TMI Blog2020 (2) TMI 1415X X X X Extracts X X X X X X X X Extracts X X X X ..... to the present application, is unable to establish any pre-existing dispute of genuine nature and the said is merely a moonshine dispute as laid down in MOBILOX INNOVATIONS PRIVATE LIMITED VERSUS KIRUSA SOFTWARE PRIVATE LIMITED [ 2017 (9) TMI 1270 - SUPREME COURT] . Application admitted - moratorium declared. - C.P. No. IB-1071/ND/2019 - - - Dated:- 26-2-2020 - Ms. Ina Malhotra Honble Member (Judicial) And Sh. Hemant Kumar Sarangi Honble Member (Technical) For the Applicant : Mr. Ritesh Agarwal, Adv. Mr. Tejas Bhatia, Adv. For the Respondent :Mr. Sanjeev Kumar, Mr Aviral Adv. ORDER Sh. Hemant Kumar Sarangi, 1. The Present Application is filed under section 9 of Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules) by M/s Gupta Ji Electric Company (for brevity Applicant) through Mr. Dheeraj Gupta duly authorized vide letter dated 21.03.2019,with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP )against M/s. Straight Edge Contracts Pvt. Ltd. (for brevity Corporate Debtor). 2. The applicant is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de payments of only partial amounts. The corporate debtor made last payment on 02.05.2018 against the project namely Greenpolis and on 24.08.2018 against the project namely Zing, Noida. C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Pvt. Ltd. 8. It is further submitted by the applicant that after the due amount got accumulated for a long period, the applicants stopped the supply of materials and requested the corporate debtor to clear all pending bills. The corporate debtor duly acknowledged the outstanding principal amount payable to the applicant. But despite acknowledging the due amount, the corporate debtor failed to make payment. 9. The applicant repeatedly requested the corporate debtor to clear their admitted outstanding amount of ₹ 1,46,49,934/- along with 24% per annum accruing upon each due amount for the supply of materials in terms of different purchase orders. 10. Thereafter, the corporate debtor, admitting his liability to pay the aforesaid amount, issued 12 post dated cheques amounting to ₹ 1,46,49,934/- in total. Out of the said 12 cheques, the applicant deposited cheque no.642306 dated 30.09.2018 for a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Three C projects Pvt. Ltd. (collectively Principal Employer) respectively for completion of balance construction. C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Pvt. Ltd. b) As per the agreements, the corporate debtor were required to invest an amount of ₹ 5,00,00,000/- and for the same the corporate debtor would charge 12% over and above on the bill raised by the vendors. c) Pursuant to the said agreements the corporate debtor approached the applicant for providing electric components. After issuance of purchase orders the applicant started supplying the required products to the Respondent Company. Thereafter the applicant requested the corporate debtor to make payment but since the corporate debtor was not being paid by the principal employer, the corporate debtor could not pay the applicant and the other vendors. d) The corporate debtor submits that the debt of the corporate debtor had been assigned to the Principal Employer of the corporate debtor and further the corporate debtor also submits that the assent for the same was also orally given by the applicant. Subsequently vide email dated 24.08.2018, the corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Principal Employer, but the corporate debtor has failed to establish that the applicant had accepted or was in any manner involved in the said understanding between the parties. 17. The corporate debtor has not placed on record any document which exhibits the plausible dispute between the parties. It can be thus inferred that there is no merit in the so-called dispute raised by the corporate debtor in reply to this application. This leaves no doubt that the default has occurred with respect to the payment of the operational debt of the applicant. Thus mere reply filed by the corporate debtor to the present application, is unable to establish any pre-existing dispute of genuine nature and the said is merely a moonshine dispute as laid down in Mobilox Innovative Private Limited vs. Kirusa Software Private Limited. 18. The date of default is 24.08.2018 and the present application is filed on 15.04.2019. Hence the application is not time barred and filed within the period of limitation. 19. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 20. The Applicant has filed an affi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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