9911796707
TMI Blog2021 (12) TMI 433X X X X Extracts X X X X X X X X Extracts X X X X ..... fter 10 days after the i.e. statutory period of reply to the demand notice as per section 8 of IB Code, the dispute seems to real and genuine. It is the bonafide right of the Corporate Debtor that the amount paid for GST must be assessed without any complication. The objection of the Operational Creditor in respect that no such agreement was made by and between the Operational Creditor and Corporate Debtor for giving the Bank guarantee for GST dispute is not well founded. Such a situation arose after Rathank Retails Private Limited was declared as a fictitious company. Such situation was not in picture since the inception of the business relations with the Operational Creditor. The apprehension of the Corporate Debtor is genuine, as if t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor and three invoices were raised in the impugned transaction by the operational creditor for the total amount of ₹ 26,89,290/- on 04.05.2019 and the amount of all the three invoices was to be paid by 05.05.2019. It is also submitted by the Operational Creditor that Corporate Debtor has raised three debit notes against the said invoices which were received on 11.05.2019. The total amount claimed from the Operational Creditor by the Corporate Debtor in these three debit notes was ₹ 3,32,459/-.The applicant has submitted that the debit notes issued by the Corporate Debtor are merely to show the pre-existing dispute without any valid ground. 4. The operational creditor further submitted that after nonpayment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of goods. The Operational Creditor was purchasing the material from the aforesaid bogus company. The apprehension of the Corporate Debtor is that it is likely to face problem in claiming Input Tax Credit, as the Corporate Debtor has purchased goods of approximately ₹ 3.3 Crores from the operational creditor of which Input Tax Credit of ₹ 59.47 lakhs is due. As per the alert circular, ITC availed by the recipients are required to be disallowed, alongwith interest and penalty as per law. The Corporate Debtor further submitted that it is still ready to pay the due amount to the Operational Creditor on the condition that the Operational Creditor gives the Bank guarantee which covers the amount of GST till their assessment is over. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ears that the Operational Creditor has supplied the impugned goods worth ₹ 3,89,87,276/- (including GST of ₹ 59,47,211/-) to the Corporate Debtor. In the last supply it had raised three invoices on 04.05.2019 of ₹ 26,89,290. It is an admitted fact that the amount pertaining to the last 3 invoices remains to be paid. As per the alert circular issued by the Commissioner of GST, M/s. Rathank Retails Private Limited was declared a fictitious company which had supplied goods to the Operational Creditor. It is a bonafide claim of the Corporate Debtor that the Input Tax Credit paid must be assessed undisputedly. The Corporate Debtor had, in its letter received by the Operational Creditor on 22.07.2019, has admitted the debt and w ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
