TaxTMI 
TaxTMI 
2018 (6) TMI 844
X X X X Extracts X X X X
X X X X Extracts X X X X
....achineries). The office of the Operational Creditor for correspondence is situated at Sarala Niwas, Sriram Nagar, Madhupatna, Cuttack-753 010, Odisha. 3. The Corporate Debtor, Rukmani Infra Projects Pvt. Ltd., having Identification No. U281120R2008PTCO10247 is a company incorporated under the Companies Act, 1956 on 13th August, 2008. The registered office of the Company is situated at Plot No.39, Indrahari Nagar, P.O. Turanga, Angul, Odisha- 759123. The authorized share capital of the company is Rs. 8,50,00,000/- and paid up share capital of the company is Rs. 8,09,76,860/-. 4. Briefly stated facts as stated by the Operational Creditor in this petition are as follows: - (a) The Corporate Debtor is a private limited company incorporated on 13.08.2008 and is involved in the business of mechanical contractor specifically deals in erection, construction engineer, mechanics designer boiler makers, iron and steel converter, tube maker, wire drawers and Galvanizer, etc. (b) In usual course of business, Rukmani Infra Projects Private Ltd., the Corporate Debtor placed several orders, from time to time, for purchase of products/goods to the Operational Creditor, Nile ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Copies of relevant accounts from the Banks of the Operational Creditor confirming that there is no payment of the relevant unpaid operational debt as Annexure 3 at pages 193 to 406 of the application. (iii) Affidavit in support of the application in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 as Annexure 4 at pages 407 to 409B of the application. 8. The Operational Creditor has proposed the name of the Interim Resolution Professional as Mr. Saradindu Jena, Duplex-15, Bhimpur Duplex Colony, Bhimpur, Near Forest Park, Bhubaneswar- 751020, Odisha, an Insolvency Professional registered with the ICSI Insolvency Professionals Agency having Registration NO.IBBI/IPA-002/IP-N00520/2017-18/11622 and E-Mail: [email protected] A written communication dated 24th February, 2018 in terms of Rule 9(1) of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and consent in Form 2 have been filed before this Tribunal along with the petition and annexed as Annexure "5" at pages 410 to 412. A declaration has also been made to the effect that no disciplinary proceedings is pending against him. Other disclosures a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ures and surmises. Regarding demand notice issued by the Operational Creditor, the Corporate Debtor contends that they confirm the payment of Rs. 55,89,930/- as outstanding towards supplying of materials but has denied and rejected the demand amount of Rs. 55,69,581/- towards interest claim @ 24% p.a. as the liabilities are incurred in course of business. (b) The Corporate Debtor further contends that their financial condition is very worse and passing through heavy financial pressure. There is a huge amount of outstanding receivable from their different customers. After receiving the same, they will pay the liabilities of the Operational Creditor and till then requested to bear with the Corporate Debtor. (c) The Corporate Debtor also contends that very soon they expect a boom in power sector and their business will make enough profit to make good the losses and then only they will be able to make payment of Rs. 55,89,930/- towards the cost of supplying materials. 13. The operational creditor filed rejoinder to the affidavit reply of the Corporate Debtor, denying the averments in the reply affidavit and contends that due to mismanagement, the Corporate Debtor h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....B Code, 2016 provides we have to satisfy the ingredients as provided under section 9(5) (i) of the Code. To fulfil all requirements under section 9(5), the Operational Creditor has furnished along with the application (a) copies of the invoices demanding payment and the demand notice delivered by the operational creditor to the corporate debtor; (b) an affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt in compliance of section 9(3) (a) and (c) copy of the certificate from the bank maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor in compliance of section 9(3)(b) of the Code. 17. The operational creditor succeeds in proving that the application is complete, that there is no payment of the unpaid operational debt, that the demand notice has been delivered by the operational creditor, that no notice of dispute has been received by the operational creditor and that there is no disciplinary proceeding pending against the resolution professional, this application is liable to be allowed. The applicant in the case in ha....