2019 (9) TMI 1056

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....ng to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Sanfab India Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed a default for an outstanding amount of Rs. 8,12,791/- (Rupees Eight Lakhs Twelve Thousand Seven Hundred and Ninety One Only) along with interest @18% as on 21.01.2019. 2. Brief facts of this case, as mentioned in the Company Petition, by inter alia contending as follows: (1) M/s. Uday Constructions ('Petitioner/Operational Creditor') engaged in the business of construction work including painting, wood work terrace waterproofing etc. and having its registered office at No.D-301 Floor, Adarsha Apartment, 47th Cross, 5th Block, Jayanagar, Bangalore-....

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....nts shall be cleared within 3 months. (5) When the Respondent/Corporate Debtor failed to pay alleged outstanding amount to the Petitioner, the Petitioner has issued Demand Notice dated 07.06.2018, under Rule 5 of the I&B(AAA) Rules, 2016, by demanding the Respondent to pay Rs. 8,12,791/-along with interest @ 18% as on 21.01.2019. However, the Respondent though accepts the demand notice and did not give any reply. 3. The Respondent has filed Statement of Objection dated 04.06.2019, by inter alia contending as follows: (1) It is stated that the averments made by the Operational Creditor in Part-I to Part-V of the Petition are categorically and specifically denied as false and incorrect. The Corporate Debtor is a Private Limited Company, ....

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.... the Petitioner submits that the debt and default is admitted by the Respondent. 6. By perusal of the documents along with petition, it shows that the Bill claimed by the M/s. Uday Constructions/Petitioner, vide Bill dated 18.03.2016 shows total amount of Rs. 8,05,672/- and of this amount, M/s. Sanfab India Private Limited/Corporate Debtor has admittedly paid an advance amount of Rs. 2,67,400/-. Therefore, the principal amount should be a sum of Rs. 5,38,672/- as on 31.12.2017 as per latter dated 04.01.2018. However, as per Demand notice dated 07.06.2018 issued by the Petitioner mentioned that total default was Rs. 7,39,236/- along with interest @ 18% as on 10.04.2019. However the total amount of default claiming stated in the petition is ....