Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1680 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - pre-existence of dispute or not - HELD THAT:- ‘M/s. Mahendra Trading Company’ was not cleared by ‘M/s. Hindustan Controls and Equipment Pvt. Ltd.’, the 1st Appellant (‘Operational Creditor’) moved before the ‘Calcutta Electric Traders Association’ of which 1st Appellant is a member alleging non-clearance of the amount by the ‘Corporate Debtor’. On the request of the 1st Appellant (Operational Creditor), the ‘Calcutta Electric Traders Association’ by letter dated 31st August, 2017 intimated the Managing Director of ‘M/s. Hindustan Controls and Equipment Pvt. Ltd.’- (Corporate Debtor) that the 1st Appellant has informed that the ‘Corporate Debtor’ is not clearing the amount and, therefore, requested the ‘Corporate Debtor’ to assign reasons for non-payment of the amount and to file reply so as to take further course of action. There is no arbitration proceeding pending or initiated under the Arbitration and Conciliation Act, 1996. However, the fact discloses that there was a dispute relating to payment of the dues and the letter issued by the ‘Calcutta Electric Traders Association’ suggests that there is pre-existence dispute - the Adjudicating Authority has rightly held that there being pre-existence of dispute, the application was not maintainable. Appeal dismissed.
|