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TMI Blog2020 (9) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... URT ] has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. Since the Respondent has already drawn six cheques for total amount of 6,69,362/-(which is total principal amount claimed in the Petition), and undertakes to honor those cheques whenever presented for realization, we are inclined to dispose of the instant Company Petition with directions. The Petitioner cannot claim interest due to circumstances. Application disposed off. X X X X Extracts X X X X X X X X Extracts X X X X ..... g water fan coils units from the Operational creditor and upon being fully convinced with the quality and price of the goods, the Corporate Debtor placed order for the goods through issuance of a purchase order, and thereafter directed the Operational Creditor to deliver the said goods at the respective addresses mentioned by the Corporate Debtor. (3) The Operational Creditor, after receiving the instructions from Corporate Debtor had duly sold, supplied and delivered the said goods and thereafter raised Invoice for the said goods to the Corporate Debtor. The Operational Creditor stated that the Corporate Debtor had duly received the goods within the prescribed time and at no point during the course of business did the Corporate Debtor ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to the Notice of the Operational Creditor within the period of (10) ten days of the receipt of the Demand Notice, thereby failed to show any dispute or record of the pendency of the suit or any arbitration proceedings filed, before the receipt of the Notice in relation to this dispute or to repay the unpaid Operational Debt. (6) It is stated that hence, there exists no bona fide dispute with regard to the debt being claimed by the Applicant/Operational Creditor. Hence, the inability of the Corporate Debtor to pay for the goods stand established and that the Corporate Debtor is not in a position to meets its legally enforceable financial obligation and therefore the Applicant/Operational Creditor prays that this application be admitted a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to show whether any proceedings have been initiated as per Demand notice. Another Demand Notice dated 26.04.2019 was issued, under provisions of the Code for same amount by calling upon the Respondents to pay same amount along with the interest of ₹ 37,355.96/-(Rupees Thirty Seven Thousand Three Hundred Fifty Five and Ninety Six Paisa only). Failing to pay the demanded amount by the Petitioner the instant Company Petition is filed. 6. Shri Thirupal Gorige, learned PCS for the Respondent submits that the Corporate Debtor was willing to settle the claim and thus brought cheques for the same. However, the Petitioner is not accepting the cheque and insisted to initiate CIRP. He also further stated that the Corporate Debtor in this C.P ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng opportunities to both the parties to explore the possibility of resolve the matter. However, the Petitioner wanted to initiate CIRP process to recover the outstanding amount. 8. It is settled position of law that provisions of Code cannot be invoked for recovery of outstanding alleged amount(s). The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353 has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. In another latest judgment rendered in Transmission Corporation of A.P. Ltd. vs. Equipment Conductors and Cables Ltd., (CA No. 9597 of 2018) dated 23rd October, 2018, (2018) 147 CLA 112 (SC) Supreme Court of India, it is int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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