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TMI Blog2020 (5) TMI 345X X X X Extracts X X X X X X X X Extracts X X X X ..... e 39).On perusal of the records it is also found that the demand notice issued by the petitioner on 1-9-2018 is replied by the corporate debtor on 15-9-2018 (page 10) whereby the corporate debtor has raised various disputes/objections with regard to performance, contribution, cost control and delay in completion of the project by the petitioner. The corporate debtor has also raised dispute regarding unauthorised absence of the petitioner from the duties and tampering the attendance register. Thus, there is pre-existing dispute in as much as the operational creditor has totally failed to provide the services to the corporate debtor as envisaged in the offer letter. That apart, claim of the applicant is not crystalized so as to establish t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor is a limited company-, registered on 5-5-1992 having registration No. L24100GJ1992PLC017574 having its registered office at Vadodara, Gujarat State. Authorised share capital of the respondent company is ₹ 8,00,00,000/- and paid up share capital is ₹ 7,88,94,500/-. 4. The applicant/Petitioner has submitted that he was appointed as Resident Construction Manager (RCM) by the respondent company at Mumbai. That, the corporate debtor had issued an offer cum appointment letter dated 9-3-2016 to the operational creditor annexed to the application (page 26). Accordingly, the operational creditor had joined the service with corporate debtor on 9-3-2016 as site in-charge of ONGC Uran plant and served the corporate debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th and variable salary from the month March, 2016 to 23rd May, 2017 @ ₹ 40,000/-per month. That, as per the detailed computation given by the operational creditor (page 6) total outstanding dues are ₹ 9,24,333/- (Rupees nine lacs twenty-four thousand three hundred and thirty-three only). 7. The operational creditor has further stated that having failed to receive the operational debt from the corporate debtor, he was compelled to issue demand notice (page 22-26) on 1-9-2018 calling upon the respondent to pay an amount of ₹ 9,24,333/-. That, the demand notice was replied by the corporate debtor vide letter dated 15-9-2018 (49-51). 8. In support of its claim, the petitioner has submitted copy of documents like offer/ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re site and progress mile stone fixed by ONGC need to be achieved, monitored and reported weekly, monthly to Management of Corporate debtor company is not adhered by the applicant and on account of such lapses ONGC was about to terminate the contract of corporate debtor. That, the progress made till 23-4-2017 was only 0.59% as against desired target given of 32% by ONGC. That, since there is very poor performance and progress at the site, claim of the applicant for variable salary of ₹ 40,000/- per month cannot be justified. So, claim of the applicant for ₹ 5,90,666/- towards variable salary for the period March 2016 to 23-5-2017 is incorrect and unlawful. 12. The corporate debtor has further alleged that various emails were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the main ingredients to initiate Insolvency Proceedings. Thus, before admitting the application, this Adjudicating Authority is to see that, at this stage, as to whether there is a plausible contention which requires further investigation. The operational creditor has totally failed to establish that amount is due and payable and not yet been paid. 16. In Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 85 taxmann.com 292/144 SCL 37 (SC), the Hon'ble Supreme Court categorically laid down that IBC is not intended to be a substitute to a recovery forum. It is also laid down that whenever there is existence of real dispute, the IBC provisions cannot be invoked. 17. Objective of the I B Code is to consolidate a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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