NDLI: Transmission Corporation of Andhra Pradesh Limited Vs. Equipment Conductors and Cables Limited

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	2016 Insolvency and Bankruptcy Code
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Insolvency and Bankruptcy Code, 2016 (31 of 2016)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Insolvency and Bankruptcy Code, 2016 – ss.8 and 9 –Insolvency and Bankruptcy (AAA) Rules, 2016 – r.6 – Appellant-Transmission Corporation awarded certain contracts to therespondent for supply of goods and services – Some dispute aroseand the respondent initiated arbitration proceedings – Respondentfiled 82 claims before Arbitral Council – Arbitral Council held thatclaims made on the basis of Invoice Nos.1-57 were barred by law oflimitation and, therefore, no amount could be awarded against thesaid claims – In respect of Invoice Nos.58-82, the award was passedin favour of the respondent – Respondent filed execution petitionseeking execution of amount in respect of Invoice Nos.1-57 andapplication was entertained – That order was challenged by theappellant by filing Revision petition before the High Court – HighCourt held that there was no award in respect of claim towardsInvoice Nos.1-57 and, therefore, it was not permissible for therespondent to seek execution – Thereafter, respondent filed CompanyPetition u/s. 9 of IBC r/w. r.6 of Insolvency and Bankruptcy Rulesagainst the Appellant – Petition was dismissed by the NationalCompany Law Tribunal (NCLT) – However, National Company LawAppellate Tribunal (NCLAT) ordered one opportunity to the appellantto settle the claim of the respondent, failing which an order wouldbe passed to initiate Corporate Insolvency Resolution Process(CIRP) against the appellant – On appeal, held: Existence of anundisputed debt is sine qua non of initiating CIRP – Adjudicatingauthority is required to satisfy itself that there is a debt payable andthere is operational debt and the corporate debtor has not paid thesame – In instant case, NCLAT had not discussed the merits of thecase and also not stated how the amount was payable to the respondent – There was no award of the Arbitral Council or orderof any other Court with respect to invoice Nos.1-57 – Further, IBCis not intended to be substitute to a recovery forum and wheneverthere is existence of real dispute, the IBC provisions cannot beinvoked – Therefore, order of the NCLT justified and order of theNCLAT set aside.
Judge	Hon'ble Mr. Justice Arjan Kumar Sikri
Neutral Citation	2018 INSC 980
Petitioner	Transmission Corporation Of Andhra Pradesh Limited
Respondent	Equipment Conductors And Cables Limited
SCR	[2018] 13 S.C.R. 1067
Judgement Date	2018-10-23
Case Number	9597

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