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TMI Blog2020 (2) TMI 695X X X X Extracts X X X X X X X X Extracts X X X X ..... y and Bankruptcy Code, 2016 (for brevity IBC) for initiation of Corporate Insolvency Resolution Process of respondent/Corporate Debtor M/s. Nirupama Mining and Transporting Private Limited. 2. The respondent/Corporate Debtor is M/s. Nirupama Mining and Transporting Private Limited registered under Companies Act, 1956 and CIN: U51420OR2007PTC009701. 3. The applicant/Operational creditor submits that it is private limited company and engaged in the business of front-end loading in mines and transporting of coal from mining face to stockyard. In the course of business, the respondent/Corporate Debtor was engaged as a loading and transporting of coal by Bhubaneswari Coal Mining Limited (BCML). The applicant/Operational Creditor was engaged as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e director of the applicant/Operational Creditor for his illegal interruption of ongoing work of the respondent/Corporate Debtor. The copy of the station dairy is enclosed along with the reply. The respondent/Corporate Debtor categorically states that there is no liability of the payment due and payable by the respondent/Corporate Debtor to the applicant/Operational Creditor. The respondent/Corporate Debtor further, states that the indemnity Bond dated 31.07.2017 was executed by the director of the applicant/Operational Creditor and he is personally liable to pay and has undertaken to settle the dues to the tune of Rs. 30,00,000/- by issuing three account payee cheques, in favour of respondent/Corporate Debtor. Criminal case is pending in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve to be rejected. Apart from the above, the Adjudicating Authority must follow the mandate of Section 9, as outlined above, and in particular the mandate of Section 9(5) of the Act, and admit or reject the application, as the case may be, depending upon the factors mentioned in Section 9(5) of the Act. 51. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the Adjudicating Authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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