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TMI Blog2019 (12) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... prior dispute. Admittedly, the Corporate Debtor has not raised any dispute with regard to placing purchase order with Operational Creditor and further there is no dispute with regard to raising invoices by the Operational Creditor. Thus, Operational Creditor is able to establish default of operational debt. The Operational Creditor suggested the name of Interim Resolution Professional who has given his consent in Form-2. The Application is in order and deserves to be admitted. Application admitted - moratorium declared. X X X X Extracts X X X X X X X X Extracts X X X X ..... ders with Operational Creditor and basing on the purchase order, payment of 10% of the project cost as advance was to be made and 90% of the balance amount was required to be paid against the proforma invoice prior to despatch. It is stated Corporate Debtor made it clear that it would pay 2% from the agreed 10% advance at the time of purchase order and balance 8% before the last despatch. According to the Corporate Debtor, the Operational Creditor has not followed the terms of purchase orders with respect to time schedule fixed for supply of machinery, resulting in huge loss to the Corporate Debtor. 3.2 It is stated that the Corporate Debtor made payment of ₹ 12,94,33,420/- which comes to 92% of the value of the purchase order, though Operational Creditor continued supplying machinery up to April, 2017. The Corporate Debtor attributed the loss of ₹ 40 crores to delay in supply and erection of machinery by Operational Creditor, which in turn caused delay in completion of its project. Corporate Debtor alleged that in fact it has to receive ₹ 38 crores from the Operational Creditor. 3.3 The Corporate Debtor states that it issued reply notice date 10.11.2018 and dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos. 245-268 and marked as Annexure-8. The Counsel contended that the Operational Creditor supplied the spares as per purchase orders and the details of invoices raised thereon are shown as Annexure-9 at page Nos. 269-376 in the company petition. 8. The Counsel contended that the spares are supplied to the Corporate Debtor and services were rendered. The Counsel contended that the Corporate Debtor made part payment of ₹ 46,10,126/- leaving the outstanding balance of ₹ 50,08,292/-. The computation of amount in default is shown at page Nos 24-32. The Counsel contended that the Operational Creditor time and again vide emails requested the Corporate Debtor to clear the outstanding balance by way of email communications. The Corporate Debtor acknowledged the emails but was requesting time for making payments. 9. The Counsel contended that the Operational Creditor issued Demand Notice dated 30.10.2018 shown at page Nos. 33-48 of company petition as required under Section 8 of IBC, to the Corporate Debtor who issued a reply on 10.11.2018 with false and frivolous defence contrary to the material on record raising issue with reference to different purchase orders which were a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor gave reply to the notice issued under the IBC. Thus, Corporate Debtor raised dispute with regard to the debt. The Counsel contended that the equipment supplied by the Operational Creditor is also of poor quality and as such there is a prior dispute. Hence, petition cannot be admitted. 11. In support of the case, the Operational Creditor has relied upon the demand notice dated 30.10.2018 shown as Annexure-3 at page Nos.33-48, the reply given by Corporate Debtor is shown as Annexure-4 at page nos. 49-111 of paper booklet. The Operational Creditor also filed bank statements to prove that no amount is received from the Corporate Debtor. The purchase orders are shown as Annexure-8 and invoices raised are shown as Annexure-9. 12. The Operational Creditor mainly relied on the exchange of emails shown at page Nos 379-297 marked as Annexure-10. These annexures would go to establish that Operational Creditor was demanding the Corporate Debtor to pay balance amount in respect of spares supplied and Corporate Debtor never raised any dispute but on the other hand Corporate Debtor was requesting time for payment. The email correspondences is contrary to the defence taken by the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor in respect of its property including any action under Securitization and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (54 of 2002); the recovery of any property by an owner or lessor where such property is occupied by or in possession of the corporate Debtor; (b) That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (d) That the order of moratorium shall ohave effect from 16.12.2019 till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, whichever is earlier. (e) That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016. (f) That this Bench hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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