Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2017 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 1510 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- It has come on record that in the notice dated 25.12.2015 (Respondent- 1), the respondents have pointed out that the Applicant had received a sum of ₹ 49,28,200/- from them and the aforesaid fact has not been disputed by the Applicant. In the aforesaid notice, the respondent further pointed out that as per the work order, the work has not been completed and false assurances were given by the Applicant to complete the work. On the basis of the aforesaid dispute, the respondent asserted its right to appoint its Plant Manager as a sole arbitrator to decide the dispute However respondent afforded two weeks' time for completing the erection work and getting the wet scrubber properly commissioned from the date of receipt of the notice sent by speed post. Thereafter, the respondent initiated proceedings under Section 156(3) of the Criminal Procedure Code for registration of an FIR against the Applicant which has been dismissed by Judicial Magistrate on 11.04.2016. It is, therefore, evident that there is record of dispute, which is to the notice of the Applicant. The aforesaid record would be an impediment for initiation of insolvency process in view of the provisions of Section 9(5)(ii)(d) - the Application is liable to be dismissed. Application dismissed.
|