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TMI Blog2020 (6) TMI 662X X X X Extracts X X X X X X X X Extracts X X X X ..... the 'Corporate Debtor' - Admittedly, in the instant case, even the payment of the admitted part of the claim amounting to ₹ 27,08,891/- has not been received by the 'Operational Creditor'. Default being in excess of Rupees One Lac would warrant initiation of 'Corporate Insolvency Resolution Process' at the instance of 'Operational Creditor'. There is no legal infirmity in the impugned order of admission passed by the Adjudicating Authority - appeal dismissed. - Company Appeal (AT) (Insolvency) No. 39 of 2020 - - - Dated:- 22-5-2020 - Bansi Lal Bhat, Judicial Member And V.P. Singh, Technical Member For the Appellant : Sandeep P. Agarwal, Sr. Adv. and Rupesh Tyagi, Adv. For the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the business of providing para-medical staff/attendants/technicians to patients besides carrying on business of providing medical supplies like medicines and medical equipments etc. and having business relations with the 'Corporate Debtor' since June, 2017. The 'Corporate Debtor' placed Purchase Order with the 'Operational Creditor' for procuring medical supplies and invoices came to be raised by the 'Operational Creditor' qua delivery of such products to the 'Corporate Debtor'. According to the 'Operational Creditor', the 'Corporate Debtor' made part payment of a few invoices but failed to clear the outstanding amount. According to the 'Operational Creditor', the 'Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r' on account of purchases made by the 'Corporate Debtor' from the 'Operational Creditor', after adjusting the recoverable dues on account of reverse sales only an amount of ₹ 27,08,891/- was payable by the 'Corporate Debtor' and the 'Corporate Debtor' had prepared a cheque for such amount which could be collected by the 'Operational Creditor'. According to 'Operational Creditor', an amount of ₹ 80,72,422/- plus interest computed upto 05th December, 2019 totalling ₹ 86,24,658/- was due and payable by the 'Corporate Debtor' and since default has occurred, the 'Operational Creditor' sought initiation of 'Corporate Insolvency Resolution Process' again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ortunity. Lastly, it is submitted that there is no default on the part of the 'Corporate Debtor' as admitted amount of ₹ 27,08,891/- was already tendered and the 'Corporate Debtor' informed the 'Operational Creditor' through its reply to Demand Notice that the cheques in respect of such amount have been prepared and same could be collected by the 'Operational Creditor' from the office of the 'Corporate Debtor'. 4. Per contra, learned counsel for the 'Operational Creditor' submits that the 'Corporate Debtor' never raised any dispute relating to supply of goods and the payment of amounts due and payable in lieu of supply of such goods. Reference is made to emails dated 9-10-2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in issue that the claim lodged by the 'Operational Creditor' in respect of medical supplies affected to 'Corporate Debtor' falls within the ambit of 'operational debt' which was due and payable. The 'Corporate Debtor' did question the veracity of some of the invoices for the first time in reply to the Demand Notice and not before that. No evidence of any amount lying outstanding on account of reverse sales, much less a cogent and credible proof, has been placed on record by the 'Corporate Debtor' who admitted having issued cheques in favour of the 'Operational Creditor' for an amount totalling ₹ 18,50,000/- which were dishonoured upon presentation by the 'Operational Creditor' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice enclosed the copy of cheque for an amount of ₹ 27,08,891/-would not absolve the 'Corporate Debtor' of such liability for two reasons:- (a) that the previously issued 17 cheques by 'Corporate Debtor' in discharge its liability qua the invoices had bounced; (b) that such payment was offered with the express stipulation that the same would be full and final settlement towards the 'Operational Creditor's claim. 7. The offer of payment of a part of the claim with a condition attached having the effect of 'Operational Creditor' relinquishing its claim in respect of the balance amount payable in law cannot be envisaged as a payment in compliance to statutory notice under section 8(1) of the ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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