TMI Blog2020 (9) TMI 378X X X X Extracts X X X X X X X X Extracts X X X X ..... note and genuineness of the cheque in terms whereof payment had been effected by the Corporate Debtor has been lodged by the Appellant Operational Creditor with the competent authorities. The dispute raised by the Corporate Debtor in reply to demand notice in regard to supply of goods and payment made after reconciliation and settlement of accounts between the two parties taking into considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shreesha Merla Member (Technical) For the Appellant : Mr. Arvind Kumar Gupta, Ms. Purti Marwaha and Ms. Henna George, Advocates. JUDGMENT Appellant s application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short I B Code ) for initiating Corporate Insolvency Resolution Process against Respondent Corporate Debtor for having committed default in respect of operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the demand emails dated 13.11.2018, 29.11.2018 and 17.01.2019 demanding the outstanding amount had not been replied to by the Respondent- Corporate Debtor. When confronted with the reply to demand notice furnished by the Corporate Debtor forming page 51 of the appeal paper book that a debit note dated 17.08.2018 for an amount of ₹ 11,12,721/- was issued by the Corporate Debtor to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfy us as to how the Corporate Debtor could be held to be in default after reconciliation followed by last payment effected through cheque and if there was a dispute with regard to the operational debt and genuineness of the debit note as raised in appeal, same, in the context of the issue being raised in reply to the demand notice would fall within the purview of preexisting dispute. Admitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conciliation of accounts and rebate allowed cannot be resolved in Corporate Insolvency Resolution Proceedings. In the given circumstances, the Adjudicating Authority was right in declining to initiate CIRP against the Corporate Debtor. 3. We find no legal infirmity in the impugned order. The appeal is accordingly dismissed at the very pre-admission stage. - - TaxTMI - TMITax - Insolvency & ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
