TMI Blog2020 (9) TMI 894X X X X Extracts X X X X X X X X Extracts X X X X ..... that IBC, 2016 is not intended to be substitute to a recovery forum - It is not in dispute that the Petitioner has received part payment and the instant Petition is filed to recover the balance amount which is against the object of the Code and the Law. The instant Company Petition is filed with an intention to recover the alleged outstanding due, which is not permissible under law - Moreover, the Petitioner has not explained the reasons for delay for issuing the Demand Notice belatedly i.e. 24.10.2019, and filing this instant Application only on 10th February 2020, even though the Demand Notice specifically mentioned that the Respondent has to pay the outstanding due or to raise the dispute, within a period of 10 days from the date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... North-Tlk, Bangalore-562157. The Company is engaged in the business of providing integrated Logistic Services for Air and Sea Freight forwarding, customs clearance, transportation and warehousing. (2) M/s. Nando's Karnataka Restaurants Private Limited (Respondent/Corporate Debtor) is a Company registered under the Companies Act, 2013 was incorporated on 18.02.2014 having CIN: U55101KA2014FTC073688 and having its registered Office situated at Plot No. 1088, Ground Floor First Floor HAL 2nd Stage, 12 Main Indiranagar Bangalore- 560038. The Authorised Share Capital of the Company is ₹ 18,50,00,000/- and Paid-up Share Capital is ₹ 18,20,10,000/-. (3) It is stated that the Operational Creditor has provided Logistic servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remains to be paid. However, the Petitioner issued Demand Notice only on 24.10.2019, i.e. after a period of two years from the date of cause of action, by inter-alia demanding to pay the said outstanding amount. The Petitioner has only filed un-corroborated and illegible e-mails, which are stated to have been exchanged between the Parties, prior to the issue of said Demand Notice, in support of its case. The instant Company Petition is filed mainly to recover the alleged outstanding amount of ₹ 2,29,944/-. 5. It is settled position of law, that the provisions of the Code cannot be invoked for recovery of alleged outstanding amount, that too, after long lapse of time, without explaining the delay caused. The Hon'ble Supreme Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X
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