9911796707
TMI Blog2020 (9) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... y. If the settlement fails, the Petitioner would be at liberty to file a fresh petition for admission - the Respondent's plea that it be given some more time to negotiate/settle/clear the debt needs to be accepted, and the Respondent/Corporate Debtor be directed to settle the debt at the earliest in consultation with the Petitioner/Operational Creditor, considering the amount involved and the present economic scenario, despite the argument of the Petitioner that it is a fit case for admission. Petition is disposed of by directing the Respondent/Corporate Debtor to repay the debt or the amount as settled with the Petitioner within a period of four months, failing which, the Petitioner would be at liberty to file a fresh petition for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1,31,402/- to the Respondent as per Invoices from January 2018 to January 2019. Copies of the Invoices raised against the supply of materials are annexed to the Petition. (2) It is submitted that the Respondent issued Cheque bearing No. 060892 dated 17.08.2018 for a sum of ₹ 17,50,000/- (Rupees Seventeen Lakh Fifty Thousand only) towards the payment of amounts, however the same was dishonoured when presented for encashment. It is further stated that Statutory Notice under section 138 of Negotiable instruments Act, 1881 was issued to the Respondent. (3) It is submitted by the Petitioner that the Respondent admitted on 03.12.2018 that ₹ 1,27,09,691/- (Rupees One Crore Twenty Seven Lakh Nine Thousand Six Hundred and Ninety On ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liable to be dismissed as there is existence of dispute which ought to be referred to arbitration. The Petition deserves to be dismissed in limine. (7) It is submitted that as per the understanding the Operational Creditor was to supply raw material such as cement and the Respondent would procure other raw material and supply finished product of concrete. This mutual supply would be set off against each other and the difference would be payable. (8) It is also submitted that the invoices that have been produced by the Petitioner in support of its claim have never been received by the Respondent and the same have been made up for the purpose of this petition. The Respondent submits that the Petitioner has failed to setoff the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, at this point we would not go into the merits of the claim or the dispute, and allow time to the Petitioner and the Respondent to settle the matter mutually. If the settlement fails, the Petitioner would be at liberty to file a fresh petition for admission. 6. In light of the above, we are of the considered view that the Respondent's plea that it be given some more time to negotiate/settle/clear the debt needs to be accepted, and the Respondent/Corporate Debtor be directed to settle the debt at the earliest in consultation with the Petitioner/Operational Creditor, considering the amount involved and the present economic scenario, despite the argument of the Petitioner that it is a fit case for admission. 7. In the result, C. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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