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TMI Blog2019 (12) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. (Respondent/Corporate Debtor), on the ground that it has committed default for an amount of Rs. 3,26,865/- (Rupees Three Lakhs Twenty Six Thousand Eight Hundred and Sixty Five only) which included principal amount and interest. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Bharat Elevator & Spring Co. (herein after referred to as Petitioner/Operational Creditor) is deals in elevator parts at affordable prices for passenger, commercial, home, automobile, freight and luxury Application and also in the business of manufacturing Car Frames, Cabins and a range of Elevator Accessories like Buffer Springs, Rope Bolts, Brackets, Guide Clip, Pit L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its entirely and without any delay. Consequently, the Operational Creditor issued various invoices dated 20.12.2018, 18.01.2019, 31.01.2019 and 18.02.2019 upon the Corporate Debtor in relation to the purchase orders placed by the Corporate Debtor. (5) It is stated that the above mentioned goods, in relation to the purchase orders and subsequent invoices, were in excellent condition and were delivered to the Corporate Debtor's satisfaction by the Operational Creditor. As was agreed between the Operational Creditor and the Corporate Debtor, the payments of the invoices raised were to be made on the date of the invoice. The following is the outstanding amount that remains outstanding till date to the Operational Creditor by the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount, the Petitioner has issued Demand notice dated 20.08.2019, in Form 3, under the Code, by inter-alia demanding to pay an outstanding amount of Rs. 3,26,865/- as on 18.02.2019. Therefore, the Petition is filed in accordance with law and the debt and default is admitted and the same is not in dispute and the Corporate Debtor did not respond to the statutory demand notice issued by the Petitioner, and also the Respondent Company was struck off as per the Company Master Data filed along with the Petition. However, the Petition is still eligible to be admitted by initiating CIRP against the Corporate Debtor. He has also relied upon the various judgments in support of their claim, are as follows: * Alka Agarwal and Ors. Vs. Parsvnath Land ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osition of law that provisions of Code cannot be invoked for recovery of outstanding amounts. It is settled position of law that the provisions of Code cannot be invoked for recovery of outstanding alleged amount. The Hon'ble Supreme Court in the case of Mobilox Innovations Private Limited Vs. Kirusa Software Private Limited, (2018) 1 SCC 353 has inter alia, held that IBC, 2016 is not intended to be substitute to a recovery forum. In another latest judgment rendered in Transmission Corporation of A.P. Ltd. Vs. Equipment Conductors and Cables Ltd., (CA No. 9597 of 2018) dated 23rd October, 2018, (2018) 147 CLA 112 (SC) Supreme Court of India, it is inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. As p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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