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TMI Blog2022 (5) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... 28.09.2020 by Mr. Vineet Vardhan Mohta, partner of Business Junction (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against India Green Reality Limited (for brevity 'Corporate Debtor'). 2. The Applicant operational creditor is a partnership firm having registered office at Kolkata dealing in building material like bricks, cement, sand, GI pipes, plumping material etc. 3. The corporate debtor is a limited company, incorporated under the provisions of Companies Act, 1956 on 29.09.2009, duly registered with Registrar of Companies, Ahmedabad, Gujarat State with CIN: L70101GJ2009PLC058214 and having registered office at Ahmedabad, Gujarat State. Authorised share capital of the corporate de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicant from the expiry of 90 days on receipt of the specific invoice. The applicant is also entitled to claim interest @ 12% per annum on delayed payment of the aforesaid invoices amounting to Rs. 1,29,34,490/-. 6. The applicant issued demand notice in form 3 dated 24.02.2020 under the provisions of the IB Code which was duly delivered at the registered office of the corporate debtor on 04.03.2020. In the reply dated 13.06.2020 corporate debtor disputed the debt on the ground of pre-existing disputes. 7. The applicant filed application under Section 9 of the IB Code. As per part IV form 5 an amount of Rs. 4,99,20,475/- (Rupees four crores ninety-nine lacs twenty thousand four hundred seventy-five only) out of which Rs. 3,69,85,985/- ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he GST returns filed by the applicant; * The disputes raised by the corporate debtor qua the aforesaid outstanding amount are not genuine and devoid of any merits. * The applicant and the corporate debtor were in business for a substantial period of time and that even if disputes are raised by the corporate debtor for some of the goods delivered by the applicant, the fact remains that the corporate debtor continued to do business with the applicant. * Thus, disputes raised by the corporate debtor were reconciled between the parties and the same is established from the fact that the corporate debtor continued to be in business with the applicant. 10. Pursuant to order dated 06.01.2022, corporate debtor filed financial statements for F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to us." Letter dated 15.10.2016 "Please refer to our letter dated 8th May, 2015 stating the extreme inconvenience faced by us due to the poor standard of materials supplied to us at the construction sites, both in Sonarpur and Shantiniketan. Despite our several discussions, mails and letter, you are still continuing to supply inferior quality of the subject materials stated below: A) Stone Chips B) Fly-Ash Bricks C) Electrical Items D) Steel E) Cement Further to the above it is also reported that there is extreme mismatch in quantity of materials being supplied which is grossly less than what is mentioned in your invoice, which will lead to disputed billing amounts. It is also reported by one of our Site Manager, Mr. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till date despite several reminders. However, the challans that has been submitted by you towards the materials supplied are framed by you in some other companies name and bears no authenticity and neither has a mention of the VAT number on the same. Further we have not received any response from you regarding the adjustments of rates towards the poor quality of materials supplied and the unethical procedure of raising invoices. We will not be able to finalise the ledger of accounts without the same since there are no dues or outstanding post the adjustments in our records. Please revert to us at the earliest." 14. As discussed above it clearly reflects that, right from the year 2015 the corporate debtor has been complaining about ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gument or 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 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 fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application.
15. Under the facts and circumstances and as discussed above we are of the considered view that the instant application deserves to be rejected. Instant application stands dismissed and disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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