AI Drafter 
TaxTMI 
TaxTMI 
2019 (1) TMI 577
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....read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of Respondent Corporate Debtor. 2. The applicant Ramboll India Private Limited filed this application and is engaged in the business of Consultancy Services provided for large scale construction projects. 3. The Respondent Corporate Debtor is a company incorporated on 17.07.2003 under the Companies Act, 1956, having its registered office at Suite No. 309, Baani Corporate One, Plot No.5, Commercial Centre Jasola, New Delhi. 4. It is further submitted by the applicant that the Respondent had agreed to pay the Applicant ....
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....g Services with specific scope of work had been awarded to you for our different projects in the state of MP and Rajasthan and the same were expected to be performed as per mutually agreed time schedule in accordance with the requirement of our client and ultimate employer. But due to incomplete, delayed and under performance on your part the ultimate employer terminated the contracts and encashed the Performance Bank Guarantees of our client for (i) Seoni- Katangi Road Project, (ii) Garrawaraseoni- MDR road Project as a result of which our client suffered huge financial loss which ultimately led to severe financial loss to us. Also, the Suratgarh- Bikaner Project & Waraseoni- Lalbarra Road Project got delayed due to which our client suffer....
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....e to a settlement and accordingly Rs. 28, 49,168/- was paid as full and final settlement amount to the applicant. It is stated that a no claim declaration certificate dated 28.12.2015 was issued by the applicant that no amount was payable by the Corporate Debtor to the operational creditor and they had also waived all rights to make any further claim against the Corporate Debtor on account of work order. A copy of the acknowledgement and affirmation by the applicant for full and final settlement of the amount due and with no claim due has been filed by the corporate debtor before us. There is no amount pending to be paid by the respondent in 2015. An affidavit by one Mr. Surendra Agrawal (Project Manager) of Gifford India Private Limited be....
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....t a final settlement had not been reached between the parties and there invoices continuing to in December 2015. The Corporate Debtor was given time to counter the document filed by the Operational Creditor along with the rejoinder. However, the Corporate Debtor has not been able to give any evidence to counter their documents. 13. 1n view of the above discussion we are satisfied that the present application is complete and there has been default of payment of dues to the applicant on account of services rendered by them to the CD. Therefore, on fulfilment of the requirements of section 9 (5) (i) (a) to (d) of the Code, the present application is admitted. 14. The applicant in the Part Ill of the application the applicant has proposed....
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....2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. " 17. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply ofthe essential goods or services to the Corporate Debtor and may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition as per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the surety in a contract of guarantee to the corporate debtor in terms of Section 14 (3)(b) of the Code. ....