9911796707
TMI Blog2017 (9) TMI 493X X X X Extracts X X X X X X X X Extracts X X X X ..... services valuing for an amount of Rs. 55,28,864/- thereafter, this Corporate Debtor having failed to make payment for the same except a payment of Rs. 6,75,000/-, this Operational Creditor filed this Company Petition to initiate Insolvency Resolution Process against this Corporate Debtor company stating that the amount claimed to be in default as on 02.07.2016 is Rs. 48,53,864/-. Brief facts of the case: 2. The Operational Creditor herein submits that since the Creditor is in the business of electrical works and also supply of labor in relation to installation of the electrical equipment to the customer whoever approached this company, this Corporate Debtor approached this Operational Creditor with a Purchase Order dated 27.11.2015 for su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Challans dated 16.03.2016 duly acknowledged from the Corporate Debtor. Since the Tax Invoice also to be raised soon after supply of this goods, Tax Invoice was raised on 13.04.16 for the total amount of Rs. 25,31,250/-. In the said invoice, it has been mentioned that the Operational Creditor is entitled to @24% interest per annum on the cost of the material supplied to the Corporate Debtor, if it is not paid within due date as mentioned in the Purchase Order. Soon after supply of these goods, when the Corporate Debtor had again come up to the Petitioner with a Letter of Intent dated 29.03.2016 seeking labor assistance for installation of the material for site electrification with payment terms of 80% advance, 15% after erection completion, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instead of giving any reply to the said notice, remained silent until notice u/s 8 of The Insolvency and Bankruptcy Code received on 23.04.2017 from the Petitioner. 4. While looking at this case, this Corporate Debtor for the first time sent a reply through e-mail dated 04.05.2017 admitting that this Corporate Debtor issued Purchase Orders dated 27.11.2015, 29.03.2016 and Letter of Intent dated 29.03.2016, stating that Purchase Orders were issued for an amount of Rs. 55,28,864/- matching to the Work Orders given by the Corporate Debtor, invoices raised by the Petitioner herein. The Corporate Debtor also said that the Debtor made a payment of Rs. 6,75,000. Since this part payment above said, issuing of invoices and supply of material have b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urned to the Petitioner herein, and this point has not been mentioned anywhere. The Petitioner Counsel further submits that none of the Partners of the company has signed on the challan that is annexed to the reply whereby the Petitioner submits that this is only a defense set up to frustrate the case of the Petitioner. 6. Looking at the averments and submission of the Petitioner's side, it appears that this Corporate Debtor issued Work Orders from time to time mentioning amounts and payment timelines consequent to the Work Orders, the Petitioner accordingly raised invoices and supplied goods simultaneously after getting Purchase Orders from this Corporate Debtor, not only that, this Corporate Debtor availed labor services from this Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Company doing business, it has been stated that Balance Sheet has also not been filed for the year 2016. It appears from the submission made by the Corporate Debtor that the company is not doing any business at this juncture. 8. The Corporate Debtor put up a defense saying that Arbitration Clause is existing in the Purchase Order given by the Debtor company, the Petitioner for his claim should go before the Arbitrator but not before this Bench for initiation of Insolvency Resolution Process. It is not that the Petitioner alone should go before Arbitrator, the Corporate Debtor as well could proceed against this Petitioner before the Arbitrator but Corporate Debtor has not made any such effort despite notice came from the Petitioner to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credence to the case on belatedly filed so called challan. Since the Corporate Debtor has admitted issuing Purchase Orders and work order, thereafter the petitioner raising invoices and acknowledging Delivery Challans with signature of the Corporate Debtor side, in case if the Corporate Debtor is to prove some of the goods returned, the burden is cast upon this Corporate Debtor to prove that some of the goods have been returned, since this Corporate Debtor has not made any such efforts to prove to the satisfaction of this Bench that some of the goods have been returned, we have not found any merit in the defense first time set up by the Corporate Debtor, hence, we admit this petition with the reliefs as follows: (i) That this Bench hereby ..... X X X X Extracts X X X X X X X X Extracts X X X X
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