Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (3) TMI 1213 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - section 9 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- There is no dispute that the address of the notice was proper address of the registered office of the corporate debtor. The operational creditor did what was expected from it under the law and corporate debtor merely by putting up hands and saying that "I did not receive", would not be sufficient. The Adjudicating Authority also dealt with this aspect and found that notice was duly served. We also hold that the notice was duly served as required by the law. What corporate debtor could do is to show that there is a pre-existing dispute or that the dues are not payable in law or in fact. It is not the case of the appellant-corporate debtor that the corporate debtor was or is ready to pay the dues claimed in default and if section 8 notice had been received, it would have paid the dues and avoided the invoking of the IBC. There is no material to show any preexisting dispute. What the corporate debtor is trying to say is that there were certain transactions between the operational creditor and corporate debtor along with Univercell and MPS and thus the Adjudicating Authority should look into all those transactions and on such basis, it is tried to be said that the dues are not payable - The attempt of the corporate debtor to push through mutual tripartite agreement (page 80) did not succeed as operational creditor did not join the same. If anything, the document would rather show acceptance of liability by the corporate debtor. Even if the parties and/or their sister concerns are indulging in various transactions and deals, when there is an independent transaction of sale giving rise to dues and there is default in payment of the same, that indeendent transaction cannot be doubted or put into shadows due to other dealings between the parties and/or their sister concerns. Section 9 application was properly admitted - Appeal dismissed.
|