9911796707
TMI Blog2022 (4) TMI 1303X X X X Extracts X X X X X X X X Extracts X X X X ..... records that notice of default under Section 8 has been delivered and an affidavit under Section 9(3)(b) of IBC has also been filed. It is noted that the application filed u/s 9 is complete and complies with the requirements of the relevant provisions of IBC, 2016 read with Rules and Regulations made thereunder. The outstanding amount is more than the threshold limit of ₹ 1,00,000/-. There does not exist any dispute within the meaning of provisions of Section 8 9 of IBC, 2016. Application admitted - moratorium declared. - CP (IB) No. 228/ALD/2018 - - - Dated:- 19-4-2022 - Rajasekhar V.K., Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Pratik Chandra and Rajesh Kumar, Advs. For the Respondents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 and the creditor sent a Legal Notice of Demand dated 31/01/2018 calling upon the corporate debtor to pay the remaining amount of ₹ 37,00,349 along with interest @ 18% per annum from 26/01/2016 i.e., after three months of the credit period. Thereafter the corporate Debtor sent a letter dated 28/03/2018 along with a demand draft of ₹ 5,00,000 in favour of the Operational Creditor and a payment plan to pay ₹ 35,44,350 instead of ₹ 37,00,349 to the operational creditor which he refused and returned the demand draft asking the corporate debtor to pay the entire outstanding amount. 4. A legal notice was again sent on 02/04/2018 by the operational creditor to the corporate debtor which is annexed at Pg. 39 to 43 as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fused to reprocess the Propozyte. Thus, the demand notice is bad in law. The debtor was also ready to meet for an amicable settlement without any legal proceedings. 7. In reply to the creditor's application under section 9 of IBC, 2016 the corporate debtor submits that no cause of action had ever accrued in favour of the operational creditor and against the corporate debtor to entitle the creditor to institute the present application. The creditor has also withheld information from the Tribunal. When the creditor communicated corporate debtor for payment of alleged outstanding dues, the respondent/Corporate Debtor requested the petitioner/operational creditor to reprocess PROPARGITE as M/s. Chemtura Chemicals India Private Limited (n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liable to be dismissed. The outstanding amount of ₹ 51,43,485 is neither tenable on law nor facts and the interest rate of 18% is also not tenable in law. Rejoinder filed by Operational Creditor (Applicant) 10. The operational creditor denies the averments made by the corporate debtor in the present suit under this Counter Affidavit. It is further reiterated herein that the letter dated 19/05/2017, subjecting FULL FINAL PAYMENT covered the pending invoices of Product Clodinofop only and which is also the subject matter of this present petition. The debtor is trying to deviate the attention of the Hon'ble Tribunal in the wrong direction by mixing the irrelevant issue of reprocessing expired insecticide product, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not been mentioned in any invoice by the operational creditor and hence is not liable to be paid. 14. It is seen from the records that notice of default under Section 8 has been delivered and an affidavit under Section 9(3)(b) of IBC has also been filed. 15. It is noted that the application filed U/s. 9 is complete and complies with the requirements of the relevant provisions of IBC, 2016 read with Rules and Regulations made thereunder. The outstanding amount is more than the threshold limit of ₹ 1,00,000/- (Rupees one lakh only). There does not exist any dispute within the meaning of provisions of Section 8 9 of IBC, 2016. 16. Thus, the application, on the face of it, is liable to be admitted. 17. As the operational c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following:- vi) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including the execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; a) Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; b) 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 (54 of 2002); ..... X X X X Extracts X X X X X X X X Extracts X X X X
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