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TMI Blog2021 (9) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... onal. 2. Part-I of the Application sets out the details about the Operational Creditor from which, it is evident that the Operational Creditor is a Private Limited Company. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U28991TN2005PTC056072 which was incorporated on 25.05.2005 and the Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 163, Kundrathur Main Road, Rapid Nagar, Gerugambakkam, Chennai - 600 122. From Part III of the application, it is seen that the Operational Creditor has not proposed the name of the "Interim Resolution Professional" and left it to the discretion of this Tribunal to appoint the same. 3. From Part-IV of the Application, it is seen that a sum of Rs. 14,41,728/- (Rupees Fourteen Lakhs Forty One Thousand Seven Hundred and Twenty Eight only) is being claimed by the Operational Creditor as the Operational debt. The date of default is mentioned as 11.12.2017. Part - V of the Application discloses about the details of the documents which have been filed by the Operational Creditor in order to pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 8 of IBC, 2016 to the registered office of the Corporate Debtor on 23.05.2019 and the same was returned unserved. However, it was submitted that the notice sent to the Managing Director was served on 25.05.2019. It was further submitted that in the reply dated 08.06.2019 received on 12.06.2019 the Corporate Debtor neither refutes nor disputes the debt. Hence the Operational Creditor has moved the present Application before this Tribunal seeking initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. 7. The Corporate Debtor has filed Counter. The Learned Counsel for the Corporate Debtor submitted that the Operational Creditor and the Corporate Debtor were having transaction from 2011 to 2018, on account of which there exists an understanding between the parties in such a way that the Operational Creditor would supply the materials and the Corporate debtor would convert the same into products and supply it to the Operational Creditor. 8. At first it is contended by the Learned Counsel for the Corporate Debtor that, no payment was made to the Operational Creditor as the Operational creditor would detect he cost of the materials supplied and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor by the Corporate Debtor, after persistent demands by the Operational Creditor the Corporate Debtor has made a part payment amounting to Rs. 1,00,000/- on 23.08.2017 for which the email communication has been annexed along with the rejoinder. Further it is submitted that the Corporate Debtor did not dispute the sum due and payable in their reply notice. Further, it is also submitted that the stance taken by the Corporate Debtor in relation to the violation of master contract is only an afterthought to wriggle out of its obligations to make payments. Under such circumstances, the Learned Counsel for the Operational Creditor prayed for initiation of Corporate Insolvency Resolution Process as against the Corporate Debtor. 13. Heard the submissions made by the Learned Counsel for both the parties and also perused the file including the Counter and rejoinder placed on record. 14. Upon perusal of the typed set of documents filed along with the Application, it is seen that the Operational Creditor has only listed out the details of 1110 Nos. of invoices along with the Application, however has failed to enclose the copy of those invoices per se and in the absence of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor who has decided to purchase from the Corporate Debtor and the Corporate Debtor wishes to manufacture and sell for the Operational Creditor the "Ordered Items". At this stage, it is necessary for this Tribunal to decide on the issue as to whether the Applicant herein qualifies to be an Operational Creditor In relation to the Corporate Debtor. In order to better address the issues, the following definitions under IBC, 2016 is required to be taking into consideration; Sec. 3(6) "claim" means - (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; Sec. 3 (11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; Sec. 3 (12) "default" means non-payment of debt when whole or any part or instalment of the amount of debt has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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