9911796707
TMI Blog2022 (5) TMI 807X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted default in paying the debt of Rs. 1,85,00,000/- as a financial debt. 2. IA No. 677 of 2021 is filed by Corporate Debtor bringing on record certain documents in defence. That, Applicant claims to be Financial Creditor on the basis of sub-contract agreement in between the Applicant and the Corporate Debtor (then known as M/s. SKP Buildcon Pvt. Ltd.) dated 24.08.2017 and further settlement arrived at in between them recording in minutes of meeting dated 16.03.2018 whereby by and where under the Corporate Debtor agreed to pay amount of Rs. 1.85 Crore to the Applicant. According to the Applicant, the amount allegedly recoverable from the Corporate Debtor is the financial debt within the meaning of Section-5(8) of IBC, 2016. Since, the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plant Shed, Allied Civil Structural and Enabling works at LPG Bottling Plant at Budge Budge, West Bengal. The Corporate Debtor in turn gave sub-contract to carry said civil work to the Applicant (Annexure-A is a contract between Corporate Debtor and IOCL). 7. In a contract between IOCL and the Corporate Debtor, one of the clauses was that the Corporate Debtor shall not appoint any subcontractor and shall not assigned the said work to the subcontractor or else contract will be terminated. It appears that breach of that clause the Corporate Debtor gave sub-contract to the Applicant and resultantly IOCL cancelled the contract itself. The Corporate Debtor filed writ petition in Calcutta High Court against the IOCL. However, Hon'ble High C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid amount shall be further reconciled and confirmed with books of accounts and project site records on or before 25.03.2018. 9. Upon perusal of above contention in minutes of meeting, we fail to understand how the amount payable by the Corporate Debtor (though it is disputed) arising out of and on the basis of sub contract to carry civil work for IOCL on behalf of Corporate Debtor could become financial debt? Only because it is mentioned in minutes of meeting that the Applicant invested amount in the project by itself does not make the amount as financial debt. The very nature of transaction in between the parties as noted above makes the amount payable as operational debt and certainly not a financial debt. This application under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
