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TMI Blog2022 (8) TMI 546X X X X Extracts X X X X X X X X Extracts X X X X ..... s not received any payment from the Corporate Debtor after the issuance of the demand notice in Form 3. The purpose of the Code is to resolve the insolvency of the Corporate Debtor and not recovery of debt. On perusal of the said documents, it is opined that the Corporate Debtor in the instant case is not insolvent and very much capable of repaying the due amount to the Operational Creditor. The admission on the part of the Corporate Debtor further suggests to the possibility of collusion between the parties. As such, this Adjudicating Authority is not fully satisfied that the instant petition should be admitted and the Corporate Debtor should be brought under CIRP - petition dismissed. - CP (IB) No. 691/KB/2020 - - - Dated:- 20-7- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoice. It first fell due in June 2019 and the Corporate Debtor defaulted in the payment of the said amount. 5. As such, an amount of Rs. 5,50,000/- along with interest @18% per annum from the due date remains payable by the Corporate Debtor. 6. The Operational Creditor has relied on the following documents to establish its case: a. Work order dated 20.04.2019 of Samarpan Viniyog Private Limited (Annexure D ) b. Invoice No. HGCPL/002/19-20 of High Growth Consultants Private Limited (Annexure E ) c. Letter dated 15.07.2019, 22.09.2019 and 28.12.2019 by the Operational Creditor for payment of unpaid bill (Annexure F ) d. Copies of Bank Statements of the Operational Creditor from 1.05.2019 to 21.01.2020 evidencing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 04. January 2022, its balance sheets for the Financial Years 2018-19, 2019-20 and 2020-21. Analysis and Findings: 12. Heard the Ld. Counsel for the Operational Creditor and the Ld. Counsel for the Corporate Debtor and perused the records. 13. The Operational Creditor issued a demand notice in Form 3 under section 8 of the Code on 11 January 2020. Further, the Operational Creditor has submitted an affidavit under section 9(3)(b) of the Code, affirming that the Corporate Debtor has not raised any dispute regarding the unpaid operational debt. The Operational Creditor has further produced affidavit affirming that it has not received any payment from the Corporate Debtor after the issuance of the demand notice in Form 3. 14. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Limited vs. Satabdi Investment Consultants Private Limited, Company Appeal (AT) (Insolvency) No. 258 of 2021, wherein it was observed that the Adjudicating Authority should be very cautious in admitting the Application so as to prevent the Corporate Debtor from being dragged into Corporate Insolvency Resolution Process with mala fide for any purpose other than the resolution of the Insolvency. Thus, the Adjudicating Authority must take every precaution so that the insolvency process is not misused for any other purposes other than the resolution of Insolvency. (Para 39). 18. The admission on the part of the Corporate Debtor further suggests to the possibility of collusion between the parties. As such, this Adjudicating Authority i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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