2019 (9) TMI 1056

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....uthority) Rules, 2016, by inter alia seeking 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 Apar....

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.... dated 04.01.2018, acknowledging the debt and assured that the due payments 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 specifi....

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.... dated 04.01.2018 and thus it is a fit case for admission to initiate CIRP. The learned Counsel for 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 int....