT had remanded the matter based on the amount admitted by the appellant, which exceeded Rs. 1,00,000. The appellant contended that only the admitted amount was due and had been deposited with the NCLT. The Supreme Court held that the NCLAT's reasoning was not justified as it failed to determine if any amount beyond the admitted sum was due. The matter was remitted back to the NCLAT for further examination, considering the principles from the Mobilox case regarding pre-existing disputes. All contentions of the parties were left open for argument before the NCLAT. The appeal was disposed of with these directions.