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TMI Blog2019 (7) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... , Mansarovar Industrial Area, Jaipur- 302020 (Rajasthan). The application is signed by Mr. Mahesh Kumar Kandoi authorized representative (duly authorized vide Board Resolution dated 04.04.2018) to initiate Corporate Insolvency process under IBC, 2016). 3. The Corporate Debtor is a Private Limited Company, incorporated under the provisions of companies Act, 1956 on 25.10.2007, duly registered with Registrar of Companies, Jaipur having CIN:U74994RJ2007PTC025230, having its registered office at F-2l(B-D-E), Malviya Industrial Area, Malviya Nagar, Jaipur-302018 (Rajasthan). The Authorized share capital of the Corporate Debtor is Rs. 1,00,00,000/- and Issued, Subscribed and Paid up share capital of the company is Rs. 1,00,00,000/-. 4. It is the case of the applicant that the applicant has supplied grey cloth to Corporate Debtor as per purchase order placed by Corporate Debtor during 2016 and raised various invoices from 14.09.2016 to 22.12.2016 for the total amount of Rs. 20,54,012/- (Twenty Lakh Fifty-Four Thousand and Twelve Only). The applicant wrote various reminders and requested Corporate Debtor to pay the dues of said unpaid invoices but no payment was coming through. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... affidavit filed by the applicant in compliance of provisions of Section 9(3)(b) is incorrect which has also been recorded in order of the Bench on 05.10.2018. G. That the demand notice issued on 06.04.2018 reflects the amounts of claim after which the payments were made by the Corporate Debtor which was acknowledged by the applicant hence, a fresh demand notice should have been issued for the balance amount of claim which has not been done. H. The claim raised in demand notice and claim in the application are not in conformity. I. The ledger account statement annexed by the applicant is not confirmed by the Corporate Debtor and further it reflects TIN whereas on that date already GSTIN were allotted. J. That the authorized representative of the applicant had visited unit of Corporate Debtor when the defects in the goods were informed to him and return of such supply was informed to the said representative. K. That the debit notes were being issued by the Corporate Debtor and informed to the representative of the applicant time and again, the details of invoices and corresponding debit notes are annexed at Annexure R-2. L. That the Corporate Debtor and applicant had a m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perusing the documents, the same are found to be of trivial technical nature. Some of said so called objections are: (i) That copy of revised Form-2 submitted by applicant has not provided to the Corporate Debtor; (ii) The verification and affirmation are not strictly in conformity with the oath of affidavit; (iii) Authorization letter filed by the applicant is without any legal sanctity as the authorization does not specifically mentions about initiating proceeding under I&B, Code and speaks only about taking action for recovery of pending dues before appropriate forum which cannot be the present Tribunal but can only mean to give rise to civil cause and remedy before the Civil Court; (iv) The application is incorrect/incomplete fabricated and without any relevant supporting documents; (v) Notice raising dispute was given to the applicant and whatever due to the applicant was paid leaving no dues, hence nothing survives; further first time in sur rejoinder raising issue that some lab test was done with respect to quality of the goods without even single document of lab report or any other documentary evidence placed on record in support to said contention; (vi) Lastly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application." 13. Further in the matter of Prabhat Marketing Co. Ltd., In re Hon'ble High Court of Rajasthan held as follows: "The fact which arises for attention is that the goods were supplied in August and September, 2009 and the objection as to their purported quality was raised in October, 2011. No steps under the Sale of Goods Act, 1948 either to reject the supposedly sub-standard goods or seek a diminution of their price appears to have been taken by the respondent company. Obviously, the goods in issue as supplied being consumed, they were not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 stating therein that no disciplinary proceedings are pending against named IRP. 19. As a consequence of the above discussion application is admitted in terms of Section 9(5) of IBC, 2016 and moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate Debtor prohibiting all of the actions mentioned under section 14(1)(a) to (d). 20. However, during the pendency of the moratorium period the prohibition of any activity shall not apply in terms of Section 14(2) and 14(3), as mentioned in the code. 21. The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process. Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 22. The Interim Resolution Professional shall perform all h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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