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2017 (8) TMI 4 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHICorporate Insolvency resolution process - claim of the Operational Creditor as C&F Agent - non- performance of mutual obligations - Held that:- From the averments, it is quite evident that the dispute centres on the relationship arising out of the appointment of the Operational Creditor as C&F Agent and subsequent transactions emanating out of it. The allegations arising out of the agreement seem to be mutual, wherein certain duties have been enjoined on the Operational Creditor as well, which it is claimed by the Corporate Debtor have not been performed to its satisfaction including the one relating to obtaining refund of tax deposit as well as furnishing of relevant forms which had resulted in considerable loss of monies to the Corporate Debtor. In view of the disputes in relation to accounts, as existing between the parties, it is claimed by the Corporate Debtor that there is a bonafide dispute of the accounts between the Operational Creditor and the Corporate Debtor and in the circumstances, the parties should be relegated to seek remedy elsewhere particularly, in view of the arbitration clause contained in the C&F Agreement dated 1st May, 2014 entered into between the parties on which the petitioner has also relied on for claiming the amounts. On going through the certificate as issued by the Bankers, it is seen that the said certificate is also not in consonance with the way it is required to be produced as it does not refer to the unpaid Operational Debt by the Corporate Debtor and about its non- payment. However, on the other hand, the certificate is bald in its content and produced in relation to the period between 13th March, 2017 and 17th March, 2017 and not in relation to the duration of the agreement period prior to termination. Therefore, taking into consideration the disputes as raised between the parties and as the claim also relates to and arises out of the C&F Agreement and the ascertainment of the performance or non- performance of mutual obligations as contracted between the parties, it is not possible for this Tribunal in the exercise of Summary jurisdiction to go into it, particularly in view of the limited time period available for disposal and in the circumstances, we are not inclined to admit the petition and the same is rejected without costs.
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