Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 1443 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - pre-existing dispute or not - HELD THAT:- From perusal of the Demand notice and e-mail correspondence between the parties it is seen that there does not exist any pre-existing dispute regarding quality or standard of equipment supplied between the parties. Further there exists no arbitration or any other proceedings between the parties. Therefore this Adjudicating Authority is of the view that there is no pre-existing dispute between the parties. With regard to the dispute now raised as to the quantum of debt amount, this Adjudicating Authority is of the view that dispute as to the quantum of amount of debt does not alter the situation so long as there is any default on the part of the Corporate Debtor and the same is for more than ₹ 100,000/-. It is seen from reply filed by Corporate Debtor that according to Corporate Debtor itself total value of contract was of ₹ 7.2 Crores out of which a sum of ₹ 4.25 Crores only has been paid. Further letter dated 29-12-2016, clearly establishes admission of debt on part of the Corporate Debtor. That there is a default on the part of the Corporate Debtor is also clear from a perusal of the correspondence between the Operational Creditor and Corporate Debtor including the MoU dated 24-10-2013 and the two letters of the Corporate Debtor dated 9-8-2016 & 29-12-2016. Since the letters dated 9-8-2016 and 29-12-2016 establish a clear acknowledgement of debt on the part of the Corporate Debtor, Section 18 of the Limitation Act will be applicable in this case and the instant application is held to have been filed within limitation. Therefore this Adjudicating Authority is inclined to admit the instant petition. The instant petition is hereby admitted and this Adjudicating Authority order commencement of the Corporate Insolvency Resolution Process which shall ordinarily get completed within the timelines provided u/s. 12 of the IBC, 2016, reckoning from the day this order is passed - application admitted - moratorium declared.
|