TMI Blog2022 (6) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... annum calculated from 11.07.2018 till 11.01.2021. However the, said amount is below the pecuniary limit fixed by the Central Government vide notification dated 24.03.2020. The present application is filed on 14.02.2021 and the amount claimed in default is less than Rs. 1 Crore. Therefore, in the light of the notification dated 24.03.2020, the present application does not fulfill the minimum threshold limit to trigger the Corporate Insolvency Resolution Process. The instant Application filed by the Applicant under Section 9 of IBC, 2016 is not maintainable - Application dismissed. - IB-130/(ND)/2021 - - - Dated:- 24-5-2022 - P.S.N. Prasad, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Arisha Jain, Advocat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods from its two units, one in Delhi and the other one in Bhiwadi and hence, the Operational Creditor maintained separate ledger accounts of the two units accordingly. iii. In August 2018, it came to the knowledge of the Operational Creditor that in the Delhi account of the Corporate Debtor, an excess of Rs. 20,00,000/- has been paid by the Operational Creditor to the Corporate Debtor. That the Corporate Debtor also acknowledged the said excess and assured that the same shall be adjusted against the running pending purchase orders. iv. That the Corporate Debtor started delaying the delivery of goods and pursuant to repeated follow ups, disputes started arising between the parties and it was finally agreed in February 2019 that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dismissed. ii. That the present application is not maintainable because is the applicant raising the issue with respect to the year 2017-2018 and the present matter is filed in the year 2021 without any condonation of delay or justified reason which prove that the applicant had no grievance since past several years. iii. That the demand raised by the Operational Creditor is not payable and it is counter blast to the legal notice date 18.02.2018 issued by the Corporate Debtor. That the true facts of the case are that material was sent to the Operational Creditor worth Rs. 13,70,060/- and it was reflected in the ledger account. That a settlement was reached and it was agreed that the above said amount shall not be claimed by the Ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtors from the impact of the pandemic upon their business. 4. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. It transpires from the records that although the Demand Notice was issued in 2019, the Operational Creditor has filed the present application in the year 2021 after a lapse of nearly two years. Further, the Operational Creditor has claimed the default on part of the Corporate Debtor for the amount of Rs. 26,20,992/- which is inclusive of interest @18% per annum calculated from 11.07.2018 till 11.01.2021. However the, said amount is below the pecuniary limit fixed by the Central Government vide notification dated 24.03.2020. The Relevant portion of the Notification dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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