TaxTMI 
TaxTMI 
2017 (11) TMI 945
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....r initiation of 'Corporate Insolvency Resolution Process' against the appellant - Jord Engineers India Ltd. (Corporate Debtor) on the ground that the corporate debtor defaulted in making payment against the goods supplied by the Operational Creditor i.e. Iron, Steel and Raw Material in between 2011 and 2012 amounting to Rs. 4,72,28,431 with interest of Rs. 10,70,493 for delayed payment. The Adjudicating Authority (National Company Law Tribunal) Mumbai Bench by order dated 31st July, 2017 admitted the application, ordered moratorium and called for names of Interim Resolution Professional from Insolvency and Bankruptcy Board of India. The aforesaid order dated 31st July, 2017 is under challenge. 2. The main plea taken by the appellant is th....
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....ors of my proprietorship concern. In this regard, I propose to retain your services on an ongoing basis as my legal advisor and attorney on the terms and conditions set out below: TIME PERIOD: 1. This retainer shall initially be for a period of one year from the date of this letter. It may be extended by mutual consent. 2. FEES: As compensation for being retained, you shall be a fixed monthly sum of Rs. 35,000 during the period this retainer is valid. 3. NON-EXCLUSIVE: It is expressly clarified that this retainer is nonexclusive, and that you will not be considered an employee of my concern. 4. DUTIES: While the retainer is subsisting, it shall be your duty to dispatch all notices, demand notices, statutory notices, etc, to m....
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....er the demand notice of unpaid Operational Debt and copy of the invoice demanding payment of the amount involved in the default to the Corporate Debtor in such form and manner as is prescribed. 28. Sub-rule (1) of Rule 5 of the 'Adjudicating Authority Rules' mandates the 'Operational Creditor' to deliver to the 'Corporate Debtor' the demand notice in Form-3 or invoice attached with the notice in Form-4, as quoted below: - "Rule 5. (1) An operational creditor shall deliver to the corporate debtor the following documents, namely: - (a) a demand notice in Form 3; or (b) a copy of an invoice attached with a notice in Form 4." 29. Clause (a) and (b) of sub-rule (1) of Rule 5 of the 'Adjudicating Authority Rules' provides the forma....
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....s, the 'Corporate Debtor' is to be informed of particulars of 'Operational Debt', with a demand of payment, with clear understanding that the 'Operational Debt' (in default) required to pay the debt, as claimed, unconditionally within ten days from the date of receipt of letter failing which the 'Operational Creditor' will initiate a Corporate Insolvency Process in respect of 'Corporate Debtor', as apparent from last paragraph no. 6 of notice contained in Form - 3, and quoted above. Only if such notice in Form-3 is served, the 'Corporate Debtor' will understand the serious consequences of nonpayment of 'Operational Debt', otherwise like any normal pleader notice/Advocate notice, like notice under Section 80 of C.P.C. or for proceeding un....