TaxTMI 
TaxTMI 
2017 (11) TMI 1116
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....olvency Resolution Process (CIRP) in respect of Integrated Caps Private Ltd. (named as 'Corporate Debtor') by UT Worldwide (India) Private Limited (being 'Operational Creditor'), has been filed. Perusal of the relevant application discloses the following facts: 2. That the Operational Creditor is having its registered office at 2nd Floor, Building No. 8, Tower C, DLF Cyber City, Phase-II, Gurugram, Haryana. The application further discloses that the Corporate Debtor has been incorporated on 1.2.1998 and that it is having a paid up share capital of Rs. 9,00,00,000/- and that the registered office of the Corporate Debtor is situated at 42, Anand Lok, New Delhi-110049. From the application it is also noticed that the name, a....
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....9;Corporate Debtor' it is averred has signed Customer Profile Form and Credit Application annexed as Annexure II-4 to the typed set of documents filed along with the application. Further as referred to above the 'Corporate Debtor' had placed request to move the consignment from Delhi to Lagos which it is claimed is evidenced by the 'Operational Creditor' raising invoices, the details of which have been given in the application. The 'Operational Creditor' avers that the value of service provided by the 'Operational Creditor' upon the request of the 'Corporate Debtor' is to the extent of Rs. 1,34,41,475/- and that as per the terms and conditions, the payment of invoices was to be made within the due....
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....ved by the Corporate Debtor on 12.4.2017. As per the notice, a sum of Rs. 1,16,52,275/- has been demanded which also includes a claim of interest of Rs. 20,58,215/- apart from the amount outstanding towards invoices in a sum of Rs. 95,94,060/-. 4. Despite receipt of the notice of demand dated 11.4.2017, the 'Operational Creditor' avers in the application that the 'Corporate Debtor' has failed to pay the amount demanded nor any dispute has been raised whatsoever in relation to the demand made and in the circumstances has filed this application seeking to unfold the process of CIRP. From the records of the Tribunal, it is seen that on 4.9.2017 the Petitioners had been directed to file an affidavit of service in relation to ....
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....he person who has issued notice of demand dated 11.4.2017 on behalf of the 'Operational Creditor' and the notice of demand which is considered to be the trigger for initiating the insolvency process and upon failure to pay the amount demanded or to raise a dispute on the part of the 'Corporate Debtor' which gives the cause of action to the 'Operational Creditor' seems to be prima facie not valid as held by the Hon'ble NCLAT in the Judgment rendered by it in Smart City Infrastructure (P.) Ltd. v. Synergy Property Development Services (P.) Ltd. Ords in Company Appeal (AT) No. 80/2017 following the decision rendered by it in Uttam Galva Steels Ltd. v. DF Deutsche Fortait AG AG & Anr. in Company Appeal (AT) (Insolven....