TMI Blog2019 (11) TMI 774X X X X Extracts X X X X X X X X Extracts X X X X ..... - moratorium declared. - COMPANY PETITION NO. (IB)-1525/ND/2019 - - - Dated:- 19-8-2019 - DR. DEEPTI MUKESH, HON'BLE MEMBER (JUDICIAL) AND SH. PRADEEP R. SETHI, HON'BLE MEMBER (TECHNICAL) JUDGMENT DR. Deepti Mukesh, Member.( Judicial) 1. The present application is filed under Section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) by M/s Dynamic Security (for brevity Applicant ) through its Partner Mr. Karan Singh who is duly authorized vide General Power of Attorney dated 15.06.2019, with a prayer to initiate the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n only) despite receipt of the copy of invoices from the Applicant, the details of which are as follows: DATE INVOICE NO. BALANCE PAYMENT 31.05.2019 Invoice No. 1117 ₹ 1,39,089/- 31.05.2019 Invoice No. 1118 ₹ 1,39,089/- 31.05.2019 Invoice No. 1119 ₹ 58,112/- TOTAL ₹ 4,52,514/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It has further been stated that they have certain disputes with the Company (M/s V.E. Commercial Vehicles Pvt. Ltd.) and therefore, they have Arbitration claims against the said company and hence, payment could only be made by them after receiving the Arbitration award in their favour. 10. It is further submitted by the Respondent that the claim of the Applicant stands admitted by the Respondent inasmuch as the Respondent has already acknowledged and admitted the liability of ₹ 4,52,514/- (Rupees Four Lakhs Fifty Two Thousand Five Hundred and Fourteen only) due and payable against payment of invoices raised for rendering of security services to the Respondent Company. It is further submitted that Respondent is not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or reject the application, as the case maybe, depending upon the factors mentioned in Section 9(5) of the Act As per the reply filed by the Respondent, it can be inferred concluded that there is an Operational debt against the Respondent and the same is admitted by the Respondent. Such a plea of financial constraints and pending arbitration claim taken by the Respondent is totally vague and contingent upon winning its Litigation against a third company. This reply therefore does not have any value in the eyes of law. It is further seen that the demand notice in the present case was issued under Section 8 (1) of the Code on 01.06.2019, and the same was not disputed. 12. The applicant has attached the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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