2018 (4) TMI 937

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....Bench-III, New Delhi. The impugned order has been assailed in this appeal on the grounds enumerated in the memo of appeal. 2. Heard Learned Counsel for the Appellant. It appears that the Appellant, in its capacity as Operational Creditor, filed application under Section 9 of I&B Code against respondent M/s CKG Realty Pvt. Ltd. - Corporate Debtor. The case set up before the Adjudicating Authority for triggering the 'Corporate Insolvency Resolution Process' was that the respondent had committed default in sum of Rs. 11 Lakh giving rise to claim on account of non-payment of an advance payment in relation to the contract inter-se the parties for the construction of CKG Expresswalk at Rudrapur with the structural works for a contract of Rs. 741....

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....ed that non commencement of work by the Operational Creditor at the project site had resulted in huge losses entitling the Respondent - Corporate Debtor to claim costs and damages from the Operational Creditor in terms of contract executed between them. 4. On consideration of the pleadings and documents filed by the parties, the Learned Adjudicating Authority found that the parties had entered into an agreement primarily in relation to civil construction works by virtue whereof the Operational Creditor was, to execute concrete work at site. Total value of the contract was Rs. 74135813.32 excluding the taxes. The agreement provided for payment of Rs. 11 lakh as token advance to the Operational Creditor to start the work. According to the Co....