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TMI Blog2021 (4) TMI 1159X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority), 2016 (for brevity 'the Rules') by M/S V.K JAIN & SONS. (for brevity 'Applicant') through its partners Smt. Mahima Jain (authorized vide Special Power of Attorney dated 08.05.2019) with a prayer to initiate the Corporate Insolvency process against M/S THREE LEAVES BOOKS INTERNATIONAL PVT. LTD(for brevity 'Corporate Debtor'). 2. The Applicant M/S V.K JAIN & SONS, claimed to be the Operational Creditor, is a Partnership firm, with the Registration number being 1578 of 2017 of Registrar of Firms Delhi, having its registered office at 4286/3 Ground Floor Ansari Road, Daryaganj New Delhi 110092. 3. The Respondent M/S THREE LEAVES BOOKS INTERNATIONAL PVT. LTDis a company incorporated on 19.07.2014 under the Companies Act, 2013 havi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver all the cheques got dishonored and the Bank memo stating "Funds Insufficient" has been placed on record. Pursuant to this the Applicant served a notice to the Corporate Debtor dated 19.06.2018 under Section 138 of the Negotiable Instruments Act, 1881. It is submitted by the Applicant that after various follow ups the Corporate Debtor made a payment of Rs. 2,20,313/- on 20.07.2018. 6. As per the averments mentioned in the application the Corporate Debtor failed to make payment therefore, a Demand Notice under section 8 of the Code,dated 30.03.2019was issued at the registered office of the Corporate Debtor vide speed post which was returned with a remark "no such person found". However, anE-mail dated 02.04.2019 was sent at the ID availa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Creditor become entitled to claim operational debt from the Corporate Debtor. The Corporate Debtor states that he has received the printing paper only of the value of Rs. 12,79,752/-, there is a massive variation of a sum of Rs. 14,26,0686 in the claimed amount i.e. Rs. 27,05,820/-, which was duly specified in the reply dated 26.06.2018, given by the corporate debtor to the notice dated 19.06.2018 u/s Section 138of Negotiable Instruments Act, 1881. 9. The Corporate Debtor has also placed on record the reply dated 26.06.2018 to the notice sent under Section 138 Negotiable Instruments Act, 1881 which is annexed with the reply to the Section 9 application, wherein the Corporate Debtor submitted that cheques as mentioned were issued in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 138of Negotiable Instruments Act, 1881, which supports the fact that the Corporate Debtor admitted and acknowledged its liability before denying it in the reply to the notice under Section 138of Negotiable Instruments Act, 1881. 11. The date of default is 19.03.2018 that is the date of the last invoice issued which was unpaid, and the present application is filed on 20.05.2019. Hence the application is not time barred and filed within the period of limitation. 12. The registered office of corporate debtor is situated in Delhi and therefore this Tribunal has jurisdiction to entertain and try this application. 13. The Applicant has complied with the provision of Section 9(3)(b) of the Code, 2106. 14. The matter was listed for f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of debt and not an existence of dispute." 16. We would like to draw conclusion as per the ratio laid down by the Hon`ble NCLAT therefore, the issue raised by the Corporate Debtor in the reply dated 26.06.2018 to the notice underSection 138of Negotiable Instruments Act, 1881, with respect to the amount cannot be considered as a dispute. Even if we consider that the criminal complaint is pending under Section 138of Negotiable Instruments Act, 1881, it actually amounts to admission of debt and not an existence of dispute as per the above mentioned Judgment by the Hon`ble NCLAT. Further the Corporate Debtor has admitted to have received the printing paper for the value of Rs. 12,79,752/- in its reply dated 26.06.2018 to the notice under S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry of any property by an owner or lessor where such property is occupied by or in the possession of the Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process." 19. The Applicant shall deposit a sum of Rs. 2 lakhs to enable the IRP to meet the immediate expenses. The same shall be accounted for by the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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