9911796707
TMI Blog2021 (8) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... 5, Old No. 7, Jeevanandham Street, Redhills, Chennai -600052. As per Part-Ill of the application, it is seen that the Operational Creditor has not proposed the name of the IRP and left it to the discretion of this Tribunal to appoint the same. However, subsequently, the Operational Creditor has filed a memo and proposed the name of one Mr. K. Ganesan, to be appointed as the Interim Resolution Professional, in relation to the Corporate Debtor. 3. From Part-IV of the application, it is seen that the Operational Creditor has claimed a sum of Rs. 7,74,25,437/- (Rupees Seven Crore Seventy Four Lakh Twenty Five Thousand Four Hundred and Thirty Seven Only) as on 20.02.2019 which is due and payable by the Corporate Debtor with commercial rate of interest at 18% per annum. It is stated in Part-IV of the application that the said debt has become due and payable as on 03.02.2018. 4. Part-V of the application discloses the details of the documents attached by the Operational Creditor in order to prove the 'Operational Debt' and the documents contains the Demand Notice, the Invoices and the Ledger statement and also the e-mail confirmation on the part of the Corporate Debtor. 5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor and also there are several billing related issues and also the issues regarding the GST payment. It was submitted by the Learned Counsel for the Corporate Debtor that the materials have been supplied by the Operational Creditor were not as per the HSN Code mentioned in the invoices, Further it was also submitted that there were numerous discrepancies in the invoices and bills raised by the Operational Creditor. In this context, it was also submitted that the Corporate Debtor has rejected those materials which did not comply with the requirements as stated by the Corporate Debtor and also requested the Operational Creditor to replace the same and since there was no response from the Operational Creditor, it was submitted that the Corporate Debtor has issued Debit Notes on 30.04.2019 for the balance amount. 9. The Learned Counsel for the Corporate Debtor has also submitted that the Operational Creditor has not provided the necessary proof with regard to the payments made towards GST. Further, it was also submitted that they have tried to amicably sort out the disputes between the parties; however the Operational Creditor has failed to take any steps either to replace ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y alleged that there exists a dispute between the parties. However, in order to substantiate the said averments made in the counter, no documentary evidence or proof has been filed by the Corporate Debtor to show that there exists a real dispute between the parties. As per the contention of the Corporate Debtor, if the materials supplied by the Operational Creditor is found to be defective, no correspondence whatsoever was exchanged between the parties in relation to the supply of the defective materials to the Corporate Debtor has been placed on record by the Corporate Debtor and all these allegations seem to be only a moonshine defence raised by the Corporate Debtor in order to defeat the claim of the Operational Creditor. 13. Further, in relation to the Debit Notes issued by the Corporate Debtor on 30.04.2019, it is seen that for the invoices raised for the period from 2017 to 2018, the Corporate Debtor has kept silent for a long time and only after the Operational Creditor has issued a final reminder notice on 20.02.2019 seeking for the payment of Rs. 7,74,25,437/-, the Corporate Debtor, for the first time raises a Debit Note, in order to thwart the claim of the Operational Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. Explanation.-For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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