Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 1233 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - clubbing of two claims under different work orders for different amount - HELD THAT:- It is clear to the Bench that and as admitted by Petitioner, that there are serious problems with the racking system installed by them and also admits that the system has not yet undergone a safety audit and, therefore, was a non-certified weak racking. The Petitioner itself requested IOCL “not to use the system any further as the same has not been certified for safe use”. The Bench also notes that both the work orders required 100% completion of the work as a pre-condition for payment. Admittedly, the project has not been completed and that is the reason that the Petitioner cannot claim the payment for such defective and incomplete work. The Bench also notes that demand notice was issued by the Petitioner on 23.10.2019. However, there are genuine pre-existing disputes much prior to the issuance of the demand notice. It is well settled that an applicant u/s 9 of the IBC is required to be dismissed if genuine dispute exists between the parties. In this Petition the Petitioner has clubbed the payments of two projects, one each at Bongaigaon and Haldia under two different work orders as part of a single Petition. This, as per the Bench, in terms of the clubbing of two claims under different work orders for different amount is not permissible. Petition dismissed.
|