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TMI Blog2022 (7) TMI 310X X X X Extracts X X X X X X X X Extracts X X X X ..... exed to the petition provide that the first date of default would be 04 December 2018. While the Corporate Debtor has taken the plea of pre-existing disputes in the reply-affidavit, the Corporate Debtor has not explained the nature of the said disputes. As such, the said plea is not maintainable. The Operational Creditor has sent the demand notice to the Corporate Debtor dated 15 July 2019 by registered post and thereafter, vide email dated 17 August 2019, giving the corporate Debtor ample opportunity to either clear its outstanding dues or notify the Operational creditor of pre-existing disputes. Further, it has provided affidavit under section 9(3)(b) of the Code wherein it is mentioned that the Operational Creditor had sent to the Corporate Debtor a demand notice dated 15 July 2019 and that the Corporate Debtor had not replied to the said demand notice. The instant petition is therefore complete. This Adjudicating Authority is satisfied that there is an Operational Debt due from the Corporate Debtor to the Operational Creditor and that the Corporate Debtor has defaulted in the payment of the same. Petition admitted - moratorium declared. - CP ( IB ) No. 729/KB/2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having one hundred households. Thereafter, the Govt. of Bihar also floated tenders for Solar Power Based Pump and Motor for providing drinking water to 150 house hold arid 200 households. The Corporate Debtor duly participated in the tender and the Govt. of Bihar duly allotted the said work in favour of the Corporate Debtor. The Corporate Debtor successfully completed the said project. 7. During the execution of the project, the Corporate Debtor approached the Operational Creditor for supply of water tank structure duly hot dip galvanized min. 80 micron of 10,000 litres of 8-meter height as per the design including nut bolts, foundation bolts etc. The Operational Creditor agreed to supply the aforesaid goods on the mutual agreement that the Corporate Debtor would repay the price of the goods upon the recovery of payment from the Govt. of Bihar. On such understanding and/or agreement, the Corporate Debtor issued 3 purchase orders dated 20 January 2018; 21 February 2018 and 21 May 2018 for supply. of the aforesaid goods total worth Rs. 1,99,04,755/- in favour of the Operational Creditor and out of which admittedly, the Corporate Debtor has paid a sum of Rs. 1,60,00,000/-. 8. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority. The disputes between the parties requires to be effectively adjudicated in a full-fledged trial before the civil court and hence, this Hon'ble Tribunal has no jurisdiction to entertain, try and determine the dispute. 13. It is further claimed by the Corporate Debtor that the petition is barred by limitation. Rejoinder on behalf of the Operational Creditor: 14. The petition filed by the Petitioner is not barred by the laws of limitation. It is further submitted that the claim of the Operational Creditor is not a disputed claim. The Corporate Debtor had at no point of time raised any dispute/issue regarding the quality, quantity of the materials supplied by the Applicant. The Corporate Debtor had also failed to explain in its reply the nature of the preexisting dispute. It is further submitted that the Respondent even failed to reply to the Demand Notice dated 15 July 2019 regarding the pre-existing dispute and is now belatedly making false statements. The Corporate Debtor has simply used this defence, for the sake of it, without any factual basis regarding the same. 15. It is further submitted that the Operational Creditor has filed the petition since the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er submitted by the Corporate Debtor depicts the correct data and outstanding payments by the Corporate Debtor. 22. It is submitted that the Operational creditor cannot be expected to wait until the inspection of the total project by the Govt. officials for receiving its genuine dues. The Operational Creditor has performed its obligations by supplying the goods ordered by the Corporate Debtor under the purchase orders. The Corporate Debtor, in order to run away from its obligations towards the Operational Creditor is making excuses and acting unreasonably to deprive the Operational Creditor of its long outstanding payments. 23. It is further submitted that the Corporate Debtor is now belatedly disputing the contents of the demand notice dated 15 July 2019, whereas it failed to do so when an opportunity was given to it for doing the same within 10 days of receipt of the notice. Such act of the Corporate Debtor only goes to show the malicious and callous attitude of the Corporate Debtor attempting to detract the procedure before this Adjudicating Authority. Analysis and Findings: 24. Heard the Ld. Counsel for the Operational Creditor and the Ld. Counsel for the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , vide email dated 17 August 2019, giving the corporate Debtor ample opportunity to either clear its outstanding dues or notify the Operational creditor of pre-existing disputes. Further, it has provided affidavit under section 9(3)(b) of the Code wherein it is mentioned that the Operational Creditor had sent to the Corporate Debtor a demand notice dated 15 July 2019 and that the Corporate Debtor had not replied to the said demand notice. 30. The instant petition is therefore complete. This Adjudicating Authority is satisfied that there is an Operational Debt due from the Corporate Debtor to the Operational Creditor and that the Corporate Debtor has defaulted in the payment of the same. 31. The Operational Creditor has not proposed the name of any interim Resolution Professional. 32. It is, accordingly, hereby ordered as follows:- a. The application bearing CP (IB) No. 729/KB/2020 filed by Bansal Industries(Operational Creditor), under section 9 of the Code read with rule 6(1) of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating CIRP against the Corporate Debtor being Kumar Brothers Enterprises Private Limited, CIN: U74900BR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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