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Judgment
DATE,PARTICULARS,AMOUNT
11.02.2016,Quartez Powder (SK-120),"1,02,440/-
06.07.2016,Quartez Powder (SK-135),"73,440/-
06.07.2016,Qaurtez Powder (SK-135),"48,960/-
09.07.2016,Qaurtez Powder (SK-135),"1,79,700/-
Total Amount due on date of Default i.e., 25.07.2016",,"4,04,540/-
and 09.07.2016. Further, it was beforehand decided by both the parties that the Corporate Debtor will bear the transportation charges so it is irrelevant",,
to mention that the Corporate Debtor incurred losses due to payment of transportation charges. Also, the purchase order PCL/P0/16-17/40, dated",,
30.06.2016, issued by the Corporate Debtor, states that the Freight Charges will be on ""to pay basis"".",,
The Applicant, further states that, the Corporate Debtor after receiving the products on 11.02.2016, did not raise the issue of being inferior quality",,
rather was happy with the quality of product and also, placed subsequent order on 06.07.2016 and 09.07.2017.",,
The applicant has filed an affidavit under Section 9(3)(b), wherein, it states that, ""I say that the Corporate Debtor has provided a notice of",,
unpaid operational debt on 28.12.2018, in terms of section 9(3)(b) of the Insolvency and Bankruptcy Code, 2016 but no record of the",,
pendency of the suit or arbitration proceedings been filed before the receipt of Demand Notice issued by Applicant/ Operational Creditor as,,
required under Section 8(2)(a) of the Insolvency and Bankruptcy Code, 2016"".",,
In. ""Innoventive Industries Ltd."", the Hon’ble Supreme Court held that pre-existing dispute is the dispute raised before demand notice or",,
invoices was received by the 'Corporate Debtor'. Any subsequent dispute raised while replying to the demand notice under Section 8(1) Cannot be,,
taken int6 consideration to hold that there is a pre-existing dispute.,,
In ""Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software (P) Limited- 2017 SCC On Line SC 1154"", Hon'ble Supreme Court held:",,
40 ………Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires",,
further investigation and that the ""dispute"" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. ft is",,
important to separate the grain from the chaff aitei to reject a spurious defense which is mere bluster. However, in doing so, the Court does",,
not need to be satisfied that the defense is likely to succeed. The Court does not at this stage examine 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, no such dispute is pre-existing, albeit a hypothetical or illusory dispute has been raised by the 'Corporate Debtor' and the same is a",,
mere moonshine defense.,,
In view of above, we are satisfied that the present application is complete and the Operational Creditor is entitled to claim its dues, establishing the",,
default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application",,
is admitted.,,
The applicant has attached the copy of Bank statements issued by M/s. Punjab National Bank, in compliance With the requirement of Section 9(3)",,
(C) of the IBC 2016.,,
The registered office of respondent is situated in New Delhi and therefore this Tribunal has jurisdiction to entertain and try this application.,,
On perusal of the record it is clear that the default has occurred on 25.07.2016 when the last invoice fell due. Hence, the claim is not time barred",,
and the present application is well Within the limitation period.,,
In the given facts and circumstances, the present application is complete and the Applicant is entitled to claim its dues, establishing the default in",,
payment of the operational debt beyond doubt, more so when the debt has remained undisputed in spite of service of section 8 notice and the present",,
application. Requirements under section 9(5) of the Code are fulfilled. Hence, the present application is admitted.",,
The Applicant has proposed the name of Mr. Sourabh Malpani as Interim Resolution Professional. In view of the same, this Bench ,appoints Mr.",,
Sourabh Maipani having registration no. IBBI/IPA-001/IP-P01265/2018-2019/12047 and email address malpanijpr@gmail.com and contact number is,,
9829190355, as the IRP of the Respondent. The IRP is directed to take all such steps as are 'required under the Statute, more specifically in terms of",,
Sections 15,17,18,20 -arid.-21 -of the Code.",,
We direct the Operational Creditor to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional Mr. Sourabh Malpani to meet out the,,
expenses to perform the functions assigned to him in accordance with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency,,
Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the",,
Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution,,
Professional and shall be paid back to the Operational Creditor.,,
As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged Under the provisions of",,
Section 14(1) shall follow in relation- to the Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However,",,
during the pendency of the moratorium period, terms of Section 14(2) to 14(3) of the Code shall come in force.",,
The Registry is directed to communicate a copy of tile order to the Operational Creditor, the Corporate Debtor, the interim Resolution Professional",,
and the Registrar of Companies, NCR, New Delhi at the earliest but not later- than seven days from today. The Registrar of Companies shall update",,
their website by updating the status of 'Corporate Debtor' and specific mention regarding admission of this petition must be notified.,,