9911796707
TMI Blog2025 (3) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... payments of 20 instalments - HELD THAT:- It is already noticed that when earlier demand notice was issued on 05.03.2018, parties have entered into settlement dated 24.06.2019 revised on 03.07.2020 for final settlement of Rs.8, 30, 31, 244/- equivalent to $1, 110, 489 in 21 instalments last instalment to be paid by March, 2022. 20 instalments were paid and it was only due to some calculation issues last instalment was not paid, however, during the pendency of Section 9 proceeding said instalment was paid. Respondent fairly admitted that entire debt has been discharged. In facts of the present case, present is not a case for initiation of Section 9 proceeding against the Corporate Debtor who after receipt of the demand notice has entered in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 024 is suspended." 2. Although notices were issued on 10.09.2024 but no reply was filed by the Respondent. On 06.11.2024, three weeks' time was allowed, as last opportunity, to file reply. No reply has yet been filed. The matter was heard on 04.03.2025. On the date when matter was heard, learned counsel appearing for the Respondent submits that entire debt of Respondent No.1 has been liquidated. Brief facts of the case necessary to be noticed for deciding this appeal are: (i) The Corporate Debtor entered into a contract on 02.12.2013 and 31.12.2015, for purpose of hiring of drilling rig services from the Respondent No.1. (ii) Respondent No.1 issued demand notice on 05.03.2018 to the Corporate Debtor that amount of Rs.12, 78, 73, 257/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re payment was to be made in 21 instalments. 20 instalments were paid and last instalment amounting to USD 125, 833/- could not be paid because of calculation issue between the parties. Present was not a case for initiation of any Section 9 proceeding since the Corporate Debtor has discharged its liability and last instalment could not be paid due to some calculation issues, which amount was also paid during pendency of the Section 9 application. The Adjudicating Authority without taking into consideration the payments made, has admitted Section 9 application. It is submitted that Section 9 proceeding cannot be resorted to as recovery mechanism by the Operational Creditor. When parties had already entered into settlement much before issuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
