TMI Blog2022 (6) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... discuss the content of the said letter dated 16.04.2018. On perusal of the said letter, it is clear that the said letter was not accompanied by any evidence. Furthermore, the corporate debtor did not follow-up with the operational creditor regarding the issue raised in the letter dated 16.04.2018. Rather on the other hand, corporate debtor has issued the cheques dated 25.04.2018 amounting to Rs. 1,96,30,000/- to discharge its liability - this Adjudicating Authority is of the opinion that such argument in not maintainable in the eyes of law as corporate debtor has failed to produce any satisfactory evidence to show the existence of pre-existing dispute. Hence, this tribunal is inclined to initiate the CIRP of Corporate Debtor as a result the Petition is admitted. Application admitted - moratorium declared. - IB-218/ND/2020 - - - Dated:- 9-6-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Mohit Chaudhary and Imran Ali, Advs. For the Respondents : Nishant, Adv. ORDER Narender Kumar Bhola, Member (T) 1. This is IB-218/ND/2020 filed under Section 9 of the Insolvency Bankruptcy Code, 2016 (hereinafter re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived cheque return memos by the bank. d. The Operational Creditor has issued the demand notice u/s. 8 of IBC, 2016 on 06.05.2019. Hence, the present petition for initiation of CIR Process of Corporate Debtor as it has failed to pay the outstanding of the operational creditor. 3. The Corporate Debtor has also filed reply to the captioned petition and submitted that Corporate Debtor had given dissatisfactory feedback about the performance of the Products. It is stated that in March 2018, within the warranty period of the Products, Corporate Debtor received complaints from its customer regarding genuinity of the product stating that the Products supplied to it are fake and counterfeit and they are unable to utilize the warranty provided with the Products. The customer informed that when they contacted the Customer Care of Lenovo, they refused to support the Warranty as the Product Serial Numbers were fake and could not be found in the record of manufacturer. It is further stated that such high-end products are expected to have a life of over 10 years. However, almost all the Products stopped working in less than 3 years from the date of supply. In order to bring the same to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 353. The relevant extract is reproduced below: 40.... Therefore, all that the adjudicating authority is to see at this stage is whether there is plausible contention which requires further investigation and that the dispute is not a patently feeble legal argument 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 a bluster.... It is stated that the corporate debtor has relied on the FIR against the office boy of CD Company. However, no allegation is leveled against the operational creditor or any person remotely connected to the operational creditor, therefore, the said FIR has no bearing whatsoever to the present case. 5. The Corporate Debtor also filed its Written Submission reiterated all the contentions already raised in the reply. In short, it is stated that the operational creditor mis-represented and suppressed the material facts in their insolvency petition, there is pre-existing dispute and petition is barred by law of limitation. 6. We have perused the Pleadings and argument advanced by the Operational Creditor and Corporate Debtor. It is admitted fact that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g dispute. Hence, this tribunal is inclined to initiate the CIRP of Corporate Debtor as a result the Petition is admitted. 7. The Operational Creditor has proposed the name of the IRP. However, on perusal of the form-2 it is seen that the proposed IRP is already having more than 10 assignments and here it is pertinent to go through clause 22 of first schedule (Code of Conduct for Insolvency Professional) of IBBI (Insolvency professional) Regulations, 2016 which is as follows: 22. An insolvency professional must refrain from accepting too many assignments, if he is unlikely to be able to devote adequate time to each of his assignments. Clarification: An insolvency professional may, at any point of time, not have more than ten assignments as resolution professional in corporate insolvency resolution process, of which not more than three shall have admitted claims exceeding one thousand crore rupees each. Therefore, in view of the above regulation, this Adjudicating Authority is inclined to appoint the insolvency professional from the IBBI list. Hence, this Adjudicating Authority appoints Mr. Vikky Dang having Regn. No. IBBI/IPA-003/IP-N00359/2021-22/13763 (Email ID- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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