TMI Blog2017 (8) TMI 1573X X X X Extracts X X X X X X X X Extracts X X X X ..... itted. This authority hereby appoints Mr. Hemanshu Kapadia, Practising Company Secretary, Office No. 12, 14th Floor, Building No. 3, Navjivan Commercial Premises Co-op Society, Lamington Road, Mumbai 400 008 as interim resolution professional. This authority directs the applicant to make public announcement of the initiation of corporate insolvency process and call for the submission of claims under Section 15. Application admitted - moratorium declared. - CP NO. (IB) 44/9/NCLT/AHM/2017 - - - Dated:- 2-8-2017 - SRI BIKKI RAVEENDRA BABU. MEMBER JUDICIAL For the Operational Creditor : Learned Advocate Mr. S.D. Israni For the Financial Creditor : Learned PCS Dhiren Dave ORDER 1. Ecopl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice and delivery challans. Operational creditor also filed bank statements. Operational creditor also filed certificate issued by the banker stating that there are no payment of unpaid operational debts by corporate debtor. 6. Operational creditor also filed copies of orders placing order for material along with mails regarding outstanding payment. Operational creditor has also filed copy of ledger maintained by it in respect of corporate debtor. 7. This application is filed before the registry on 15th June, 2017. This application, for the first time, was placed before this Authority in 11.07.2017- Applicant served copy of the application on the respondent. This authority directed the applicant to issue notice of dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt from the respondent Is operational debt. It is not even the case of the corporate debtor that it has given any reply to the winding up notice dated 19.09.2016. It is not even the case of the respondent corporate debtor that it has not received demand notice under Rule 5 of the Adjudication Rule in form No. 3. It is the case of the operational creditor that no notice of dispute has been issued by the corporate debtor. It is also not the case of the corporate debtor that it has issued any notice of dispute. 10, For the first time in the arguments, the Company Secretary appearing for the corporate debtor raised a dispute stating that the quality of goods supplied are sub-standard. He contended that there is a dispute as laid dow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, Hon'bie National Company Law Appellate Tribunal clearly held that true meaning of sub-section 2 (a) of Section 8 read with sub-section (6) of section of the I B code clearly bring out the intent of the Code, namely the Corporate debtor must raise a dispute with sufficient particulars. Hon'ble National Company Law Appellate Tribunal clearly held that the dispute raised must be a bona fide dispute on substantial grounds but not mala fide defence. 14. In the second decision relied upon by the 'earned counsel for the applicant Hon'ble National Company Law Appellate Tribunal referred to the decision in Kirsua Software Private Limited. vs. Mobilox Innovation Pvt. Ltd. In that case the corporate debtor raised dispu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sons for the corporate debtor to reject the claims made by the operational creditor. Moreover, after 07.07.2016, on 15.07.2016, corporate debtor gave a mail to the operational creditor stating that they are trying to make use of the laminate under complaint and it js likely to take some time. Therefore, it is clear that till 15.07.2016 no dispute was raised by the corporate debtor regarding the quality of goods. Even thereafter on 19.09.2016 the operational creditor issued a notice to the corporate debtor under section 434 but no reply was given to it. Therefore, there is no material on record to come to a conclusion that the corporate debtor raised a dispute regarding quality of goods supplied at any point of time. Therefore, the argument ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny judgement, decree or order in any court of law, Tribunal, arbitration panel or other authority, (ii) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (iv) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor (a) The moratorium order in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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