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TMI Blog2022 (7) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... ial Tax withheld in terms of the Memorandum of Understanding as agreed between the parties cannot constitute an Operational Debt within the meaning of section 5(21) of the Code. The submissions by the Operational Creditor reflect its intention,i.e., to seek recovery of its dues under the Code. Nevertheless, the rudimentary principle behind the enactment of the Code isto help the distressed Corporate Debtor to stand back on its feet, and not to make this Adjudicating Authority wear the cap of a recovery court. Further, the vakalatnama filed by the Operational Creditor is also not proper, though this is not fatal to the petition itself. Petition dismissed. - CP(IB) No. 1865/KB/2019 - - - Dated:- 28-6-2022 - Shri Rajasekhar V. K. : M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Purchase order dated 05 June 2006 at page 19 and 30 March 2007 at page 20 5. After completion of the service, the Operational Creditor used to raise invoices against the Corporate Debtor. Billsfrom 2006-07 Each invoice corresponded to services already rendered and the same being accepted by the Corporate Debtor. There was consistency in payment by the Corporate Debtor till 19 January 2007; however, no payments were received after the said date. 6. Upon receiving no payment, the Operational Creditor vide its demand notice dated 09 September 2019 under Form 3 Form 4 of the Code, wherein they demanded payment of the due amount. The said demand notice was delivered on 14 September 2019 to the Corporate Debtor. Page 33 of the Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) floated a tender for printing and supplying of school texts books from class I to class VIII for the academic year 2006-2007. 12. The Operational Creditor and the Corporate Debtor both were interested in participating in the tender. Therefore, after negotiation, the parties formed a pre-bid alliance by executing a Memorandum of Understanding ( MoU ) dated 02 August, 2006. As per the said MoU, the Operational Creditor was to undertake printing and supply a predetermined number of text books to JEPC. 13. Subsequently, the Corporate Debtor submitted its bid and was emerged as the successful bidder. It is pertinent to mention that it was a consortium bid in the nature of joint venture projects between the Operational Creditor and the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007. The demand notice is dated 09 September 2019. 20. Further, from the rejoinder at page 21, which is a letter dated 30 June 2010, it is seen that only the amount pertaining to provision of Commercial Tax was being withheld in views of the pendency of assessment with Commercial Tax Authority for the sale in question. There is another letter at page 34 from the Corporate Debtor to the Operational Creditor stating that a sum of ₹89,93,152/- representing 59.6% of the total Commercial Tax of ₹1,44,00,571/- was paid on 30 July 2015 to the West Bengal Sales Tax Authority. 21. The Operational Creditor claims that this act is the triggering point for the date of default. However, we do not accept this contention for the reason ..... X X X X Extracts X X X X X X X X Extracts X X X X
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