9911796707
TMI Blog2021 (10) TMI 1180X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor") by invoking the provisions of Section 9 Insolvency and bankruptcy code (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for a Resolution of Operational Debt of Rs. 23,29,160/- SUBMISSIONS OF THE OPERATIONAL CREDITOR 2. The Operational Creditor being M/s. SVG Fashions Ltd. has supplied Furnishing fabrics to Corporate Debtor being Ms/s Tulips Ambbience Private Ltd. under different invoices. 3. The Operational Creditor submits that the payment against invoices raised were required to be made by Corporate Debtor within a period of 35 days from receipt of respective invoices. Each of the invoices fell due on different dates which are more particularly mentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Corporate Debtor submitted that no amount is due and payable to the Operational Creditor after adjustments towards additional amount which was required to be spent by the Corporate Debtor on account of failure of the Operational Creditor to undertake its obligations under the contract. 11. The Corporate Debtor on various occasions has shared the reconciliation of outstanding amount towards additional spends made by Corporate Debtor, however, despite such bonafide act by the Corporate Debtor, the Operational Creditor has pursued the present petition against the Corporate Debtor under Section 9 of the Code to mislead this Tribunal and with a sole motive to cause undue harassment to the Corporate Debtor. 12. Consequently, filling of the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uing this present petition despite having offered to pay its dues legally payable provided the Operational Creditor agreed to bear the cost of additional spends due to delays on part of Operational Creditor. The Operational Creditor is trying to use this Tribunal as a recovery forum, as against amicably settling/co-operating and by not approaching for arbitration/civil court etc. it has been time and again laid down by various judicial forum that IBC is not a substitute for a recovery forum and other proper routes shall be adopted for recovery of dues. FINDINGS 16. This Company petition is filed on 24.02.2020 by M/s. SVG Fashions Ltd. (hereinafter called "Operational Creditor") seeking to initiate Corporate Insolvency Resolution Process ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notes that the Corporate Debtor vide its reply has also admitted that it was facing working capital issues, however, it is still committed to pay its outstanding debts legally payable after necessary adjustments which amounts to admission of debt and default by Corporate Debtor. Further, the Corporate Debtor also failed to reply to the Demand Notice within statutory period and has not raised any disputes before the filing of Reply to the present application. Therefore, no credence can be given to the contentions raised by the Corporate Debtor in the reply filed in this Company Petition. 20. Therefore, for the reason stated above, there are no valid grounds warranting the rejection of the above Company Petition as the debt and default are c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r other authority; transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. e. 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. f. That the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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