TMI Blog2018 (9) TMI 1227X X X X Extracts X X X X X X X X Extracts X X X X ..... e respondent does not dispute the authenticity of the aforesaid ledger account in view of the balance confirmation letters which have been relied upon by the petitioner. So, simply raising the issue of sub-standard goods in the reply cannot be taken as an ‘existence of a dispute’. As perused the written communication in Form 2 furnished by the registered Resolution Professional, proposed to be appointed as the Interim Resolution Professional and the same is found to be in order. All the ingredients required to be established are made out. In view of the above, the instant petition deserves to be admitted. The petition under Section 9 of the Code is, therefore, admitted and the moratorium is declared for prohibiting all of the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of resolution of Board of Directors of the company passed on 10. 02. 2018 authorising Mr. Anil Sahni, Managing Director or Mr. Arun Sahni, Director of the company to file the application/petition before the Tribunal and to do all the acts necessary in the progress of the case. 4. The petition has been filed by moving application in Form 5 as prescribed in Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity, the Rules) furnishing all the required particulars. 5. The respondent company was incorporated on 22. 02. 1996 with authorised share capital of ₹72 crores and paid-up capital of ₹61, 89, 20, 140/-. The master data of the respondent-corporate debtor is at page 52-5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he outstanding amount has been attached at Annexure A-3 with the main petition. 7. It is further stated that the respondent-corporate debtor issued balance confirmation letter dated 30. 07. 2016 accepting the outstanding amount as on 30. 06. 2016 to be ₹73, 37, 734/- and another balance confirmation letter dated 31. 08. 2017 which are in the nature of acknowledgements of debt in writing signed by the respondent-corporate debtor. The balance confirmation letters are at Annexure A4 (colly) with the main petition. It is stated that the outstanding amount was not paid despite repeated demands. In this way, the total outstanding amount stated is ₹73, 37, 732. 80 in Col. 1 of Part IV of Form 5 for which details of the transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of this petition, copy of the petition along with entire paper book was also dispatched to the respondent-corporate debtor in order to comply with the requirement of sub-rule 2 of Rule 6 of the Rules. 11. Notice of this petition was issued to the respondent-corporate debtor and appearance was made for the corporate debtor by Mr. Gaurav Mankotia, Advocate. The objection to the prayer has been filed by the respondent-corporate debtor. It is stated that the goods supplied by the petitioner company were not as per specification and there was manufacturing defect in the heating, ventilation and air conditioning system and the representatives of the petitioner company were apprised of the defects. It is also stated that the respondent-corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch other information as may be specified 14. The petitioner has complied with the requirement of Clause (a) by sending copy of the invoice in the prescribed form demanding payment from the corporate debtor which fact is not disputed during the course of arguments. The petitioner has also filed affidavit of not receiving any notice of the dispute relating to unpaid operational debt, to comply with the requirement of Section 9(3)(b) of the Code. Certificate from Union Bank of India where the petitioner is maintaining its account and receiving payment from the corporate debtor has also been filed to the effect that since 01. 02. 2018 i. e. before the date of demand notice, no payment has been received from the corporate debtor in this a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... long with the main petition but copy of the ledger account for the subsequent period has been filed as Annexure A-15 with CA No. 316/2018 which also indicates that no further payment was received from the corporate debtor. Learned counsel appearing for the respondent does not dispute the authenticity of the aforesaid ledger account in view of the balance confirmation letters which have been relied upon by the petitioner. So, simply raising the issue of sub-standard goods in the reply cannot be taken as an existence of a dispute . 18. We have also perused the written communication in Form 2 furnished by the registered Resolution Professional, proposed to be appointed as the Interim Resolution Professional and the same is found to be in o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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