Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (1) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (1) TMI 591 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment - existence of debt and dispute - HELD THAT:- Admittedly, the Corporate Debtor had made payments at steps. There was no payment of some amounts, as neither draft red-herring prospectus was filed with SEBI, nor the IPO offerings were made - Since these milestones were not achieved, no invoices were also raised by the Petitioner by 15.09.2015 i.e., on completion of 12 month's period. Further, since the IPO was not issued within 12 month's period, the Petitioner should have raised invoice on the basis of 'standard hourly rate' as provided in clause 2.3 to a maximum of the fixed fee. However, no such invoice was raised. The operational creditor has also not clearly placed on record any documentary proof that clearly states the amounts due and payable confirmed in writing by the Corporate Debtor with regard to the alleged dues - The email correspondence among many such communications, much before the issuance of demand notice U/s. 8 of IBC, 2016 dated 24.3.2018 indicates that there existed substantial dispute between the parties with regard to fulfilment of obligations under the Agreement entered into on 15.09.2014. This Adjudicating Authority is of the view that there was pre-existing dispute between the parties and, accordingly, deems it fit not to admit the present application in terms of Section 9(5)(ii)(d) of IB Code, 2016 - Application dismissed.
|