Operational Creditor Successfully Dragging Corporate Debtor To NCLT For Failure To Pay Undisputed Overdue Debt – Sec.9 IBC

An application was filed by the operational creditor under Section 9 of the Code, 2016 for commencing Insolvency Proceeding against the corporate debtor. A satisfactory case of default was made out by the petitioner against the corporate debtor. The NCLT, admitted the application, declared moratorium and appointed IRP.

An insolvency application was filed by the operational creditor (Mr. Hari Kishan Sharma) under section 9 of the Code, 2016 against the corporate debtor (M/s. AKME Projects Ltd). The amount of default as stated by the creditor was INR 12,22,146 including interest. The operational creditor, an individual (employee), was the head of projects and had transacted with the debtor (employer), a company with authorized share capital of INR 2 crores. All necessary documents to prove default on part of the debtor was duly attached by the petitioner.

In the correspondence that transpired between the petitioner and the director of the debtor company, it had come to light that the company had communicated to the petitioner its inability to extend the latter’s services. Proof of the same was submitted. The petitioner had also attached sufficient proof with respect to the car allotted to him by the respondent company and bank statements kept by ICICI Bank.

The corporate debtor filed counter and reasoned that due to the reprehensible acts of certain employees the company had suffered monetarily. Also, the petitioner had misused his status. Further, the full and final deed as claimed by the petitioner was untrue. The respondent reiterated the existence of dispute. The respondent further stated that the petitioner had colluded with other colleagues to fabricate documents and brought about a sense of distress against the company. The respondent company stressed on the inadmissibility of electronic evidence as per section 65B(4) of the Indian Evidence Act, 1872 in cases where there was no certificate in corroboration with the given electronic records.

The respondent neither filed a counter nor did he admit guilt of defaulting in payment.

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