TMI Blog2017 (10) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... he respondent. In the said circumstances, the contentions taken by the respondent that the supply of goods received by them is in violation of the terms of contract is found devoid of any merit. In the above said discussions we are of the considered view that the dispute raised on the side of the respondent is not at all bona fide . Upon the above said discussions we are of a considered view is that the respondent raised the dispute in the instant case is for the sake of objection to see that petition of this nature is to be rejected. No doubts the dispute raised by the respondent does not comes under the purview of Section 5(6) of Insolvency & Bankruptcy Code, 2016. Therefore, we hold that the objections raised by the respondent are unsustainable under law. The petitioner also produced a certificate from the bank confirming that there is no payment of an unpaid debt by the respondent (Annexure-II-R at P. 083). The petitioner also complied section 9(3)(b) of Insolvency & Bankruptcy Code, 2016 (affidavit at Pg. 186). The petition being filed in compliance of sections 8 and 9 of I&BC, 2016 and petitioner succeeded in establishing existence of default it appears to us that this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 20,00,000/- drawn on Bank of India. The said cheque was presented for clearing by the operational creditor but was returned unpaid with an endorsement Exceeds Arrangements . The operational creditor served a legal notice dated 15.06.2016 under section 138 of the Negotiable Instrument Act, to the corporate debtor. The corporate debtor failed to pay the amount pertaining to the said dishonoured cheque. The operational creditor filed a complaint before the Metropolitan Magistrate, Kanpur against the corporate debtor for realisation of the amount on the basis of dishonour of cheque. 3. Irrespective of notice under S. 138 of the Negotiable Instruments Act the corporate debtor failed to discharge the entire liability and thereby operational creditor issued demand notice in Form-3 under section 8(1) of the I BC, 2016 demanding an amount of ₹ 25,36,087/-. In reply to the demand notice the corporate debtor raised untenable contentions and raised unlawful claims against the operational creditor. The dispute raised by the corporate debtor in the reply notice not at all amount to a bona fide dispute and raised for the sake of objecting the application filed under sections 8 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by M/s Anil Steels (Annexure II-N), 16) A copy of the reply dated 15/07/2017 sent by A.D Electro Steel Company Pvt. Ltd to the demand notice dated 01/07/2017 (Annexure-O), 17) A copy of the ledger account (1st April 2016 to 6th July 2016) of M/s Anil Steels (Annexure II-P), 18) Certificate issued by Raman Aggarwal (Chartered Accountant) confirming and verifying a sum of ₹ 25,36,087 not paid by A.D Electro Steel Company Pvt. Ltd to Anil Steels (Annexure-II-Q), 19) A copy of Bank certificate issued by HDFC Bank confirming and verifying a sum of ₹ 25,36,087/- not paid by A.D Electro Steel Company Pvt. Ltd. to M/s Anil Steels (Annexure II-R), 20) A copy of statement of Bank account no. 02982320002841 maintained at HDFC Bank, Govind Nagar Branch, Kanpur- Uttar Pradesh by M/s Anil Steels for the period starting from 01st January, 2016 till 24th July, 2017. (Annexure-III). 5. The corporate debtor filed reply affidavit contending in brief is the following: The petition is not maintainable under section 8(1) of the I BC,2016 because it is incomplete. The operational creditor failed to produce English translations of the documents annexed to the petition. The contents na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nslation of certain documents and that some of the documents produced were not readable for want of legible copies are not sustainable at this juncture because petitioner as directed produced legible copies and English translation of the documents in Hindi. 8. Learned counsel for the petitioner/operational creditor submits that the respondent/corporate debtor was in receipt of the goods supplied without any protest at the time of supplying the goods and issued cheque promising to repay the amount due as per the invoices issued to the respondent. According to the learned counsel for the petitioner since the cheque presented for realisation of the money due as per supply of goods to the respondent was dishonoured a notice under section 138 of the Negotiable Instrument Act has been issued to the respondent. A complaint under section 138 of the Act also has been filed before the criminal Court for realisation of the money due from the respondent (Annexure II-C). 9. The respondent main contention is that since the goods supplied to the respondent was not as per the terms stipulated in the purchase orders respondent is not liable for the payment of the amount as demanded. The learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .05.2016, 3 lakhs on 27.05.2016 and 2 lakhs on 3.06.2016). As on 03.06.2016 ₹ 24,50,195/- is remained to be paid to the petitioner as per the statement of account relied by the petitioner. 12. Admittedly on 10.05.2016 a cheque has been issued by the respondent to the petitioner for an amount of ₹ 20 lakhs and one another cheque for ₹ 4,50,195/-. Both cheques were presented for realisation of money to the bank. Both cheques were returned unpaid. This prompt the petitioner to issue notice under section 138 of the Negotiable Instruments Act (Annexure II-L) on 15.06.2016. It is pertinent to note hear that on 3.03.2016 petitioner issued a letter to the respondent reminding him as to non-payment of balance outstanding in the name of the petitioner from the respondent (Annexure-II-F at P. 058) In reply to that letter dated 18.03.2016 respondent expressed it's inability to pay the balance amount. It is good to read the relevant portion of the reply. It read as follows:- Owing to financial year ending, we are not getting our payment from our valued customers. This resulted in delay in your payment. We are expecting to start receiving of payment from our c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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