9911796707
TMI Blog2019 (3) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... red to as "the Code"]. 2. That, the applicant/operational creditor M/s. Vikas Ecotech Limited is a limited company incorporated under the Companies Act, 1956 having its registered office at 34/1, Vikas Apartments, East Punjabi Bagh, Delhi 110 026 and having identification number of L56999DL1984PLC019465 is engaged in the business of manufacture and supply of chemicals. 3. That, M/s. Kumar Arch Tech Private Limited is a company incorporated under the Companies Act, 1956 on 23rd February, 1998 and having its registered office at D-93, Akash, Nr. Judges Bungalow, Premchand Nagar, Bodakdev, Vastrapur, Ahmedabad 380 054, Gujarat State having identification No. U36999GJ1998PTC033735. That, authorised share capital of the corporate debtor is Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the goods supplied, corporate debtor started making false and frivolous allegations pointing out the quality issues. That, if there were any quality issues, the corporate debtor could have checked the material by using some part of the material and could not have consumed the entire lot. That, the material was supplied along with the laboratory test report which was as per the standard technical specifications. 6. It is further submitted by the applicant that despite the allegations of quality, corporate debtor was putting pressure to supply further lot of material. That, if there would have been genuine quality concerns in the first lot itself, the corporate debtor would not have insisted on supply of further quantity of material as r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... complaints and grievances about quality issues raised in corporate debtor's emails dated 18.06.2018 and 02.07.2018 which were raised months prior to operational creditor's notice in form No. 3 & 4 dated 27.08.2018. That, these quality issues were reiterated again in corporate debtor's email dated 21.08.2018. It is further stated that, there is existence of dispute within the meaning of Section 9(5)(ii)(d) of the Insolvency and Bankruptcy Code, 2016 as evidenced by the above referred emails and other facts. 10. Heard the arguments of the learned counsels appearing for both the sides and perused the documents submitted by both the parties. Findings: 11. On perusal of the material available on record it is found that the applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent is in respect of supply of goods. Therefore, the amount claimed by the Applicant from the Respondent is operational debt within the meaning of section 5, sub-section (21) of the Code. The operational debt is due to the Applicant. Therefore, Applicant is an Operational Creditor within the meaning of sub-section (5) of section 20 of the Code. From the aforesaid material on record, petitioner is able to establish that there exists debt as well as occurrence of default. 13. That, amount is due from the Respondent to the Applicant. Respondent is a Company registered under the Companies Act. Therefore, Respondent is a Corporate Debtor within the meaning of sub-section (8) of section 3 of the Code. 14. That, the Application filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 18. It is further ..... X X X X Extracts X X X X X X X X Extracts X X X X
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