2018 (8) TMI 1908

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.... Ms. Soumya Dutta, Adv. for the Petitioner. Ms. Sudha Sachev, Adv. for the Respondent. ORDER 1. This is a petition filed by M/s. Sai Kripa Associates invoking the provision of Section 9 of Insolvency and Bankruptcy Code, 2016 ("the Code") against the Respondent (M/s. Kstar Naturalle Resources Private Limited) for initiating Corporate Insolvency Resolution Process ("CIRP") against the Res....

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....amount was not paid by the Corporate Debtor. As can be seen from the Ledger Accounts maintained by the Operational Creditor, the total principal outstanding amount is Rs. 38, 56,779/-. d. The Operational Creditor was entitled to an amount of Rs. 38,56,779/- along with interest @ 18% per annum which amounted to Rs. 7,53,181/- calculated from 30.6.2017 to 30.7.2018. e. On 30.7.2018....

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....erved to be dismissed. b. That the Demand notice served in Form-3 by the Applicant was defective and did not confirm to the mandatory requirements of law as according to Rule-5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 the Demand Notice or Invoice demanding payment should have also been supplemented by an information utility which the Applicant f....

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.... 100/- per Metric Ton of the required material. Hence the amount of Rs. 41,06,768/- shown for Machinery Hiring charges was against the stipulated terms and conditions of the said work order. 4. The Section 3 (23) of the Insolvency and Bankruptcy Code, defines 'Person' which states that, "Person" includes- a. An individual; b. A Hindu Undivided Family; ....