TMI Blog2020 (12) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... he fact of existence of a dispute cannot be sustained - In the present case, there is no such dispute as pre-existing, the dispute which was being claimed to be pre-existing by the corporate debtor does not survive. On the contrary there is an admission to outstanding amount on the part of the Corporate Debtor through its e-mail dated 6-9-2019. The present application is complete and the Operational Creditor is entitled to claim its dues, establishing the default in payment of the operational debt beyond doubt, and fulfillment of requirements under section 9(5) of the Code. Hence, the present application is admitted. Application admitted - moratorium declared. - Company Petition No. IB-2695/ND/2019 - - - Dated:- 18-8-2020 - Dr. De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32,22,74,000/- as per Master Data of the company. 4. It is the case of the Operational Creditor that, the Corporate Debtor had entered into Travel Service Agreement ( Agreement ) to avail travel related services from Operational Creditor, including but not limited to booking and cancellation of air tickets, rail tickets, handling reservations, confirmations of hotel/apartments/guest house booking, car rentals, passport services, foreign exchange related services, travel insurance, organizing conferences, conducting package tours, incentive tours, events etc. ( Services ). The Travel Services Agreement was initially executed in the year 2016, which was renewed from time to time. 5. It is further stated that, under the agreement, the Op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de and reminders sent by the Applicant, the respondent did not reply. On failure to pay the outstanding dues by the Respondent, the applicant sent a demand notice dated 12-9-2019, under section 8 of the Insolvency and Bankruptcy Code, 2016 to the respondent, asking them to make the entire payment of ₹ 40,07,101.16/- (Rupees Forty Lakh Seven Thousand One Hundred One and Paisa Sixteen only), along with interest at the rate of 2% per month, within 10 days from receipt of the notice, failing which the applicant shall initiate the Corporate Insolvency Resolution Process ( CIRP ) against the Respondent. 9. The applicant has annexed postal receipt, for the delivery of the said demand notice at the registered office of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts reply to the present section 9 application, the Corporate Debtor states that, the total unpaid amount claimed by the Operational Creditor is ₹ 40,07,101.16/-, it was orally agreed between the parties that the Operational Creditor shall forebear with the Corporate Debtor for making balance payment. The Operational Creditor in utter disregard of the said arrangement has instituted the captioned application against the Respondent before this Tribunal. Further it states that there is no acknowledgement of debt by the Respondent whatsoever, in fact the alleged email dated 6-9-2019 has not so much as even been placed on record by the applicant and thus, no reliance on the said e-mail ought to be placed. 14. However, on examination of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defense which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defense is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. In the present case, there is no such dispute as pre-existing, the dispute which was being claimed to be pre-existing by the corporate debtor does not survive. On the contrary there is an admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days from the date of receipt of this order by the Operational Creditor. The amount however will 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. 23. 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 Respondent prohibiting the respondent as per proviso (a) to (d) of section 14(1) of the Code. However, during the pendency of the moratorium period, terms of sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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