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Samay Impex Private Limited is a private incorporated company on 24 March 2003. It is classified as Non–Government Company and is registered at Registrar of Companies, Ahmedabad.
Samaya Impex Pvt Ltd application under Section 9 of the Insolvency and Bankruptcy Code, Corporate Insolvency against Gujarat Ambuja Exports Ltd, Corporate Debtor for having committed default in respect of operational debt of Rs.9,39,730.14/- came to be dismissed in terms of impugned order dated 17th February, 2020 passed by the Adjudicating Authority (NCLT) Ahmadabad Bench, on the ground of pre-existing dispute regarding the supply of goods.
Aggrieved thereof, Samy Impex's Operational Creditor has preferred the instant appeal questioning the legality and correctness of the order.
The debtor has showed the debit note which was issued on 17/08/2018, for an amount of Rs.11,12,721/- was for the supply of 1,500 MT of steam coal. A Credit note was issued to Samay Impex dated 27/10/2018 which brings debt amount to Rs.9,12,721 /-.
A payment of Rs.23,69,023 /- was done on 27 /10/2018 through cheque (Bank Of India ) after reconciliation, having dispute on the steam coal supplied was 1499.05 MT and not 1504.73 MT which resulted in difference in the amount. After the reconciliation based on the consideration of the debit note and the credit note, the accounts were fully settled and paid.
The court said “Appellant could not satisfy us as to how the Corporate Debtor could be held to be in default after reconciliation followed by last payment effected through cheque and if there was a dispute with regard to the operational debt and genuineness of the debit note as raised in appeal, same, in the context of the issue being raised in reply to the demand notice would fall within the purview of preexisting dispute”.
Prior to issuance of demand notice and Corporate Debtors plea of having satisfied the Operational Debt after reconciliation of accounts and rebate allowed cannot be resolved in Corporate Insolvency Resolution Proceedings.
The bench was headed by Justice Bansi Lal Bhat stated that “We find no legal infirmity in the impugned order. The appeal is accordingly dismissed at the very pre-admission stage”
Hence, the case was dismissed.
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