TMI Blog2022 (1) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... covery forum and as far as there is debt and default the quantum of claim is immaterial. What is material that the amount of default, as admitted by respondent as well, is more than ₹ 1 lac in terms of Section 4 of the Code. Application admitted - moratorium declared. - IB No. 1680/ND/2019 - - - Dated:- 9-12-2021 - Dharminder Singh, Member (J) And Prasanta Kumar Mohanty, Member (T) ORDER Dharminder Singh, Member (J) 1. The present Petition is filed under the Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter, The Code) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter, Rules) by AMD Industries Limited, (hereinafter applicant ), wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor issued notice under section 138 of the Negotiable Instrument Act, 1881 against the corporate debtor and its directors for the aforesaid cheques. d. That the operational creditor sent a Demand Notice dated 20.05.2019 demanding payment of an unpaid operational debt as per provisions under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 via Speed Post. Copy of the Demand Notice dated 20.05.2019 demanding payment in prescribed Form 3 under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 duly served upon the address as per the website of Ministry of Corporate Affairs, Government of India, where the operational creditor supplied services to the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ousand Three Hundred Ninety-Four Only), however, at the time of filing of application under section 9 the applicant has claimed the outstanding amount of ₹ 3,29,91,811/- which clearly shows that the demand notice is issued for different amount and application is filed for the different amount. iv. It is further stated that the amount claimed by the applicant is never due and payable by the corporate debtor. Furthermore, the applicant has stated that while executing the MOU the corporate debtor admitted the liability against the applicant. However, on perusal of the MOU dated 16.02.2018 which was executed between the parties i.e. (a.) AMD Industries Limited (b) VD Corporation Private Limited(buyer) (c) Xalta. Pood and Beverages Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... towards supply of goods. The respondent has not denied the fact of executing the MOU. 7. In respect of difference in amount claimed by applicant, it is pertinent to mention here that this is not a recovery forum and as far as there is debt and default the quantum of claim is immaterial. What is material that the amount of default, as admitted by respondent as well, is more than ₹ 1 lac in terms of Section 4 of the Code. 8. In respect of definition of dispute in the Code, Hon'ble Supreme Court has held in the case of Mobilox Innovative Pvt. Ltd. Vs. Kinisa Software Pvt. Ltd. 2018 1 SCC 353 inter-alia that: Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the IRP within 3 clays from the date this order is uploaded on NCLT site. 11. We direct, the applicant to deposit a sum of ₹ 2 lacs with the Interim Resolution Professional, namely Mr. Rahul Khanna to meet out the expense to 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 within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 12. As a consequence of the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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