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TaxTMI 
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2019 (3) TMI 1593
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....le 6 of the Insolvency and Bankruptcy (AAA) Rules, 2016, by inter alia seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of M/S. Hajee A P Bava & Company Constructions Pvt. Ltd, (Respondent/Corporate Debtor), on the ground that Corporate Debtor failed to pay an outstanding amount of Rs. (Rupees Sixty Six Lakhs Eight Seven Thousand Five Hundred Forty Only) as on 20. 09. 2018. 2. Brief facts of the case as mentioned in the Company Petition are as follows: a. M/S. Hajee A. P. Bava & Company Constructions Pvt. Ltd. , (Respondent Company) was incorporated on 12. 03. 2008 bearing CIN No. U45209KA2008FTC045571. Its authorized nominal share capital is Seven Crore Only) and paid up share capital Rs. (Rupees Seven....
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....itor or of any arbitration proceedings already going on between the parties relating to the debt claimed. Further, the reply dated 8th October, 2018 stated that they are organising funds for repayment of dues and asked for 60 days time. f. That after expiry of 10 days of statutory notice from the date of receipt of Demand Notice, the Operational Creditor filed a Petition under Section 9 of the Code, after serving a copy of the petition on the Corporate Debtor, and the first hearing took place on 03. 12. 2018. On the said date, the Corporate Debtor was not represented by any one and accordingly, a notice was served by the Hon'ble Adjudicating Authority through the representative of the Operational Creditor. The service of the said ....
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....mitted that the Petition filed by the Operational Creditor under 1& B Code, 2016 is time barred, because as per the Petition the default in payment has Occurred on 20. 08. 2016. 5. The statement of objections further states that the Corporate Debtor has expressed their readiness to settle the sum of Rs. as full and final settlement of the claim of the Applicant towards the total outstanding owed to the Operational Creditor within next four months from 05. 02. 2019, 6. Heard Shri G. K. Jain, Learned PCA for Petitioner and Shri N. Gowtham Raghunath, along with Ms. Misha Thomas, learned Counsel for Corporate Debtor and also perused all the materials placed on record based. We have gone through the Company Petition and the submission made b....
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....ing an application filed under Section 9 of Code, will have to determine: i Whether there is an 'operational debt' as defined exceeding Rs. l Lakh? ii Whether documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? iii Whether there is existence of dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before receipt of demand notice of the unpaid operational debt in relation to such dispute? If any one of aforesaid conditions is lacking, the application would have to be rejected. 9. In light of the aforementioned decisions of the Hon'ble Supreme Court we shall consider the facts and circumstance of t....
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....'ble Court to kindly pronounce the Order, reserved on 08th February, 2019. " 10. In the instant petition, in light of the discussion on the proposition of law entailed in the preceding paragraphs and considering the circumstances of the case. We are satisfied that the default in question has occurred, there is no existence of dispute, and the petition filed under Section 9 of Code, 2016 is complete and there are no disciplinary proceedings pending against the proposed resolution professional, Mr. Addanki Haresh bearing IP Registration No. IBB1/1PA-001/1P-P-01064/2017-2018/ 11757 pursuant to the written confirmation provided by the proposed resolution professional in Form-2 under Rule 9 of the Insolvency and Bankruptcy (Application to ....