9911796707
TMI Blog2022 (7) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor had withheld payments towards the Applicant due to the conditions beyond their control - the dispute raised by the Corporate Debtor herein is only feeble and it is relevant to note that the admission with respect to no dispute or disagreement and also toward the debt of USD 60,000/- pose a reasonable inference that it is an admitted fact that debt and default exists. The Corporate Debtor was in a bad financial position and has failed to pay the debts due towards them. This Tribunal is of the affirm view that there was default on the part of the respondent in pursuance of invoices raised on behalf of the applicant, accordingly, the present application stands admitted in terms of Section 9(5) of the Code and CIRP is hereby ordered to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvoices out of which 56 remain unpaid. c. Operational Creditor alleges that there is a balance amount in default of USD 3,16,217/- (Rs. 2,45,72,796.18/-) as on 04.10.2019 after adjusting/setting off the last payment of USD 18,000/- dated 04.10.2019 received from the Corporate Debtor. The Operational Creditor more over stated that they didn't receive any payment starting from invoice no. 597 dated 19.02.2019 to the last invoice no. 652 dated 01.12.2020. d. Operational Creditor submits that the Corporate Debtor used to promise the payment of arrears and used to simultaneously request the continuation of business, to which the Operational Creditor agreed on trust and faith of the Corporate Debtor. e. The Operational Creditor time and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Operational Creditor has held the cargo despite repeated requests to release the same. d. The Corporate Debtor further submitted that the pressure was created on them with respect to one of the container which was in possession of the Operational Creditor and to which they were planning to sell to cover their charges. With reference to the same, the Corporate Debtor proposed a detailed solution vide e-mail dated 11.01.2020 which would have resolved all claims raised by the Operational Creditor and the same was also acknowledged by the Operational Creditor via email dated 11.01.2020. e. It's been alleged by the Corporate Debtor that The Operational Creditor decided to 'donate' the consignments with medical supplies to Af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the parties. We have perused the averments made in the application, reply, and rejoinder and additional affidavits filed by the parties. An Application under Section 9 can only be filed on "occurrence of default", therefore, we would like to examine the definition of "default" as defined under Section 3(12) of IBC, 2016- "(12) "default" means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not [paid] by the debtor or the corporate debtor, as the case may be;" 7. Since the term default refers to the terms like non-payment of debt and debt becoming due and payable, we would like to examine the definition of "debt" as def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the court does not need to be satisfied that the defence is likely to succeed. The court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. In the present case the respondent has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appointment as the interim resolution professional and has signed a communication in Form 2 in terms of Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. There is a declaration made by him that no disciplinary proceedings are pending against him in Insolvency and Bankruptcy Board of India or elsewhere. In addition, further necessary disclosures have been made by IRP above named as per the requirement of the IBBI Regulations. 13. We direct the applicant to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namely Mr. Pramod Kumar Gupta to meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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