TMI Blog2020 (9) TMI 945X X X X Extracts X X X X X X X X Extracts X X X X ..... fence and without any evidence. It can be thus inferred that there is no merit in the so-called dispute raised by the corporate debtor in reply to the application. Therefore, it goes beyond doubt that the Applicant is entitled to claim its dues. Time Limitation - HELD THAT:- The date of default is occurred from 01.09.2018 and application is filed on 01.11.2018 hence the debt is not time barred and the application is filed within the period of limitation. Jurisdiction - HELD THAT:- The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. The present application is complete and the applicant has established the default in payment of the oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... invoices were raised totaling to ₹ 198,050,642.98/- in respect of the materials supplied to the corporate debtor. 5. The Applicant issued demand notice dated 09.08.2018 under the provisions of Section 8 of the Insolvency and Bankruptcy Code, 2016 in Form 3 as prescribed under in the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 demanding total amount from the Corporate Debtor of ₹ 172,029,262/- (Rupees Seventeen Crore Twenty Lakh Twenty Nine Thousand Six Hundred Sixty Two Only) plus interest @18% p.a. totaling to ₹ 198,050,643/-. The affidavit is filed that no reply has been received from the corporate debtor hence service of section 8 notice is complete. 6. Neither notice of dispute ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pute with respect to the quality of the materials supplied by the applicant nor with respect to the existence of the amount of alleged debt. Moreover, the notice under section 8 of code has not been disputed by the corporate debtor. It is only when application under section 9 is filed, the corporate debtor has come foreword with lame defence and without any evidence. It can be thus inferred that there is no merit in the so-called dispute raised by the corporate debtor in reply to the application. Therefore, it goes beyond doubt that the Applicant is entitled to claim its dues. 10. The date of default is occurred from 01.09.2018 and application is filed on 01.11.2018 hence the debt is not time barred and the application is filed within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days for the date of receipt of this order by the operational Creditor. The amount however be subject to adjustment by the Committee of Creditors as accounted for by Interim Resolution Professional and shall be paid back to the operational Creditor. 16. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016 moratorium as envisaged under the provisions of Section 14(1) shall follow in relation to the Corporate debtor prohibiting proviso (a) to (d) of the Code. However, during ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
