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TMI Blog2022 (6) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... filed under section 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 Rs. 1,00,000/-. There does not exist any dispute within the meaning of provisions of Section 8 9 of IBC, 2016. The Operational Creditor has not proposed the name of any person to function as Interim Resolution Professional. Therefore, this Bench will appoint a person from the panel of names made available to it by the Insolvency Bankruptcy Board of India. Application admitted - moratorium declared. - CP (IB) No. 312/ALD/2019 - - - Dated:- 13-6-2022 - Rajasekhar V.K., Member (J) And Virendra Kumar Gupta, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC, 2016 has also been placed on record. Arguments on behalf of the Operational Creditor 3. Ld. Counsel appearing on behalf of the Operational Creditor submitted that the operational creditor has supplied master batches to the corporate debtor and raised four invoices for which the amount due is Rs. 9,21,287/-. It is further submitted that for the amount due the corporate debtor alleged that the settlement has reached between the corporate debtor and the operational creditor on 11.08.2017, in terms of which the corporate debtor had a claim of Rs. 17,64,000/- towards operational creditor but has not produced any document with regard to the settlement reached between the parties. 4. It is further submitted that the first unpaid inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missed. Rejoinder filed by the Operational Creditor (Applicant) 8. The Learned counsel for the Operational creditor apart from relying on the pleas made earlier submitted that the Operational Creditor has repeatedly asked for a copy of the settlement agreement dated 11.08.2017 in which the corporate debtor is relying upon but the Corporate Debtor never supplied the copy of it. It is further stated the letter dated 11.08.2017 is a fabricated document which does not bear any endorsement of receipt by any person duly authorised by the Operational Creditor and is signed by one Mr. Umesh Sharma who was a commissioned agent of the Operational Creditor and was never authorized to sign any such document on behalf of Operational Creditor. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, in our view, goes against the Corporate Debtor as it has foregone the claim of losses which may be adjusted against the supply in future and in case there is no supply in future for any reason whatsoever, such claims gets extinguished. 12. Having said so, we further note that the said material has been retained by the Corporate Debtor and used in its operations. Further, on perusal of the letter dated 11.08.2017 it is found that the total loss caused to the corporate debtor due to inferior quality of material is mentioned as of Rs. 17,64,000/- whereas the evidence given of the return of rejected supplies by the third party is of Rs. 6,74,701/- which itself justify that the claim of the corporate debtor is inflated and the document pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed on 08.08.2019 so the application is found well within the limitation. 17. It is noted that the application filed under section 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 Rs. 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 18. The Operational Creditor has not proposed the name of any person to function as Interim Resolution Professional. Therefore, this Bench will appoint a person from the panel of names made available to it by the Insolvency Bankruptcy Board of India. 19. Thus, the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c) 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); d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. vi) The supply of essential goods or services rendered to the Corporate Debtor as may be specified shall not be terminated, suspended, or interrupted during the moratorium period. vii) The provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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