TaxTMI 
TaxTMI 
2019 (11) TMI 770
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....nsolvency and Bankruptcy Code, 2016 ("the Code") by the Operational Creditor against the Corporate Debtor for initiation of Corporate Insolvency and Resolution Process on the ground that the Corporate Debtor defaulted in making payment of Rs. 49,22,839 as on 25.02.2019. 2. Looking at the submissions and the material available on record, it appears that the Corporate Debtor issued Work Order dated 15.09.2017 and amended Work Order dated 20.09.2017. Upon which, the Operational Creditor raised various Invoices, which are as follows: Invoice No. Dated Amount (Rs.) RA/441/176-18 01.11.2017 7,75,384 UEPL/559/17-18 14.11.2017 3,71,200 UEPL/706/17-18 27.01.2018 10,17,750 UEPL/707/17-18 27.01.2018 13,2....
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....payment of Rs. 49,22,839 and a sum of Rs. 6,27,661 towards interest on the total amount due, failing which, the Operational Creditor would proceed against this Corporate Debtor u/s. 9 of IBC. 6. On receipt of this Section 8 Notice, the Corporate Debtor replied on 05.02.2019 i.e. after expiry of 10 days from the date of receipt of Section 8 Notice, stating that in January 2018 itself, some problems started to hinder the smooth functioning of the Rig and consequently the smooth progress of the projects and it is pertinent to note that the Corporate Debtor in its letter dated 26.02.2018 written to the Operational Creditor that it had brought out all those issues and perceived difficulties due to the faulty Rig, and about issues with the Pan....
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.... made. 11. The Corporate Debtor counsel has further stated that in the letter dated 05.01.2018, which the Operational Creditor counsel canvassing as an acknowledgement, clearly disclosing that they would clear monthly payments as per the bills certified by their Project Manager including the advance that is to be recovered as per the conditions of our Work Order on or before 31.01.2018 saying that they have already paid Rs. 3,71,200 on 21.12.2017. Thereafter, another payment of Rs. 8,45,250 was made on 12.01.2018. 12. Subsequent thereto, this Corporate Debtor on 26.02.2018 wrote a letter to this Operational Creditor stating that the Corporate Debtor raised some issues in respect to the Operational Creditor rendering services, which is....
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....e arose in January 2018 itself, which is as follows: "some problems started to hinder the smooth functioning of the Rig and consequently the smooth progress of the projects and it is pertinent to note that my Client in its letter dated 26.02.2018 issued to the Operational Creditor had brought out all of the said issues and perceived difficulties due to the faulty Rig, more so due to issues with the Panel Board and Kelly. In the last two piles, during the said month (January 2018) the Rig broke down 4 times and the same would take upto 24 - 48 hours to resolve. Your client has been aware of the said issues which has caused a huge financial burden on my client". 14. By making these submissions, the Corporate Debtor counsel has con....