TMI Blog2022 (10) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... art-payments, while adjusting the same towards the outstanding dues. Had the amounts mentioned at Serial No. 8 and 9 been adjusted towards the invoice RV1927813879, the principal amount would be less than the minimum stipulated threshold of Rs 1 (one) Crore. The invoice claimed in Part IV of the present application is only RV1927813879 and the other invoices as referred in table (produced) are neither produced nor are the subject matter of the present petition - further investigation and scrutiny of facts is required that as to why the subsequent payments made on 08.11 2021 are adjusted against the invoice no. RV2027804572, whereas the previous payments made on 24.03.2021 and 25.03.2021 are adjusted towards the Invoice under reference i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 07.10.2019, the Applicant and Respondent executed a Channel Partner Registration Form, wherein it was agreed by the parties to work on mutually accepted terms and conditions. It is further stated by the Applicant that - 3.1. The Respondent raised a Purchase Order bearing no AISPL/19-20/P0-032 dated 25.10.2019 upon the Applicant. Accordingly, the Applicant supplied the goods and services to the Respondent and raised the invoice bearing no. RV1927813879 dated 31.12.2019 for Rs. 1,32,45,904.84/-. 3.2 In accordance to the agreed payments terms of 60 days, the invoice dated 31.12.2019 fell due for payment on 29.02.2020. It is stated by the Applicant that the Respondent and Applicant had several meetings, wherein the Respondent had reiter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts reply and raised the following objections - i) The Applicant is not an operational creditor in terms of Section 5(20) and the debt claimed under the application is not an operational debt in terms of Section 5(21) of IBC. ii) Mr. Niraj Barkakati is not properly authorized to file the present application since its authority to file the present application is defective. iii) On 25.10.2019, Respondent raised a purchased order bearing no. AISPL/19-20/P0-32 in accordance with the agreement dated 07.10.2019 executed between the parties. The said purchase order mentioned that any missing product or deviation in the delivery of the consignment shall result in non-acceptance of goods. iv) The Applicant made a partial delivery of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Brightstar Standard Credit amount is to be received by the Brightstar by the due date stated in The Tax Invoice (unless other arrangements have been agreed with Brightstar in writing including where it is applicable from time to time as a condition of acceptance of your purchase order. vii) Upon bare perusal of the Clause 9.1, 12.3 and 12.5 of the said Agreement and email dated 2nd July 2002, it would be clear that the said Invoice did not became due and payable on 29th February 2020 as the Respondent/ Applicant failed to deliver the consignment as per the terms and conditions of the said Agreement, the Purchase Order and revised terms of the payments as per clause 12.5 of the said Agreement. Since the said invoice did not became du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to the statutory Demand Notice, it has filed the reply and contended that the present petition is baseless and pre-mature. 9. On perusal of the Part IV of the application, it is observed that the Applicant has claimed an amount of Rs.1,15,11,486/-, comprising of the principal amounting to Rs.1,01,80,986/- and interest Rs.13,30,500/- from 29.02.2020 to 15.12.2021 @ 18% per annum. From the period for which the interest is being claimed by the Applicant, we observe that the majority of the period is falling under the suspension period of IBC (i.e., from 25.03.2020 to 24.03.2021), for which no CIRP can ever be initiated as stipulated under Section 10A of IBC, 2016. Hence, in our view, no interest can be claimed for the suspension period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whereas the payments made on the earlier dates except the payment reflected at Serial no.1 are adjusted against the invoice no. RV1927813879, the part-payments dated 03.11.2021 and 08.11.2021 made by the respondents as reflected at serial. no. 8 and 9 are adjusted towards the interest outstanding of the invoice bearing No. RV2027804572. Hence, we do not find any consistency or pattern in the treatment accorded to the part-payments, while adjusting the same towards the outstanding dues. Had the amounts mentioned at Serial No. 8 and 9 been adjusted towards the invoice RV1927813879, the principal amount would be less than the minimum stipulated threshold of Rs 1 (one) Crore. 13. We further observe that the invoice claimed in Part IV of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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