Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (8) TMI 652 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- Since, the Corporate Debtor was not present on that date, the matter was adjourned from 14.07.2022 to 27.07.2022 with a specific direction that the Corporate Debtor shall appear and address their arguments on 27.07.2022 failing which the argument of the Corporate Debtor would be treated as heard and appropriate order will be passed. Accordingly, the matter was taken up on board on 27.07.2022. However, the Corporate Debtor neither appeared nor addressed any arguments as directed by this Bench. Hence, having no other alternative, this Bench reserved the matter for orders. Time Limitation - HELD THAT:- The payment of Rs. 1 lac on 18.08.2016 made by the Corporate Debtor is clearly reflecting in the statement of account. Since, there is a payment made by the Corporate Debtor on 18.08.2016 the period of limitation would get extended for another three years from 18.08.2019 and the above Company Petition being filed on 29.05.2019 is well within limitation and the contention of the Corporate Debtor on that score is liable to be rejected. Payment of interest - HELD THAT:- It is relevant to mention here that there is a stipulation in the invoices raised by the Operational Creditor for payment of interest @ 24% per annum if the payment was not made on due date by the Corporate Debtor. Therefore, the contention with regard to the entitlement of the Operational Creditor for interest is also liable to be rejected. Pre-existing dispute or not - HELD THAT:- It is observed that the Corporate Debtor did not issue any reply to the Demand Notice nor filed any documents evidencing pre-existing disputes between both parties prior to the Demand Notice and therefore, the plea of pre-existing disputes mentioned by the Corporate Debtor in their reply is only for name sake and is only an afterthought to prevent the admission of the Company Petition. This Bench is of the considered view that there is no substance in any of pleas raised by the Corporate Debtor and the above Company Petition deserves to be admitted - Petition admitted - moratorium declared.
|