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TMI Blog2020 (8) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... s not complied with the provisions of Section 8(2) (a) of the IBC, 2016. Return of cheques - HELD THAT:- The cheques were of 2nd January, 2018 to 3rd March, 2018 from the details matching with the challan date and cheque date as appearing at page 161 to 169 of the appeal paper book, all the cheques have been returned in an approximately 60 days after receipt of goods. This is a business relationship and in business such things happen. In this context, the Interim Resolution Professional (for short IRP) has also submitted that the Corporate Debtor has 41 Operational Creditors and one Financial Creditor Page 3-10 of the Affidavit in reply filed by IRP. Appeal dismissed. - Company Appeal (AT)(Ins) No. 554 of 2020 - - - Dated:- 20-8-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding the quality of coal supplied by the Operational Creditor. 4. The Appellant has given a lot of thrust that the Petition filed before the Adjudicating Authority by the Operational Creditor was not authorised by its Board of Directors and no resolution of the Board have been passed. He has also thrusted that the Annual Return dated 01.09.2019 of the Operational Creditor does not contain the reference of Board of Directors meeting held on 19.04.2018. 5. The Appellant has also asserted that there is a pre-existing dispute in the supply of coal by the Operational Creditor particularly with regard to the poor quality of coal supplied by the Operational Creditor resulting into a substantial losses by the Corporate Debtor. He has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. The Adjudicating Authority has observed in Para 11 of the impugned order that the Operational Creditor is claiming the principal amount of ₹ 87,25,069.90/- whereas even the worst situation the dispute is ₹ 20Lakhs hence, Debt is more than ₹ 1 Lakh. Hence it is an admitted liability. 10. The Operational Creditor -Respondent has also raised the issue of forging of signature of their representatives in the confirmation letter dated 01.01.2018. 11. As far as the return of cheques to the Corporate Debtor is concerned, the Respondent has categorically stated that they have misrepresented before the Operational Creditor that they were closing the account maintained with Cosmos Bank. Hence, they need old cheques back and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding of all Board Meetings in the Annual Return as there are only 12 rows in the prescribed form. We found no ground to reject such explanation. The grounds for rejecting an Application is categorically mentioned in Section 9(5) (ii) of the I B Code, 2016 and the same is given hereunder: Section 9(5)(ii) - reject the application and communicate such decision to the operational creditor and the corporate debtor, if- (a) the application made under sub-section (2) is incomplete; (b) there has been payment of the unpaid operational debt; (c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e invoice mentioned in sub-section (1) bring to the notice of the operational creditor- (a) existence of a dispute,[if any, or] record of the pendency of the suit or arbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; d) As far as returning of cheques are concerned, the cheques were of 2nd January, 2018 to 3rd March, 2018 from the details matching with the challan date and cheque date as appearing at page 161 to 169 of the appeal paper book, all the cheques have been returned in an approximately 60 days after receipt of goods. This is a business relationship and in business such things happen. In this context, the Interim Resolution Professional (for short IRP) has also submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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