9911796707
TMI Blog2019 (8) TMI 1470X X X X Extracts X X X X X X X X Extracts X X X X ..... t "I & B Code, 2016") read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as against M/s Kaygee Shoetech Private Limited/the Corporate Debtor alleging that the Corporate Debtor committed default in payment of Rs. 3,88,271.75/- (Rupees Three Lakh Eighty Eight Thousand Two Hundred Seventy One and Seventy Five Paise Only) and date of default has been stated as 27-11-2018. The Operational Creditor has also stated that interest is also liable to be paid at the rate of interest of 24% per annum since 27-11-2017 till date of payment. Therefore, this application was filed for initiating CIRP as against the Corporate Debtor. 2. Brief averments for the consideration of the application are as follows ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Corporate Debtor, submitted that I & B Code is a complete Code in itself and service of notice of demand under section 8(2) of I & B Code, 2016 had to be effected in the manner specified therein i.e. it should be actually delivered and duly acknowledged by the Corporate Debtor in the present case, it was not so, hence, for this reason alone, the Petition was liable to be dismissed. For this proposition, he relied on the decision of this Tribunal in the case of Mascot Petrochem (P.) Ltd. v. Midaas Construction Company (P.) Ltd. in [CP(IB)NO.1692/KB/2018, dated 20-8-2019] and drew our attention at para 10 of the said order to support his claim. Ld. Counsel also submitted that the material supplied by the Operational Creditor was of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agree with the contention of the Operational Creditor that notice of demand sent to the Director of the Company at his residence has not been returned, hence, it should be deemed to have been served/delivered in view of the General Clauses Act, 1897 and Section 114 of Indian Evidence Act, 1872. As it is an established position that I & B Code, 2016 is complete Code in itself and provisions of Indian Evidence Act, 1872 and General clause Act, 1897 are not applicable unless specifically covered in IBC, 2016. For this reason only, the Petition is filed by the Operational Creditor is liable to be dismissed. This view finds support from the order of this Tribunal dated 20th August in the case of Mascot Petrochem Private Limited (supra) wherein a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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