Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 60 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency process - section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - Whether the debt and default are challenged by corporate debtor? - Whether the dispute as raised by the corporate debtor is genuine or can be categorised as moonshine dispute? HELD THAT:- The corporate debtor has admitted the goods supplied, invoices raised and same being received by it. The corporate debtor has nowhere stated or objected/disputed the invoices or its contents prior to section 8 notice received. Post receiving the notice under section 8 from applicant the corporate debtor has made part payment without raising notice of dispute to the Operational Creditor. There is no correspondence placed on record by corporate debtor prior to issuance of demand notice to establish pre-existing dispute, on the contrary there is one settlement referred to between the parties of which again no document is on record. The objections are all after receiving demand notice and no concrete proof shown of debit notes as raised by Corporate Debtor being sent and received by applicant. The defence raised of dispute is lame and without any supporting evidence can be categorised as moonshine dispute. The default occurred from 22.03.2017, from the date of issue of loan recalling notice and demanding payment of debt hence the debt is not time barred and the application is filed within the period of limitation - the present application is complete and the Applicant is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt. In the light of above facts and records the present application deserves to be admitted. Application admitted in terms of Section 9(5) of IBC, 2016 and moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate Debtor prohibiting all of the actions mentioned under section 14(1)(a) to (d).
|