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TMI Blog2021 (5) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... d list of various emails exchanged with the Petitioner to show that the debt and default are in dispute. There is a pre-existing and bona fide dispute exists about the claim made by the Petitioner. Apart from pre-existing dispute, the instant Petition is filed to recover such disputed amount rather than to initiate CIRP on justified grounds - the Petitioner failed to make out any case so as to initiate CIRP in respect of Corporate Debtor. Petition dismissed. - C. P. (IB) No. 337/BB/2019 - - - Dated:- 13-5-2021 - Rajeswara Rao Vittanala, Member (J) And Ashutosh Chandra, Member (T) For the Appellant : Vijay Narayan For the Respondents : B. Vachan ORDER Rajeswara Rao Vittanala, Member (J) 1. C.P.(IB) No. 337/BB/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke the payment for the outstanding dues of the invoice dated 10.06.2016 and 05.07.2016 amounting to ₹ 7,59,962/-. The Corporate Debtor is also liable to pay an interest on the outstanding due amounting to ₹ 4,00,419/- being interest @ 18% p.a., as per the terms of the invoice from the due date of the invoice till the date of the Demand Notice. After giving several reminders to clear the outstanding dues, the Operational Creditor issued the statutory Demand Notice in Form-3 along with Form-4 dated 6.7.2019 to the Corporate Debtor at its registered office and also to the Directors of the Corporate Debtor along with the requisite documents as required U/S. 8(1) R/w. Rule 5(1) (a) 5(1) (b) of the IBC, 2016. Even though the Operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td., the Operational Creditor imports flex from M/s. Star Flex Pvt. Ltd., South Korea through its Master Distributor in India namely M/s. Sun Shine Technologies, New Delhi. The flex are used for printing images on it and then are mounted on large billboards for advertisement. The Corporate Debtor has been in the printing industry for the past twenty years and uses very sophisticated printing machinery to print on the fix. Further, the Corporate Debtor received orders from M/s. Bharti Airtel Ltd , Hyderabad for printing on flex as per the images supplied by M/s. Bharti Airtel Ltd . On receipt of the demand, the Corporate Debtor requested Mr. Pramod Bansal to supply flex for printing these images. Accordingly, Mr. Pramod caused supply of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visited Corporate Debtor's office as well as that of Airtel and understood the problem relating to the flex. In this regard, our client has also written the email dated 28.09.2016 calling upon the Operational Creditor to raise the credit note for the loss of material and air courier charges incurred for the reprinted material. (5) As the Operational Creditor failed to raise the credit note, the Corporate Debtor sent an email dated 12.11.2018 calling upon Mr. Pramod Bansal to resolve the said issue. It is on the receipt of this email that the Operational Creditor has initiated this proceeding as a ploy to avoid payment to the Corporate Debtor. The claim of the Operational Creditor is time barred. The claim under the invoices dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Petitioner, in his Affidavit dated 13th August, 2019, filed U/s 9(3)(b) of Code, has also admitted to have received the said Reply. Therefore, there is a pre-existing and bona fide dispute exists about the claim made by the Petitioner. Apart from pre-existing dispute, the instant Petition is filed to recover such disputed amount rather than to initiate CIRP on justified grounds. 6. For the aforesaid reasons and circumstances of the case, and taking into consideration of settled position of law on the issue, we are of the considered opinion that the Petitioner failed to make out any case so as to initiate CIRP in respect of Corporate Debtor. Hence, the Petition is liable to be dismissed. 7. In the result. C.P.(IB) No. 337/BB/2019 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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