9911796707
TMI Blog2020 (1) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... hority (National Company Law Tribunal, Bengaluru Bench) in C.P. (IB) No.147/BB/2018. The Application had been filed by the Appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC - in short) against the Respondent - Corporate Debtor. The Appellant claims that the Appellant and the Respondent had business arrangement whereunder the Respondent had to manufacture India Made Foreign Liquor (IMFL) for various brands of the Appellant and also to separately supply Extra Neutral Alcohol (ENA) to the Appellant. For the purpose, Appellant provided advance payments, working capital to purchase raw material and manufacture IMFL for the brands of the Appellant. According to the Appellant, for the purpose, Appellant had also supplied H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC was sent on 5th April, 2018 (Page - 147) and the Respondent replied on 14th April, 2018 (Page - 159). Subsequent to such Reply, Respondent filed suit so that arbitration proceedings could be initiated. The learned Counsel referred to document at Page - 161 as the Section 9 Petition under the Arbitration Act. It is further the case of the Appellant that even subsequent to Section 8 Reply, the Respondent admitted liability to pay by sending another letter dated 5th May, 2018 (Page - 128) and the liability has been admitted even in the balance sheet of the Corporate Debtor (Page - 134 at 136) which balance sheet was with regard to the Financial Year ending 31st March, 2017. 3. Learned Counsel for the Respondent submitted that under the Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es extended to us on 27th April, 2018. In continuation of our discussion on the above subject matter during the course of our meeting, we would like to inform you that the balance outstanding as per our books of accounts will be cleared within 6 to 8 months. In case if you initiate any further legal action on us in this period, we reserve our right to pursue the matter legally. Further this letter is being issued on the basis of our mutual understanding arrived at the meeting held on 27.04.2018." 5. The Counsel pointed out that clearly Respondent admitted that it had dues to pay which were also appearing in books of accounts. Counsel referred back to the balance sheet of the Respondent which is at Page - 134 at 136. The balance sheet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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