9911796707
TMI Blog2020 (10) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 8 of IBC was issued. In reply only statements are made by Corporate Debtor which has not been substantiated with any proof. The corporate debtor has not placed on record any document which exhibits the plausible dispute between the parties. There is no merit in the so-called dispute raised by the corporate debtor as mere reply filed by the corporate debtor to the present application, is unable to establish any pre-existing dispute of genuine nature. This leaves no doubt that the default has occurred for the payment of the operational debt for which the invoices were raised by the applicant and the so called dispute raised by the corporate debtor is merely a moonshine dispute - it can be concluded that the dispute raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;Applicant') through Mr. Ankit Mehta, being the partner of the applicant firm, authorized on 04.04.2019, with a prayer to initiate the Corporate Insolvency process against Tamta Construction Co Pvt. Ltd.(for brevity 'Corporate Debtor'). 2. The Applicant is a partnership firm incorporated vide partnership deed dated 25.11.2009 under the provision of Partnership Act, 1932 having its office at G-40, 3rd Floor, Kirti Nagar, New Delhi-110015, email id: [email protected]. The applicant is involved in the business of manufacturing and sale of various industrial chemicals and raw materials. 3. The Corporate Debtor is a company limited by shares, registered with Registrar of Companies, Delhi, incorporated on 13.09.1990 under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tstanding amount of ₹ 1,73,106/- and interest of ₹ 98,670/- @ 24% p.a. aggregating to ₹ 2,71,776/- calculated from the date of default till 15.03.2019. 7. That vide reply dated 19.04.2019, the corporate debtor denied the contention of the applicant and stated that the applicant in its Section 8 notice had mentioned that corporate debtor had purchased chemicals and raw materials but has enclosed bills of safety materials. The corporate debtor has stated that no payment is due to the applicant. 8. The Applicant filed the present Application under section 9 of IBC, 2016 and served the copy of this application which was duly delivered to the Corporate Debtor as per service affidavit through speed post. 9. As per Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ying the payment due to its bad financial condition and have filed forged documents to avoid its legitimate dues. 12. Considering the documents on records and submissions of counsels, it manifests that the corporate debtor has tried to create and establish a preexisting dispute by asserting that the materials were neither delivered nor received. However, no documentary evidence or correspondence is placed on record by the corporate debtor to support the contentions. No documentary evidence is placed on record to manifest that there is a pre-existing dispute but the said dispute was raised for the first time only after notice under Section 8 of IBC was issued. In reply only statements are made by Corporate Debtor which has not been substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orted by evidence .It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. In view of the above observation it can be concluded that the dispute raised by the corporate debtor, is spurious, plainly frivolous, unable to categorize as genuine dispute as reproduced above and the contention of the corporate debtor, of a pre existing dispute without any evidence and merit is a clear after thought to defeat the claim of the applicant. 14. The date of default is 15.12.2017 and the present application is filed on 30.04.2019. Hence the application is not time barred and filed within the period of limitation. 15. The registered office of corporate debtor is situated in Delhi and therefore th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... torium period, terms of Section 14(2) to 14(4) of the Code shall come in force. 20. We direct the Operational Creditor to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional, namely Mr. Pankaj Batra to meet out the expenses and perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 21. A copy of the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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