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TMI Blog2020 (1) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code - the claim of applicant is not proved beyond doubt and the applicant cannot be considered for admission - Application dismissed. - C.P. No. IB-585/ND/2019 - - - Dated:- 22-1-2020 - DR. DEEPTI MUKESH, HON BLE MEMBER (JUDICIAL) AND SH. HEMANT KUMAR SARANGI, HON BLE MEMBER (TECHNICAL) For the Applicant : Mr. Shailendra Kumar Sh. Karan Chhabra, Advs. For the Respondent : None ORDER Dr. Deepti Mukesh, Member (J) 1. The Present Application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) by K.B. Polychem (India) Limited (for brevity Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to make payment within 15 days of the aforesaid goods, failing which interest @ 24% was chargeable. The applicant issued number of invoices out of which invoices from 25.02.2016 to 28.03.2016 are outstanding and are unpaid by the corporate debtor for a total amount of Rs 4,76,154/-.It is also stated that the corporate debtor failed to issue C- form and hence is liable to pay the tax amount along with interest and penalty imposed. 5. The Applicant submits that the corporate debtor had accepted the goods without any demur or objections. The applicant submits that inspite of various requests were made to the corporate debtor to clear the outstanding dues. However, the corporate debtor did not reply and also failed to discharge the outstan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lient withheld legitimate amount of my client and created a story of defective goods and went to the extent of creating a false document i.e.: debit note, which was issued by your client when my client started following your client for outstanding payments in April and May 2018 and then your client in order to avoid the payment, created a false debit note which expose itself as your client itself is not sure whether it will save him from the liability and therefore the same neither bears any signature, date or particulars of contents of the debit note nor substantiated by any supporting documents. 9. Hence, the applicant filed present application under Section 9 of IBC and served the copy of this application to the Corporate Debtor. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ine 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 raised dispute with sufficient particulars. Besides the case records reveal that there was existence of dispute much prior to the issuance of notice under section 8 of the code. The claims of the dispute suggest the need of elaborate investigation. The moment there is existence of such a pre-existence dispute, the corporate debtor gets out of the clutches of the code. 13. In view of the aforesaid facts, a conclusion can be drawn that there is Preexistence dispute which was raised by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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