2020 (2) TMI 378

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....Authority) Rules, 2016 (for brevity 'the Rules') by M/s Jagriti Plastics Limited (for brevity 'Operational Creditor') through its authorized representative Mr. Nutan Kumar Vashisht authorized vide Board resolution dated 18.03.2015 with a prayer to initiate the Corporate Insolvency process against M/s Proactive Plast Private Limited (for brevity 'Corporate Debtor'). 2. The Operational Creditor namely M/s Jagriti Plastics Limited, is a company incorporated under the provisions of Companies Act, 1956 having CIN no. U25209DL1990PLC041317 and having its registered office at 405, Fourth Floor, Pearl Omaxe, Tower-1, Plot No. B-1, Netaji Subhash Place, Pitampura, Delhi-110034. 3. The Respondent, the Corporate Debtor na....

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....marks 'payment stopped by drawer'. The Operational Creditor has filed complaints under Section 138 of the Negotiable Instrument Act which are pending adjudication. 8. Inspite of various requests made and reminders sent by the Operational Creditor, the Corporate Debtor failed to pay the amount demanded. 9. On failure to pay the outstanding amount by the Corporate debtor, the Operational creditor sent a demand notice dated 12.04.2018 under Section 8 of the Insolvency and Bankruptcy Code, 2016 to the Corporate debtor asking them to make the balance payment of Rs. 3,35,24,547/- (Rupees Three Crores Thirty- Five Lakhs Twenty- Four Thousand Five Hundred and Forty- Seven only) failing which the Operational Creditor shall initiate the....

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....13. It is further stated by the Corporate Debtor that Applicant agreed to its default and accepted that the invoices would be cleared to the less extent. Upon all adjustments there was only an amount of Rs. 30 lacs payable by the Respondent to the Applicant and it was agreed that a sum of Rs. 305.24 Lacs would be adjusted and not paid on account of quality deficiencies in supplies, it is for this reason that the last payment was made by the Respondent to the Applicant on 16.05.2018 and the Applicant did not raise any demand thereafter. 14. It is further submitted that series of talks took place between the parties over the difference of amount with regard to debit notes. Several rounds of meetings had taken place between the parties in o....