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TMI Blog2020 (10) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... ute between the parties - it is evident that there are pre-existing disputes between the parties. Accordingly, as per the provisions contained in Section 9(5)(ii)(d), the petition is liable to be rejected. Application rejected. - C.P. (I.B.) No. 435/9/NCLT/AHM/2019 - - - Dated:- 5-6-2020 - Harihar Prakash Chaturvedi, Member (J) And Prasanta Kumar Mohanty, Member (T) For the Appellant : Amrita A. Patel, Megha Jani, Aadit R. Sanjanwala, Navin Pahwa, Himani Chhabra For the Respondent : Aalay Shah, Thakkar, Pahwa, Advocates ORDER Prasanta Kumar Mohanty, Member (T) 1. The present Petition is filed on 21.06.2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016 ('IB Code' for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('IB Rules' for short) for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, Jyoti Limited for the unpaid Operational Debt due. 2. The Petitioner, HEC Infra Projects Limited is a company incorporated under the Companies Act, 1956. The Petitioner is having its registered office at: Sigma 1 Corporate, Corporate House No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... danagar Pumping Station of Ahmedabad Municipal Corporation by the Operational creditor pursuant to the purchase orders issued by the Corporate Debtor and the invoices raised by the Operational Creditor on the Respondent from time to time. 6. It is submitted that the erection of the system as required, Corporate Debtor also issued completion certificate dated 22.11.2010 to Operational Creditor stating that the same was completed in August 2010. It also mentioned that the Operational Creditor and maintenance work would begin after two months. 7. It is submitted that the Operational Creditor raised various invoices on Corporate Debtor on various dates pursuant to erection of the system as required and the completion of Operation and Management work. The said bills/invoices have been accepted by Corporate Debtor without any demur or dispute. A copy of the invoice dated between 16.12.2009 to 28.02.2013 raised by the Operational Creditor on the Corporate debtor are produced at Sr. No. 9 to 26 of the list of documents. A table giving details of the invoices and the calculation of the total outstanding debt and the interest thereon as on 31.08.2018 is are produced at Sr. No. 27 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection as: 12.1 It is submitted that the present petition is not maintainable and liable to rejected as claims made are barred by limitation. The present petition is therefore liable to be rejected on this ground alone. 12.2 It is further submitted that the prejudice to the above referred contention, no debt is due and payable as demanded by the Operational Creditor. Without prejudice, there is a pre-existing dispute between the parties which would disentitle the petitioner to maintain the present petition. The present petition therefore also is liable to be rejected. 12.3 It is submitted that the claim made by the petitioner even otherwise is nothing but an afterthought action and tantamount to abuse of process of law and the Court. It is stated that the Ahmedabad Municipal Corporation issued a work order dated 17.07.2009 in favour of the Corporate Debtor for SITC of Ele-Mech Equipment with 3 years O M for Jashodanagar Water Distribution Pumping Station. The Corporate Debtor issued a Letter of Intent dated 25.08.2009 to the Operational Creditor for the supply, erection, testing and commissioning including O M for Electro-Mechanical Works on back to back basis. It was agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s against Corporate Debtor. 13.2 It is submitted that the Operational Creditor has filed this petition claiming an amount of and amount of ₹ 24,67,282.00 (principal amount) plus ₹ 65,23,790.00 towards interest @ 20.25% of the period from 2009 upto 31.08.2018, totalling to ₹ 89,91,072.00 towards principal besides interest. 13.3 It is submitted that the Operational Creditor for ₹ 24,67,282.00 arises from the letter of Intent dated 25.08.2009 issued by Corporate Debtor to Operational Creditor for the supply, erection, testing and commissioning including O M for Electro-Mechanical Works. 13.4 It is submitted that the supply, installation and erection of the system was completed in August 2010, the limitation period to initiate the proceedings expired in 2013. Considering the date of last invoice raised by Operational Creditor to Corporate Debtor being 28.02.2014, the limitation period to initiate the proceedings expired in 2017. Admittedly, the Demand Notice is issued on 26.12.2018 and the present petition is filed in the year 2019. Therefore, the present petition being barred by limitation is liable to be rejected. 13.5 It is stated that as per Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties. Accordingly, as per the provisions contained in Section 9(5)(ii)(d), the petition is liable to be rejected. 13.8 As there is no Operational debt due and payable, there is no question of payment of any interest. Without prejudice to the above the Operational Creditor is not entitled to any interest. The reasons are as under:-There is no provision for payment of interest in the contract i.e. Purchase Orders. As such, there is no agreement between the parties for payment of interest. The petition is base only on two purchase orders. The present petition is concerned with the definition of the term Operational Debt as defined in Section 5(21) of IB Code. 14. The Applicant has prayed before this Adjudicating Authority for the initiation of Corporate Insolvency Resolution Process and call for the submission of claims in accordance with Clause (b) of Sub-section (1) of Section 13 read with Section 14 of the Insolvency and Bankruptcy Code, 2016 to be admitted and be pleased to pass any further order in the interest of justice. 15. Now, the Petition is filed on 21.06.2019 under the Section 9 of the Insolvency and Bankruptcy Code, 2016 for the unpaid Operational Debt due and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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