TMI Blog2020 (2) TMI 1425X X X X Extracts X X X X X X X X Extracts X X X X ..... led 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 - The date of default occurred from 13-10-2018 and the present application is filed on 4-9-2019. Hence the application is not time barred and filed within the period of limitation. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application - It is pertinent to note that the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umar Sarangi, Technical Member For the Appellant : Yashvardhan, Adv. For the Respondent : Kanishk Rana ORDER DR. DEEPTI MUKESH, JUDICIAL MEMBER 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 Blue Star Limited (for brevity 'Applicant') through Mr. Chetan Sharma, Manager (Legal) who has been authorized vide Board Resolution dated 13-9-2019 with a prayer to initiate the Corporate Insolvency process against Heaven Engineering Contractors Private Limited (for brevity 'Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in the bank for encashment by the applicant with its banker, the Hong Kong and Shanghai Banking Corporation Ltd., at its Gurugram Branch. The said cheque was returned unpaid by the bank vide Return Memo dated 2-2-2019 with the remark Funds Insufficient . The applicant issued a Legal Notice under section 138, Negotiable Instrument Act, 1881 dated 20-2-2019. 7. It is submitted by the applicant that subsequently, on 13-3-2019 the corporate Debtor made a payment Of ₹ 2,00,000/- by way of Cheque, leaving a balance payment of ₹ 10,15,392/- 8. The Applicant issued a demand notice dated 18-5-2019 in Form 3 under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 calling upon the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is wrong and that the corporate debtor has made payments as per the details provided in the reply. Further, on 11-6-2019 the corporate debtor made a payment of ₹ 2,00,000/-, even after receipt of Demand Notice dated 18-5-2019 but no further payment is due since the claim amount demanded by the applicant is adjusted against the unsold machines lying with the corporate debtor. An invoice had been issued by the corporate Debtor for ₹ 94,521/-, which was not reflected in the accounts of the applicant and hence was adjusted. 13. The corporate debtor further submitted that few machines were overpriced, sub-standard, not in working condition and damaged; therefore the said machines could not be sold. Further, the corporate debtor su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merely a moonshine dispute as laid down in Mobilox Innovations (P.) Ltd. v. Kirusa Software (P.) Ltd. [2017] 144 SCL 37 (SC) . 16. The date of default occurred from 13-10-2018 and the present application is filed on 4-9-2019. Hence the application is not time barred and filed within the period of limitation. 17. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 18. It is pertinent to note that the corporate debtor has not placed on record any correspondences between the parties with respect to any disputes raised by the corporate debtor. 19. The Applicant has filed an affidavit under section 9(3) (b) affirming that the corporate deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st such an IRP named who may act as an IRP in relation to the CIRP of the Respondent. The specific consent has been filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 have been made. 22. We direct the Operational Creditor to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional, namely Mr. Shashi Bhushan Prasad to meet out the expenses and 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 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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