9911796707
TMI Blog2021 (3) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri.K. Senguttuvan, Advocate, Shri V. Veeraraghavan, Advocate For the Respondent : None appeared ORDER Per: R. SUCHARITHA, MEMBER (JUDICIAL) Under consideration is the application filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 ("IBC, 2016") by the Operational Creditor i.e., M/s. Precision Hydraulics Private Limited for initiation of Corporate Insolvency Resolution Process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12,99,068 3819008467 23/10/2018 15,34,655 3819009427 21/11/2018 11,18,516 3. The Corporate Debtor ought to have sold the above mentioned licenses and transferred the sale consideration to the Operational Creditor. The Applicant states that the payment towards the sale of the above mentioned licenses were not paid into the account of the Operational Creditor. Admittedly, the amount has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor. In the said notice, the Corporate Debtor has stated that as per the terms of understandings between the beth parties, the licence numbers supra had been transferred / sold and the entire payment of Rs. 1,07,03,939/- was credited into the account of one of the directors of the Operational Creditor who was liaising with the Corporate Debtor. There also appears to be various meetings and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. From the legal notice, reply notice and the oral submissions made by the Counsel for the Applicant, it is clear that there is pre-existing dispute between the parties. The details of transactions cannot be concluded in a summary proceedings since there is also fraudulent criminal allegations involved in these transactions. 5. In the matter of Mobilox Innovations Pvt. Ltd. vs. Kirusa Software P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is a mere bluster. However, in doing so, the Court does not need to be satisfied that the defence 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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