2022 (11) TMI 932 - AT - Insolvency & Bankruptcy
Maintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational creditors - scope of pre-existing dispute - stand of the Appellant is that the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench, Bengaluru) had failed to take into account the consideration of the fact that the Case filed by the Respondent before the Hon’ble Commercial Court, was filed after the receipt of the Demand Notice, thus falling clearly outside the ambit of a pre-existing dispute as per Section 8 (2) of the Insolvency & Bankruptcy Code, 2016 - violation of principles of natural justice.
HELD THAT:- The Appellant/ Petitioner / Operational Creditor, after coming to know that the Demand Notice dated 04.09.2020 was not in conformity with the facts and transactions that had taken place between them, had issued an another Fresh Notice dated 05.03.2021, as per the ingredients of Section 8 of the Insolvency & Bankruptcy Code, 2016. In this connection, this Tribunal, pertinently points out that in the Fresh Notice dated 05.03.2021, the Appellant / Operational Creditor had brushed aside the prior Demand Notice dated 04.09.2020.
It transpires that the disputes pertaining to the existence and extent of alleged Debt, the Liabilities / Claims / Counter Claims and issues pertaining to the violation of the contentions and warranties under the Agreement, executed between the parties are a subject matter of conclusion and trial in the Commercial Suit, pending before the Hon’ble Commercial Court, Bangalore.
It is crystalline clear, that there was a pre-existing Dispute(s) between the Appellant / Petitioner / Operational Creditor, and the Respondent / Corporate Debtor, and in such circumstances, filing of the petition is, per se, not maintainable in the eye of Law. Viewed in that perspective, the conclusion arrived at, by the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench, Bengaluru) in petition, in dismissing the Application, is free from any Legal errors.