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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 ..... 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 capital is Rs. 7,25,00,000/-and Rs. 6,26,37,080/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No.36, Ambattur Industrial Estate, Chen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se 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 statutory winding up notice issued under the Companies Act, 1956 on 03.08.2016 to wind up the affairs of the Corporate Debtor. It was further submitted that the notice for the winding up was considered as the last resort, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 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 the dismissal of this Application. 10. Heard both sides and perused the documents including the pleading placed on record. As to the facts of the present case, it may be seen that the Operational Creditor has raised various Invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional 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 giving rise to the claim to the Operational Creditor is from the Invoices, which were claimed from the year 2012 and after going through the Statement of Accounts of both the parties, there appears to be vast difference in the amount and certain debit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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