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TMI Blog2020 (3) TMI 1357X X X X Extracts X X X X X X X X Extracts X X X X ..... f corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interest of all the stakeholders including alteration in the priority of payment of government dues and to establish an Insolvency and Bankruptcy Fund, and matters connected therewith or incidental thereto, liquidation brings the life of a corporate to an end. Hence, the I B Code cannot be allowed for the purpose of arm twisting when the amount is not due and payable and/or has not yet been paid. On perusal of the records it appears that the operational creditor intentionally filed this application with some malicious intent so as to pressu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate limited company supplying imported steam coal having registered office at Naroda Road, Ahmedabad. 3. The respondent/corporate debtor is a private limited company incorporated on 08.04.1994 having identification No. U21019GJ1994PTC021763 and having registered office at Vapi, Gujarat State. 4. The applicant/operational creditor claimed that it had supplied imported steam coal to the respondent between the period 01.04.2015 to 31.03.2016 and delivered it to the respondent as per the invoices and transport receipt (page 18 - 38) annexed to the application. That, an amount aggregating to ₹ 14,09,449/- (Rupees fourteen Iacs nine thousand four hundred forty-nine only) is due and outstanding from the corporate debtor. That, the ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found that all the invoices referred to in the petition against which the claim has been advanced are barred by the law of limitation. The Account Ledger of the petitioner (page 67) is the only document made available on record by the petitioner claiming that the respondent has acknowledged and confirmed the operational debt against which the instant petition has been filed. As the only document relied upon by the petitioner being the account ledger, learned lawyer appearing on behalf of the petitioner was asked to produce original copy of the ledger of the operational creditor. During the course of hearing learned lawyer appearing on behalf of the petitioner submitted that he is not in a position to produce the original copy of the ledg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion with some malicious intent so as to pressurise the corporate debtor, where the legislation intention is purely based on the resolution of the company. That, the operational creditor failed to show that the corporate debtor is insolvent. That, all the invoices are time barred. That apart, no documents like purchase orders, delivery challans, lorry receipt etc. are produced in order to show that the goods were delivered. 13. Section 65 of the I B Code attracts penalty against a person/company who fraudulently or with malicious intent initiates the insolvency resolution process of liquidation proceedings. Section 65 of the I B Code is reproduced here below: - 'Fraudulent or malicious initiation proceedings (1) If, any pers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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