9911796707
TMI Blog2021 (9) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Authority dismissed the Application filed by the Appellant invoking the jurisdiction of the authority under Section 9 of the Insolvency and Bankruptcy Code 2016 (IBC 2016) against the Respondent/Corporate Debtor. Appellant's Submissions :- (2) The Learned Counsel for the Appellant submitted the brief facts necessitated to adjudicate the Appeal. He submitted that the Appellant is engaged in the business of manufacturing and exporting of Hydraulic cylinder to various customers as per their requirement. While so, the Appellant had sold/transferred MEIS Licenses between the period of July 2018 and November 2018 to the Respondent through different transfer letters and raised periodical invoices for Licenses sold. It is stated that the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that there is no existence of dispute and the Hon'ble Adjudicating Authority ought to have admitted the Application and initiated CIRP proceedings against the Respondent. Appraisal/Analysis :- (4) Heard the Learned Counsel for the Appellant. The short point involved in this matter is whether the 'Ld. Adjudicating Authority' rightly dismissed the Application on the ground of pre-existing of dispute between the parties? (5) The Adjudicating Authority held that there is 'pre-existing dispute' between the parties prior to filing of the Application, and held that the 'Application' is not admitted. Accordingly, the Application is dismissed. (6) The bone of contention of the Appellant is that they have supplied the material which fal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led given under: S.No License Number Date Amount 1 3819009427 21-12-2018 1118516 2 3819008247 11-10-2018 1299068 3 3819008241 11-10-2018 669652 4 3819008467 23-10-2018 1534655 5 3819007106 12-07-2018 3173328 6 3819007870 31-08-2018 582037 7 3819007586 07-08-2018 1184326 8 3819007315 21-07-2018 452331 9 3819007255 20-07-2018 896481 Total 10910394 3. My clients state that all the certificates were handed over to my clients by your Companies representatives along with a covering letter mentioning receipt of entire payment. The said certificate were sold by my clients on different dates for a value of Rs. 10703939 (Rupees One Crore Seven Lakhs Three Thousand Nine Hundred and Thirty Nin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 1,29,70,574/- in full within ten days from the receipt of the 'Demand Notice'. The Respondent/Company replied to the 'Demand Notice' on 05.12.2019 annexed as A10 at Page 63 of the Appeal Paper Book(s). (12) In reply, the Respondent had stated that the said 'Demand Notice' dated 26.11.2019 is only a counter blast to the Legal Notice already issued by the Respondent dated 26.10.2019. Further, the Respondent stated that the alleged Demand Notice dated 26.11.2019 is not inconsonance with the IBC 2016 as no invoices were annexed with the Demand Notice. Findings :- (13) From the perusal of the Legal Notice dated 26.10.2019 issued by the Respondent, it is clear that the Respondent had raised a dispute with regard to the payments made to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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