TaxTMI 
TaxTMI 
2017 (3) TMI 1554
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....) as contemplated under Section 9 of the Insolvency and Bankruptcy Code, 2016 in relation to one M/s. Ambience Private Limited (for brevity hereinafter referred to as the Company') however described in the petition as Corporate Debtor'. Brief facts as can be discerned from the petition filed by the petitioners describing themselves as an "Operational Creditor" against the Company giving rise to the filing of the petition are as follows:- In relation to CA No. (I.B.) 07(PB)/2017. a) That the Company is engaged in real estate business including real estate development and in pursuance of its business had initially issued a work order dated 01.10.2015 bearing No. Ambience/15-16/363 for a specified sum of Rs. 204,000/....
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....ce of demand as contemplated under Section 8 of the Code through its counsel on 25.01.2017 at the registered office of the Company as well as through e-mail and till the date of filing of the above petition on 08.02.2017, no reply has been received despite service nor any payment has been made. This has given rise to the above petition being filed under the Code for unleashing the Corporate Insolvency Resolution Process as against the Company. In relation to Company Application No. (I.B.) 08/PB/2017, the following fact emerges: d) That the company engaged in real estate business including real estate development and in pursuance of its business had initially issued a work order dated 25.11.2015 bearing No. Ambience/....
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.... office of the Company as well as through e-mail and till the date of filing of the above petition on 09.02.2017, despite service no reply has been received nor any payment has been made. This has given rise to the above petition being filed under the Code for unleashing the Corporate Insolvency Resolution Process against the Company. The above petitions came to be listed before us on 17.02.2017 on which date the Counsel for the Company entered appearance and sought time for response and the hearing was deferred to 20.02.2017. On 20.02.2017 when the petitions were taken up, the Counsel for the Company submitted that the Company had sent a reply to the notice of demand sent by the Counsel for the Operational Creditor dated 04.02.2017. The....
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....m of work done by the Petitioners in relation to the works contract awarded to them, no such document was produced wherein the quantum of work might have been certified or in relation to quality. This is the norm adopted in building contracts of considerable value which ordinarily constitute the basis for raising the bills. The engagement of the petitioners to execute the work cannot be denied in view of the work order placed by the Company which is further reinforced by payment in a sum of Rs. 25,68,917/- to the Petitioner in C.A. No. 07/PB/2017 and Rs. 7,83,746/-. However in relation to the balance amount claimed by the petitioners as due from the Company, we are unable to agree in view of lack of materials submitted before us by the Peti....
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....further elaborates that suit or arbitration should be in respect of the existence of the amount debt, quality of goods or services; or a breach of a representation or a warranty. It is not an exhaustive definition but an illustrative one. It becomes evident from the expression 'includes' which immediately succeeds the word 'dispute'. Moreover, under Section 8 of the Code adequate room has been provided for the 'NCLT' to ascertain the existence of a dispute. A demand notice by an 'operational creditor' to an 'operational debtor' must be sent who has not paid operational dues and has committed default. Section 8(2) further clarifies that the corporate debtor is obliged to bring to the notice of the '....