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TMI Blog2019 (11) TMI 1534X X X X Extracts X X X X X X X X Extracts X X X X ..... 19-11-2019 - Sucharitha R., Member (J) And Satya Ranjan Prasad, Member (T) For the Appellant : Partha Mukherji and Soumya Dev Ray For the Respondents : Laxmi Dhar Sahoo, Adv. ORDER Sucharitha R., Member (J) 1. The applicant M/s. Print and Craft is represented by Sandip Banerjee, Sole Proprietor of the firm. This application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process of M/s. Fortune Spirit Ltd. 2. The respondent M/s. Fortune Spirit Ltd. is a private limited company registered under the provisions of the Companies Act, 1956, bearing CIN: U15511OR2007PLC009628. 3. The Registered Office of the Corporate Debtor is situated at Bhubaneswa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of 15% in the price raise. However, the Corporate Debtor agreed to pay 5% increase in the price from then existing price. Accordingly, the Corporate Debtor has settled all the dues to the Operational Creditor. Thereafter, the Corporate Debtor submits that there were meetings held between the Corporate Debtor and the Operational Creditor regarding the disputes in the pricing. In the last meeting also, it was agreed between them that 5% increase is agreeable to the Corporate Debtor. The Operational Creditor at that meeting agreed for the rise of 5% price. Accordingly, a Debit Note to the tune of ₹ 12,51,393/- was raised. The Debit Note was sent along with Calculation Sheet dated 29.05.2015. The copy of the Ledger calculation dated 01. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow the mandate of Section 9, as outlined above, and in particular the mandate of Section 9(5) of the Act, and admit or reject the application, as the case may be, depending upon the factors mentioned in Section 9(5) of the Act. 51. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the Adjudicating Authority must reject the application under Section 9(5)(2) (d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the existence of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pendi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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