2018 (11) TMI 1671

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..... Corporate Debtor - The pendency of the case under Section 138/441 of the Negotiable Instruments Act, 1881, even if accepted as recovery proceeding, it cannot be held to be a dispute pending before a court of law. The pendency of the case under Section 138/441 of Negotiable Instruments Act, 1881 actually amounts to admission of debt and not an existence of dispute - appeal dismissed. - Company .....

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..... view of the fact that the Respondent has instituted cases under Section 138/441 of Negotiable Instruments Act, 1881, which are pending in the court of Metropolitan Magistrate, Gurgaon. During the proceeding, the Corporate Debtor has paid ₹ 31,85,525/-, reducing the outstanding balance to ₹ 34,25,251/-. The last payment was made on 18th March, 2016. 3. Referring to the decisi .....

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..... t deliver a demand notice of the unpaid debt to the operational debtor in the manner provided in Section 8(1) of the Code. Under Section 8(2), the corporate debtor can, within a period of 10 days of receipt of the demand notice or copy of the invoice mentioned in sub-section (1), bring to the notice of the operational creditor the existence of a dispute or the record of the pendency of a suit or a .....

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