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TMI Blog2017 (3) TMI 1701X X X X Extracts X X X X X X X X Extracts X X X X ..... cord of the pendency of the suit or arbitration proceeding filed before the receipt of such notice or invoice in relation to such dispute. The other option is to pay the demanded amount. In the instant case, the applicant sent a demand notice which was duly received by the respondent. A reply has also been duly filed where serious dispute has been raised. As such, on a perusal of documents submitted before us by the applicant, we are unable to fathom any material on record to dislodge the stand of the respondent as already discussed in the preceding paras. Hence, we are inclined to reject the above Petitions. The remedy of the applicant above named lies elsewhere and not under the provisions of the IBC. - C.P. No. (IB)-03(PB)/2017 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icable taxes (if any) shall be payable in full within 30 days of the Contract, and (ii) if the payment is not received within 30 days as specified above, Philips shall be at liberty to terminate the Contract and recover the amount towards charges for services, if any rendered at their standard rates. 3. The applicant has stated that it has provided maintenance during the relevant period and fulfilled all its obligations in accordance with the provisions of the contract. However, the respondent has failed to make full payment to the applicant. It is claimed that the respondent never denied the factum of performing its obligation by the applicant in accordance with the terms of the contract. The following amount has been claimed agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 17,16,314/- has been claimed as the total amount due which includes the principal and interest calculated @ 18% p.a.. A copy of the contract dated 11.5.2012 has been placed on record (Annexure-I). A copy of the each unpaid invoice has also been placed on record (Annexure-II colly). A sum of ₹ 47,000/- as paid on 16.1.2014 has been reflected in the accounts statement. The receipt of the amount has also been placed on record (P-III). It is claimed that the corporate debtor in its letter dated 30.3.2016 has admitted the outstanding amount of debt and it has not intentionally paid the same. 6. We have heard the Learned Counsel for the parties at length and have perused the Paper Book with their able assistance. Ld. Counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of Section 9 of IBC is not meritorious. The applicant has claimed and has classified itself as 'operational creditor' and has prayed for triggering of the Insolvency Process. A bare perusal of Section 9 of IBC would inter alia, reveal that this Tribunal is vested with the powers to reject the application of the operational creditor under Section 9 (5) (d) of IBC in case it is found that notice of dispute has been received by such an operational creditors, or there is a record of dispute with the information utility. We have been informed that no 'Information Utility' has so far been set up and we are per force to rely on the notice of dispute as sent by the respondent operational debtor to the applicant. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the upkeep of the medical equipment due to which the functioning of the equipment was majorly effected. It is further important to mention herein that the Allura Xper FD20C installed at the hospital of my client was left unattended at the hospital of my client for several days due to minor problems which were to be repaired by your client but were never repaired in time causing severe financial loss due to non activity of the machine of my client. The unprofessional approach by the officials of your client has caused major loss of reputation for my client and caused severe inconvenience to the patient awaiting their treatment at the Hospital of my client due to which the payment was deducted by my client and the same was informed to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the suit or arbitration should be in respect of the existence of the amount of debt, quality of goods or services, or for a breach of a representation or a warranty. Obviously, it is not an exhaustive definition but an illustrative one. It becomes evident from the expression 'includes' which immediately succeeds the word 'dispute'. Moreover, under Section 8 (i) of the Code adequate room has been provided for the 'NCLT' to ascertain the existence of a dispute. A demand notice by an 'operational creditor' to an 'operational debtor' must be sent who has not paid operational dues and has committed default. Section 8 (2) further clarifies that the corporate debtor is obliged to bring to the notice of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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