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TMI Blog2020 (4) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... Singh Member (Technical) And Alok Srivastava Member (Technical) For the Appellant : Mr. Harshad V.Hameed, Advocate For the Respondents : Mr. Avrojyoti Chatterjee, Mr. Rajiv S.Roy, Mr. Udayan Agarwal, Ms. Jayasree Saha, Advocates ORDER Heard Learned Counsel for Appellant and Counsel for Respondent No. 1 ( Operational Creditor ). Respondent No. 1 M/s. Capedge Consulting Pvt. Ltd. ( Operational Creditor ) filed an application u/s 9 of the Insolvency Bankruptcy Code, 2016 ( I B Code, for short) against Respondent No. 2 M/s India Techs Private Ltd. ( Corporate Debtor ) before Adjudicating Authority ( National Company Law Tribunal Kochi Bench) TIBA/14/KOB/19. Appellant claims to be the Managing Director of the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there was an existing dispute. 5. It is the case that the Jacob K. Thomas of Operational Creditor was Managing Director in yet another Company, M/s. Capedge Metals Minerals Pvt. Ltd. and also one M/s. Capedge Energy Pvt. Ltd. . It is argued by the Learned Counsel for the Appellant making reference to the agreement at Annexure A6(P-74) that one other Company M/s. Telsa Marketing Pvt. Ltd. and M/s. Capedge Metals Minerals Pvt. Ltd. had entered into agreement whereby Jacob K. Thomas took loan from that sister concern. It is stated that Mrs. Elizabeth Thomas shown in the document as Managing Director of M/s. Telsa Marketing Pvt. Ltd. in Annexure A6 is also Managing Director in Corporate Debtor . 6. Learned Counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt agreement to recap all the requirements to be translated into a settlement agreement to effect the same and the modus operandi of the accounting requirements, right off and payment will need to be discussed and agreed between all parties. Since we have decided that all parties are not intending for any legal disputes, we request that the bounced cheques are returned to me tomorrow when we meet to agree on the settlement proposal. Regards Jacob 8. When the e-mail was read out to us, we expressed to the Learned Counsel that the e.mail at the most indicates regarding some disputes but does not disclose what is the dispute. For the purpose of Section 9, the relevant would be whether there was dispute regarding the quality ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India Techs after Capedge arranged for the sale of India Techs assets and negotiated with India Techs creditors. India Techs has no money in its coffers not then and not now- and you were aware of that from the very start. - - - - - - - - - - (1) What are Capedge s achievements and results so far regarding the India Techs project? From the 1st payment in 2015 on 23/11 and 23/12 of ₹ 78,375/- and ₹ 350,000/-, and on 28/06/2016 of ₹ 618,300/- and both in November 2016 when India Techs renewed the agreement and later in Aug 1st and 23rd India Techs paid Capedge ₹ 14,65,000/-, I had requested you to submit reports about the progress of the project and results achieved. You have not, to date, submitted even one re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on perusal of records, it is clear that the Respondent Corporate Debtor has not raised any dispute relating to debt nor raised any dispute relating to quality of service of goods. They merely sought information regarding the services provided, which cannot be termed as pre-existing dispute or plausible dispute. Further, the cheque bounce case of Telsa Marketing Pvt. Ltd. is not between the Operational Creditor and the Corporate Debtor but between some other parties which cannot be taken into consideration in the instant case. 14. We find ourselves in the agreement with the Adjudicating Authority for these and other reasons recorded and we do not find that the Corporate Debtor is able to show dispute with regard to quality of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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