9911796707
TMI Blog2022 (6) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of respondent company, claimed to be the corporate debtor. 2. The applicant, Anurutan Textiles Private Limited has filed the present application claiming as the operational creditor with the prayer for initiation of Corporate Insolvency Resolution Process under the provisions of the Code. 3. The details of transactions leading to the filing of this petition as averred by the petitioner are as follows: a. The Operational Creditor issued various Invoices aggregating to Rs. 1,25,38361.50/- The Corporate Debtor raised certain claims of Rs. 17,59,836/which after being adjusted, the outstanding 'remain pending of Rs. 1,07,78,524/- (Rs. One Crore seven lacs seventy eight thousand five hundred twenty four) for supplying raw material to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor shows the admission with respect to the dues of Rs. 19,71,950/- (principle amount towards pending invoices) to be paid to the Operational Creditor against the demand/claim, which defaulted amount is already more than Rs. 1,00,000/- as required under the IBC 2016. b. The Operational Creditor further submits that they deny with respect to the fact that there is a pre-existing dispute with regard to the invoices. c. The Corporate Debtor arbitrary and whimsically raised debit notes of several lacs without support and details which were even not provided or explained despite several requests. 6. We have heard Ld. Counsel for the parties. We have perused the averments made in the application, reply, and rejoinder and additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usory, the adjudicating authority has to reject the application." 7. In the light of the above said facts when we peruse the contents of the emails dated 9.05.2017, 12.05.2017, 22.05.2017, 24.05.2017, 23.06.2017, 01.07.2017, 04.07.2017, 06.07.2017 and 25.07.2017 the 'dispute' has been raised by the Corporate Debtor 'problem in bulks, shortage in bulks' and the 'dispute' raised by the Corporate Debtor does not appears to be hypothetical or illusory. From the, averments in petition and reply thereto and all other documents placed on record, this Bench is of the view that there is a dispute, which requires further investigation. 8. In view of the above discussion, it is held that there was "pre-existing dispute" betwe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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