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TMI Blog2022 (10) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... ence of material disputes prior to issuance of the Demand Notice, then the shelter of this defence will not be available to the Corporate Debtor. The instant Company Petition is liable to be admitted - moratorium declared. - C. P. (IB)- 1374 (MB)/ 2019 - - - Dated:- 14-10-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Mr. Shyam Babu Gautam For the Operational Creditor : Mr. Gauraj Shah , Advocate For the Corporate Debtor : Ms. Lakshmi Raman , Advocate ORDER Per : - Justice P. N. Deshmukh , Member Judicial 1. This Company Petition is filed by Epigram (hereinafter called Operational Creditor ) seeking to initiate Corporate Insolvency Resolution Process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness and the Operational Creditor submits that no defects or disputes were raised by the Corporate Debtor in the work performed. 4. The Operational Creditor further submits that according to the directions of the Corporate Debtor, all printing jobs were performed as per the requirements of one AA Films, the distributor of the movie (hereinafter referred to as Distributor ). The Distributor increased the requirements of the printing job which led to escalation in the cost of services which was confirmed by the Corporate Debtor vide email dated 20th September 2017. Subsequently, nine (9) invoices were raised by the Operational Creditor out of which some are partially paid and the rest are wholly unpaid. Copies of the invoices and releva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Creditor and Counsel appearing for the Corporate Debtor. After perusal of all the relevant documents, it is evident that the primary issue for consideration is whether a dispute existed prior to the issuance of the Demand Notice by the Operational Creditor. To examine this issue, the following communications are relevant. The Operational Creditor wrote to the Corporate Debtor on 7th March 2018 demanding payment of the amounts due against the 9 invoices raised totaling to a principal amount of Rs. 36,75,680/- including interest at the rate of 18% per annum. The Corporate Debtor replied to this Notice vide Letter dated 17th March 2018 raising disputes regarding the quality of the work performed and other contentions relating to withho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reject a spurious defence which is mere bluster. Thus, it is clear that if the Corporate Debtor is unable to produce evidence to prove the existence of material disputes prior to issuance of the Demand Notice, then the shelter of this defence will not be available to the Corporate Debtor. 9. For the foregoing reasons, the instant Company Petition is liable to be admitted, and accordingly the same is admitted by passing the following: ORDER a. The above Company Petition No. (IB)- 1374 (MB)/2019 is hereby allowed and initiation of Corporate Insolvency Resolution Process (CIRP) is ordered against Swiss Entertainment Pvt. Ltd. b. This Bench hereby appoints Mr. Sanjay Vasant Samudra, Insolvency Professional, Registration N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such transactions as may be notified by the Central Government in consultation with any financial sector regulator. g. That the order of moratorium shall have effect from the date of pronouncement of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under subsection (1) of Section 31 or passes an order for liquidation of corporate debtor under Section 33, as the case may be. h. That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the Code. i. During the CIRP period, the management of the Corporate Debtor will vest in the IRP/RP. The suspended directors and employees of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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