2019 (11) TMI 774

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....') by M/s Dynamic Security (for brevity 'Applicant') through its Partner Mr. Karan Singh who is duly authorized vide General Power of Attorney dated 15.06.2019, with a prayer to initiate the Corporate insolvency process against M/s Ajit Automotive Services Private Limited (for brevity 'Respondent'). 2. The Applicant namely M/s Dynamic Security is a Partnership firm, having its registered office at V 15-A, Old Nangal Delhi Cantt, South West Delhi- 110010. 3. The Respondent namely M/s Ajit Automotive Services Private Limited is a company incorporated on 29.03.1995, under the provisions of Companies Act, 1956, with CIN No. U74899DL1995PTC066882, having its registered office at C- 91/10, Wazirpur Industrial Area, New Delhi-110052. 4. The Aut....

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....rom receipt of the notice. 8. In Part-IV of the present application, the Applicant has given the details of the total amount of the Operational debt and the transactions on account of which the debt fell due. PARTICULARS OF OPERATIONAL DEBT 1. TOTAL AMOUNT OF DEBT The total amount of debt due is Rs. 4,52,514/- (Rupees Four Lakhs Fifty-Two Thousand Five Hundred and Fourteen Only). 2. AMOUNT CLAIMED TO BE IN DEFAULT The amount of default is Rs. 4,52,514/- (Rupees Four Lakhs Fifty-Two Thousand Five Hundred and Fourteen Only). 9. The Respondent vide its letter dated 07.06.2019, replied to the demand notice dated 01.06.2019 issued under Section 8 of the Insolvency and Bankruptcy Code, 2016, whereby the Respondent admitted and acknowledge....

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....n 9 of the Act will have to determine: (i) Whether there is an "operational debt" as defined exceeding Rs. 1 lakh? (See Section 4 of the Act) (ii) Whether the documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? and (iii) Whether there is existence of a dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before the receipt of the demand notice of the unpaid operational debt in relation to such dispute? If any one of the aforesaid conditions is lacking, the application would have to be rejected. Apart from the above, the adjudicating authority must follow the mandate of Section 9, as outlined above, and in part....