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TMI Blog2020 (5) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... rary, the Corporate Debtor has also filed the Statement of Accounts in relation to the Operational Creditor maintained in their books of account, which goes to on show that only a sum of ₹ 60,169/- is pending to be paid by the Corporate Debtor to the Operational Creditor. As to the facts of the case, from the records it is evident that a series of notices and reminders have been exchanged between the parties from the year 2012 and even the Corporate Debtor by their letter dated 09.03.2017 has disputed the claim of the Operational Creditor. Further, it may be seen that the Corporate Debtor at no point of time has admitted the liability of the Operational Creditor. In so far as the e-mail dated 29.10.2015 which is referred by the Ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled under Section 9 of the Insolvency Bankruptcy Code, 2016 ( hereinafter referred to as IBC, 2016 ) by M/s. Bindlas Duplux Limited (hereinafter called as Operational Creditor') for the purpose of initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. ICMC Corporation Limited (hereinafter called as Corporate Debtor ). 2. Part - I, of the Application discloses the fact that the Operational Creditor is a Public Limited Company. Part-Il of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is also a Public Limited Company with CIN: U24294TN1995PLC029929 which was incorporated on 24.01.1995 and that its Authorized Share capital and paid up capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring of Kraft Paper and Duplex Board and are well known in the market for their high quality products. It was submitted that the Operational Creditor has supplied Duplux Boards to the Corporate Debtor based on the purchase orders placed by the Corporate Debtor and as against the same, the Operational Creditor supplied the Duplux Boards to the Corporate Debtor and has also raised various Invoices and Bills to that effect. 6. The Learned Counsel for the Operational Creditor alleged that the Corporate Debtor has acknowledged the total outstanding debt due to the Operational Creditor vide an email dated 29.10.2015 and the Corporate Debtor has accepted and not disputed the quantity and quality of the products supplied until the issuance of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor are all bogus and it was created for the purpose of filing this Application. 9. The Learned Counsel for the Corporate Debtor submitted that the Operational Creditor has failed to produce even a single document which admits the liability of the Corporate Debtor. Further, it was submitted that the Corporate Debtor has already sent a reply notice dated 09.03.2017 to the Operational Creditor's notice dated 02.03.2017 wherein the Corporate Debtor has denied all the allegations and disputed their claim. It was further alleged by the Learned Counsel for the Corporate Debtor that all the dues of the Operational Creditor was settled as early as in the year of 2015 itself. Under the said circumstances, the Corporate Debtor prayed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from the year 2012 and even the Corporate Debtor by their letter dated 09.03.2017 has disputed the claim of the Operational Creditor. Further, it may be seen that the Corporate Debtor at no point of time has admitted the liability of the Operational Creditor. In so far as the e-mail dated 29.10.2015 which is referred by the Operational Creditor as an admission of liability by the Corporate Debtor, a perusal of the same shows that no where the Corporate Debtor has stated that the sum is due and payable by them to the Operational Creditor. 12. Further upon perusal of the documents filed by the Operational Creditor, the 'debt' and 'default' on the part of the Corporate Debtor cannot be ascertained. The cause of action givi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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