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NCLAT dismisses insolvency plea against Gujarat Ambuja Exports
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SME Times News Bureau | 10 Aug, 2020
The National Company Law Appellate Tribunal (NCLAT) has upheld the NCLT
order setting aside a plea seeking initiation of insolvency proceedings
against agro-processing company Gujarat Ambuja Exports Ltd.
Samay
Impex Pvt Ltd, an operational creditor, moved the appellate tribunal
after the NCLT's Ahmedabad bench had, in February, dismissed its plea to
initiate the corporate insolvency resolution procedure (CIRP) under
Section 9 of the Insolvency and Bankruptcy Code (IBC) against Gujarat
Ambuja for having committed operational default of over Rs 9.39 lakh.
"We
find no legal infirmity in the impugned order. The appeal is
accordingly dismissed at the very pre-admission stage," the order said.
The
reply to demand notice furnished by the debtor showed a debit note,
dated August 17, 2018, for an amount of Rs 11.12 lakh was issued by the
debtor for supply of 1,500 MT of steam coal and a credit note dated
October 27, 2018 was issued to the appellant, leaving the amount of
debit after issuing the credit note at Rs 9.12 lakh.
Further, the
debtor had made last payment of Rs 23.69 lakh through cheque drawn on
Bank of India along with payment advice dated October 27, 2018 after
reconciliation, while disputing the quantum of coal supplied which,
according to the debtor, was at 1,499.05 MT and not 1,504.73 MT,
resulting in a differential amount.
According to the debtor,
after reconciliation based on the consideration of the debit note and
the rebate given later through the credit note, the accounts stood fully
settled and paid.
The three-judge bench headed by NCLAT's Acting
Chairman Justice Bansi Lal Bhat noted that with the debtor's reply to
the demand notice, counsel of the appellant "could not satisfy" the
appellate tribunal as to how the corporate debtor could be held to be in
default after reconciliation followed by last payment effected through
cheque.
"The dispute raised by the corporate debtor in reply to
demand notice in regard to supply of goods and payment made after
reconciliation and settlement of accounts between the two parties,
taking into consideration the debit note raised by the respondent much
before the issuance of demand notice and the rebate given later through
the credit note, cannot be said to be illusory or moonshine," it said.
"Such
dispute, being pre-existing i.e. 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. In the given circumstances,
the Adjudicating Authority was right in declining to initiate CIRP
against the Corporate Debtor."
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