TMI Blog2020 (3) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the material, if required, after which no complaint was to be entertained by the Operational Creditor as per the terms and conditions, which are clear and unambiguous. The defence that has been projected by Counsel for the Corporate Debtor is hollow, as the same is not substantiated with any documentary evidence. It is an admitted fact that the material supplied has been used by the Corporate Debtor which is still in its possession. Therefore, the Corporate Debtor cannot deny the liability; the dispute raised is spurious, mere bluster and an afterthought. The Operational Creditor has fulfilled all the requirements of law for admission of the Application. This Bench is satisfied that the Corporate Debtor has committed default in ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be charged. In addition to this security was deposited amounting to ₹ 25.00 lakh drawn on Axis Bank, given by the sister concern of the Corporate Debtor. It is worthwhile to note that as per the terms and conditions after the delivery of the items, no complaint was to be entertained by the supplier. Counsel for the Operational Creditor has referred to document placed at pages 57-58 that indicates that on 21.03.2017, the supply of 2100 units was made to the Corporate Debtor. Another document placed at pages 59-60 is evidencing the supply of material to the Corporate Debtor of 4400 packets on 04.04.2017. On 07,05.2017, supply of 1686 packets was made to the Corporate Debtor. Besides this, Counsel for the Operational Creditor has r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. It is contended that the Corporate Debtor is not liable to pay any rent for the period between 18.03.2017 to 20.09.2017, on account of shortfall of material. It is stated by the Corporate Debtor that on 20.09.2017, another order was placed but the material was not supplied in time as per the order. In short, the Corporate Debtor contends that the claim is false, fictitious and it is not acceptable. It is noted that the Corporate Debtor has issued four cheques for an amount of ₹ 20.00 lakh, three of which were dishonuored, one of them was not presented by the Operational Creditor as per the instructions of the Corporate Debtor because the Corporate Debtor was not ready to make the payment. The Accounts statement of the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor failed to replace the faulty scaffolding in spite of being informed to do so. It is further recorded in the reply that the cheques amounting to ₹ 20.00 lakh were given in advance as blank cheques which were misused by the Operational Creditor with mala fide intention by filling amounts on its own. It is contended that the said cheques were not issued towards any legal liability or payment of dues. It is noted that the Corporate Debtor has raised dispute in reply given to the notice issued under section 8 of I B Code, 2016. The Corporate Debtor has contended that I B Code, 2016, is not intended to be a substitute for recovery. It is further contended by Counsel for the Corporate Debtor that the document, dated 18.03.2017, placed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e delivery if required by you, after which no complaint shall be entertained. Godown B-111, Maya Pari, New Delhi. From the above, it becomes clear that material was to be returned by the Corporate Debtor to the godown of the Operational Creditor between 9 a.m. to 5 p.m., Sunday being holiday and the hire charges were to be calculated from the date of issue of the material till the same is received back at the godown of the Operational Creditor. It is also noted that when the material is delivered, it was the choice of the Corporate Debtor to have authorized agent to conduct inspection of the material, if required, after which no complaint was to be entertained by the Operational Creditor as per the terms and conditions, which are clear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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); (d) The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 9. The supply of essential goods or services of the Corporate Debtor shall not be terminated or suspended or interrupted during moratorium period. The provisions of Sub-section (1) of Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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