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TMI Blog2022 (6) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... aw Tribunal, Bengaluru Bench, Bengaluru, whereby the Adjudicating Authority dismissed the Application filed by the Applicant/ Appellant herein. Brief Facts: Appellant's Submissions: 2. The Learned Counsel for the Appellant submitted that the Appellant is in the business of water proofing, structural rehabilitation, fabricating and erection of structural steels etc. The Appellant filed an Application before the Adjudicating Authority on 09.01.2018 under Section 9(1) of the I&B Code, 2016 for initiation of Corporate Insolvency Resolution Process against the Respondent herein on the ground that it committed default in payment of balance operational debt of Rs. 39,84,587/- due and payable with interests @ 24% per annum. The operational debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant and by the said letter the Respondent intend to raise the disputes as existed between the parties, however, the said disputes are illusory, spurious and hypothetical. 6. The Appellant sent demand notice in Form-3 dated 27.12.2017 to the Respondent and the Respondent did not reply to the demand notice. 7. The Learned Counsel for the Appellant submitted that the Hon'ble Adjudicating Authority dismissed the Application on the ground that there were pre-existing disputes between the parties. However, the Respondent did not bring to the knowledge of the Appellant with regard to the existence of disputes between the parties at any point of time. The letter dated 12.09.2014 of the Respondent intimated that there was delay in laying p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emanding a sum of Rs. 39,84,587/-. In the application, the Appellant claimed an amount of Rs. 66,82,795/- at Part IV of Form-5. However, prior to the demand notice dated 27.11.2017 the Respondent Company vide its letter dated 03.03.2016 addressed to the Appellant at page 127 of Volume-1, whereby the Respondent clearly stated as under: "Letter No: NHDPL/NCS/SVBC/2016-17/0001 Dt: 3/03/2016 To M/s. Sree Vinayaka Buildwell Projects Pvt. Ltd., Reg office: #a MIG 30, 2nd Cross, 2nd Stage, KHB Colony, Basaveswaranagar, Bangalore - 560079 Kind Attn: Mr. Raghavendra Dear Sir, Sub: Nitesh Columbus Square - Rectification and balance scope of terrace water proofing works at site. Ref: Work Order no. 4500004021 dated 25th Sept 2013 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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