TaxTMI 
TaxTMI 
2018 (5) TMI 1965
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....f the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process against the "Corporate Debtor" M/S. Noble Explochem Limited, 54-B, "Shree Tower", Shankar Nagar (East), West High Court Road, Nagpur-440010 for an outstanding Operational Debt of Rs. 84,33,605/-; details as under:- Principal : Rs. 66,11,286/- Pending TDS Credit - F.Y. 2016-17 2,20,640/- F.Y. 2-17-18 18,400/- : Rs. 2,39,040/- Total (Principal + TDS) : Rs. 68,50,326/- Interest @ 12%: Rs. 15,83,279/- Total: Rs. 84,33,605/- 2. Brief particulars of the claim is as under:- 2.1. The Petitioner/Operational Creditor is engaged in the business of rendering Consultancy servi....
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.... 2010. The Corporate Debtor references were numbered as Case No.57 of 2010 and 4 Of 2011 and the hearing on Corporate Debtor's reference was held on 1.7.2016 before the Hon'ble BIFR. The Petitioner has further stated in his email dated 29.04.2017 as under :- " With reference to the above, we request you to please dear our dues amount to Rs. 74,82,904/- as on 29.42017 Within 15 days. The amount is long due for which have sent many reminders to you a you promised to dear at the earnest but had not been done by you. Since your case in BIFR is abated and we don't have any professional role to play now hence we wish to discontinue our services from 1.5.2017" 2.4. As the Corporate Debtor had not made payment of the outstanding Deb....
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....from the side of the Respondent that either paid the amount or disputed the claim. Several opportunities have been granted, Notices were issued, but the Respondent preferred silence. On the date of hearing one of the Directors remained present but not seriously contested. Accordingly, the impugned Debt is held to be still outstanding from the Corporate Debtor. Considering the circumstances mentioned supra, this Petition under consideration deserves to be "Admitted". 6. The Petitioner/Operational Creditor has proposed the name of the IRP Mr. Manoj Sehgal, Registration NO. IBBI/IPA-002/IP-N00108/2017-18/10256, Address: Flat 304, Tower 5 Ansal Valley, Valley Estate Gwal Pahadi, Haryana-122003 Email: [email protected]. The proposed....