TMI Blog2023 (3) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... te, is not satisfying. Admittedly, Distributorship Agreement between the parties is not disputed and the Appellant has claims against the Corporate Debtor. Appellant is free to take recourse to the mechanism as provided in the Distributorship Agreement for realisation of its dues. But present is not a case, where Section 9 proceedings under I B Code can be initiated, when dispute is raised in reply to the Section 8 notice. The Adjudicating Authority did not commit any error in dismissing Section 9 application - Appeal dismissed. - Company Appeal (AT) (Insolvency) No.249 of 2023 & I.A. No.886 of 2023 - - - Dated:- 13-3-2023 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For Appellant: Mr. Ariji ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been annexed as Annexure A-10 to this Appeal where the Corporate Debtor has specifically denied the claim of the Appellant and has raised various claims in Para 9 to 14, totalling to Rs.3,45,59,139/-. In Paras 9 to 14 following has been pleaded: 9. That after introduction of GST on July 01, 2017, even after signing of Addendum as on 1 July, 2017, NIKE did not reimburse the claims of GST in full on the closing stock held as on 30th June, 2017. Total claim was for Rs.71,44,303/- conveyed on 22nd January, 2018 on Inventory as on 30th June, 2017 and reimbursement was made only to the extent of Rs.42,64,632/-on 23rd February, 2018 and the remaining amount of Rs.28,79,671/- is still outstanding for which a number of reminders have been giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... phonic conversation was confirmed through email on 31 December, 2019. NIKE has not lifted back the promised Return of stocks of Rs.8.00 crores (MRP Value) till date. Further the Distributor has been able to liquidate stocks worth Rs.4,34,09,785/- (MRP Value) having Invoice value of Rs.2,16,51,049/-, has been sold in the market for Rs.1,14,24,616/- on account of non-lifting of stock by NIKE as promised and also not getting liquidated the remaining stock, thereby incurred a loss of Rs.1,02,26,433/- on the Invoice value to the account of NIKE. 14. That balance stock in hand with the Distributor as on today is of Invoice value of Rs.1,86,78,510/-, (MRP Value of Rs.3,33,66,240/-) which is likely to be sold at a tentative total value of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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