SEBI and Corporate Laws – July 15, 2019

(C. Jardin) #1

2019] 221






The
Corporate
Debtor
further
filed
surrejoinder
further
raising
the
issues.
After^
perusing
the
documents,
the
same
are
found
to
be
of
trivial
technical
nature.^
Some
of
said
so
called
objections
are:
(
i

)
That
copy
of
revised
Form- 2
submitted
by
applicant
has
not
provided
to
the^
Corporate
Debtor;
(
ii

)
The
verification
and
affirmation
are
not
strictly
in
conformity
with
the
oath^
of
affidavit;
(
iii

)
Authorization
letter
filed
by
the
applicant
is
without
any
legal
sanctity
as
the^
authorization
does
not
specifically
mentions
about
initiating
proceed
ing -
under
I&B
Code
and
speaks
only
about
taking
action
for
recovery
of^
pending
dues
before
appropriate
forum
which
cannot
be
the
present
Tribunal^
but
can
only
mean
to
give
rise
to
civil
cause
and
remedy
before
the^
Civil
Court;
(
iv

)
The
application
is
incorrect/incomplete
fabricated
and
without
any
relevant^
supporting
documents;
(
v

)
Notice
raising
dispute
was
given
to
the
applicant
and
whatever
due
to
the^
applicant
was
paid
leaving
no
dues,
hence
nothing
survives;
further
first^
time
in
surrejoinder
raising
issue
that
some
lab
test
was
done
with
respect^
to
quality
of
the
goods
without
even
single
document
of
lab
report
or^
any
other
documentary
evidence
placed
on
record
in
support
to
said
contention;^
(
vi

)
Lastly,
placing
copy
of
extract
of
register
recording
the
visit
of
the
rep
resentative -
of
the
applicant
in
the
month
of
April
and
May,
2018.
The
documents
annexed
in
the
surrejoinder
were
never
even
whispered
of
till^
the
rejoinder
is
filed,
leads
to
conclusion
as
being
the
fabrication
of
the
grounds^
as
much
after
thought,
to
escape
the
admission
of
application.





The
learned
counsel
for
the
parties
has
placed
detailed
arguments.
Fol
lowing -
points
are
to
be
considered
for
discussion:
(
a

)
Whether
the
debt
and
default
are
challenged
by
corporate
debtor?
(
b

)
Whether
the
dispute
as
raised
by
the
corporate
debtor
is
genuine
or
can
be^
categorised
as
moonshine
dispute?





As
seen
from
above
the
corporate
debtor
has
admitted
the
goods
supplied,
invoices^
raised
and
same
being
received
by
it.
The
corporate
debtor
has
no
where -
stated
or
objected/disputed
the
invoices
or
its
contents
prior
to
section
8
notice
received.
Post
receiving
the
notice
under
section
8
from
applicant
the
corporate^
debtor
has
made
part
payment
without
raising
notice
of
dispute
to^
the
Operational
Creditor.
There
is
no
correspondence
placed
on
record
by
corporate^
debtor
prior
to
issuance
of
demand
notice
to
establish
pre-existing
dispute,^
on
the
contrary
there
is
one
settlement
referred
to
between
the
parties
of^
which
again
no
document
is
on
record.
The
objections
are
all
after
receiv
ing -
demand
notice
and
no
concrete
proof
shown
of
debit
notes
as
raised
by
Corporate^
Debtor
being
sent
and
received
by
applicant.
The
defence
raised

Avon Clothing (P.) Ltd.


v.
Siddarth Intercrafts (P.) Ltd. (NCLT - Jaipur)
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