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TMI Blog2019 (12) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... ution process ( in short CIRP) as against the against M/s. Indo Nabin Projects Limited/Corporate Debtor. The Operational Creditor is engaged in supply of MS Steel Tubular Poles. As per Exhibit 'B', purchase order, the Corporate Debtor placed an order for supply of Steel Tubular Poles upon the terms and conditions as provided in the Annexure 'B', purchase order. The Operational Creditor has supplied and delivered goods in terms of the said purchase order in three different lots as per the request received from the Corporate Debtor. The corporate Debtor has received the materials from the Operational Creditor. The Operational Creditor also generated invoices along with the required documents as specified in the purchase order, for release of payment by the Corporate Debtor in accordance with the terms and conditions stipulated in the purchase order. The Tax Invoices generated by the Operational Creditor are annexed as Exhibit 'C in the Application. The Operational Creditor has supplied material worth ₹ 1,07,71,020/- ( Rupees One Crore Seven Lakh Seventy one Thousand twenty only) and out of three Letters of Credits(LC) which were open in raising inland bills ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edly existing even at the time of issuance of demand notice is that the Corporate Debtor could not pay the amount as demanded, only because of the breach of terms in the purchase order. According to the Corporate Debtor, they have forcibly withheld the dues due to the Operational Creditor for want of submission of the 'C Form related to the goods supplied to them as per the purchase order referred to in the Application. It further contends that there is no debt due or payable by the Corporate Debtor to the Applicant as there is serious disputes pertaining to the breach of terms in respect of delivery of goods to the Corporate Debtor. The Corporate Debtor has raised a counter claim against the Operational Creditor which cannot be decided in a proceeding of this nature. The Corporate Debtor admitted the issuing of purchase order and receipt of the goods as per the invoices referred to in the Application. According to the Corporate Debtor, as per Clause 7, the Operational Creditor failed in issuing 'El' Form for supplies made to the Respondent. It further contends that as per Clause 7 in the purchase order, upon submission of 'C Forms by the Corporate Debtor to the Ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Counsel on behalf of the Operational Creditor. 4. Perused the records. 5. Upon hearing the argument advanced on the side of the Corporate Debtor and perusal of the contentions in the Application as well as in the rejoinder and the contentions taken on the side of the Corporate Debtor, the only one point for consideration is whether submission of El Form as per the terms stipulated in the purchase order, is a pre condition for enabling the Corporate Debtor to pay the amount in demand. 6. The business dealings in between the Operational Creditor and the Corporate Debtor is an admitted fact. It is also an admitted fact that the Operational Creditor has supplied goods as per the invoices referred in the Application and the Corporate Debtor has received the materials supplied as per the invoices and Letter of Credit has been raised with the Bank of the Corporate Debtor for payment of the amount claimed in the Application. However, due to some alleged discrepancies raised on the side of the Banker of the Corporate Debtor against the Letter of Credits of which the amount is to be credited. The Bank did not credit the amount in favour of the Operational credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of the Application. So, on the date of filing of this Application, dispute related to issuance of 'C Form by the Corporate Debtor and in return issue of El Form by the Operational Creditor was pending for consideration and the letters of correspondence as evidenced from the Annexure with the Application itself reveals that correspondence were exchanged in between the Operational Creditor and the Corporate Debtor as to non issuance of 'C Form as well as 'El' Form. One among the letter referred to at page 130 is good to read. The extract of the letter reads as follows : 'From : P Sadani , ps(g)indonabin.in Date Thursday, February 9, 2017 1:33 PM To : A AGARWAL [VP SALES-ELECTRO POLES] Subject : Re.: MOST URGENT RELEASE OF PAYMENT VIDE ILC OVER DUE FOR SUPPLY OF ST POLES MANIPUR Dear Sir, We are in receipt of your mail dated 02-02-17 stating that you have received the E-l from the sales tax department. In this connection we wish to inform you the following :- 1. We doubt the authenticity of your message because thee is no documentary evidence attached along with your mail. 2. We have repea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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