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2017 (11) TMI 1260 - Tri - Companies LawCorporate insolvency procedure - proper compliance of Section 9 (3) (c) of the Code by the operational creditor - Held that:- Section 9 (3) (c) of the Code says that the operational creditor shall, along with the application furnish a copy of certificate from the financial institutions maintaining account of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor. In fact the Operational Creditor has filed copy of the statement of its account maintained in the Corporation Bank for the period with effect from 11.05.2016 upto 14.08.2017. This statement of account shows the deposit of an amount of ₹ 10,01,586.04 received from the respondent on 12.05.2016. In view of this, the certificate required under Section 9 (3) (c) was to be for the period 12.05.2016 onwards only and therefore, there is proper compliance of Section 9 (3) (c) of the Code by the operational creditor. Other contention that the claim is barred by time cannot be sustained because part payment was also made on 12.05.2016 as depicted in the bank statement filed by the petitioner to start a fresh period of limitation. Dispute raised by the respondent disentitling the petitioner to an order of admission - As referred to email dated 06.01.2016 at the bottom of page 626 of Annexure VI sent by the respondent, wherein it was admitted that an amount of ₹ 70,53,180/- was still to be paid to the petitioner and invoices worth ₹ 34.68 lacs were adjusted against the advance payment. It was further stated that invoices worth ₹ 22.32 lacs were rejected and invoices for ₹ 1.05 lacs were not submitted. The petitioner responded to this email and after more than 1 ½ years, vide email dated 11.08.2017 as at page 626 claiming outstanding amount of ₹ 2,18,19,462/-. In view of the facts discussed above, there is clearly an existing dispute between the parties disentitling the petitioner to an order of admission. Whether the demand notice sent by the petitioner is valid in the eyes of law? - It is well settled principle of law that entries in the ledger account of the petitioner cannot fasten liability on the respondent. The basic documents were only the invoices for establishing the claim of debt and to support the contention that there was no scope of a possible dispute. At serial No.7 of Form No.3, ‘Operational Creditor’ is required to attach the list of documents in order to prove the existence of operational debt and the amount in default. For these reasons, I would hold that the demand notice was not valid. The instant petition deserves to be rejected.
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