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TMI Blog2021 (10) TMI 339X X X X Extracts X X X X X X X X Extracts X X X X ..... Ami Jain ORDER IA No. 1641 of 2021 in Company Appeal (AT) (INS) No. 616 of 2021 was taken up for hearing on 24.9.2021. 2. The matter was last heard on 7.9.2021 in compliance of Hon'ble Supreme Court's order in Civil Appeal No. 4967 of 2021 dated 31.8.2021 wherein the following order was given:- "31.08.2021 Heard learned counsel for the appellant and perused the record. Considering the fact that the matter relates to non-grant of interim order by the Tribunal for which 07.10.2021 has been fixed and also keeping in view that in the meantime if certain actions are taken, the appellant would suffer irreparably, we direct that the matter be taken up by NCLAT on 07.09.2021 instead of 07.10.2021 for passing suitable orders on stay app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in Insolvency and Bankruptcy Code, 2016 (IBC in short) and in accordance with the Hon'ble Apex Court's judgment in Mobilox Innovations vs. Kirusa Software Civil Appeal ((2018) 1 Supreme Court Cases 353) the application for insolvency under Section 9 of IBC cannot be admitted. His contention is there is no need to go into the merits of dispute. He has claimed that there is a prima facie case in favour of the Appellant (Corporate Debtor) and if stay is not granted it would lead to disastrous consequences for the Corporate Debtor. The Ld. Counsel for Appellant has referred to the Corporate Debtor's letters dated 20.2.2020, 11.3.2020 and 14.3.2020 (attached at pp. 144-148 of Appeal Paper Book, Vol. I) to show that the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g dispute. His contention is that no prima facie case is made out in favour of the Corporate Debtor. He has also stated that the Insolvency and Bankruptcy Code, 2016 is a beneficial legislation which is aimed towards bringing the Corporate Debtor's management and functioning back on track, and it is in no way an adversarial legislation and no irreparable harm will come upon the Corporate Debtor if an interim stay order is not granted to him. He has also cited the judgment of Hon'ble Apex Court in Mobilox Innovations vs. Kirusa Software Civil Appeal (supra) claiming that a spurious dispute cannot come in the way of admission of the operational creditor's application u/s. 9 of IBC. 6. We have perused the submitted documents and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor on the invoices raised before February 2018. This coupled with the fact that in the Reply on affidavit submitted by the Corporate Debtor in the Application filed by the Operational Creditor u/s. 9 of IBC before the Adjudicating Authority (at pg. 171 of the Appeal Paperbook, Vol. I) the Corporate Debtor has stated 'payable when able' being his payment condition. We also find substance in the argument of the Ld. Counsel of Respondent No. 1 that it was only after the two letters of the Operational Creditor dated 2.8.2019 and 6.2.2020 (supra) demanding pending payments and threat of legal action before the NCLT that the Corporate Debtor started sending communications for reconciliation and submission of supporting documents. We a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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