TaxTMI 
TaxTMI 
2020 (4) TMI 505
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....ating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. KNK,Construction Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for a total outstanding amount of Rs. 1,32,14,015/- (Rupees One Crore Thirty Two Lakh Fourteen Thousand and Fifteen Only) along with interest at 12% due under various invoices. 2. Brief facts of the case, as mentioned in die Company Petition and in summary, are as follows: (1) M/s. RDC Concrete (India) Private Limited (hereinafter referred to as 'Petitioner/Operational Creditor') is a Private Limited Company incorporated on 20-4-1993, under the provisions of Companies....
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.... material as required under the Purchase Order under various invoices. Both he the parties had a running account and the Corporate Debtor made certain part payments from time to time. The ledger accounts of the Operational Creditor provides the details of supplies made under various invoices, the part payments made by the Corporate Debtor on various dates and the outstanding balance of Rs. 1,32,14,015.51/- payable by the Corporate Debtor. (5) It is stated that the Petitioner vide letter dated 11-1-2019 sought confirmation of balance as on 31-12-2018 as per the statement of accounts sent to the Corporate Debtor. By the said letter, the Petitioner informed the Corporate Debtor that as per their books, the Corporate Debtor has a debit balanc....
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....y the Corporate Debtor on 27th March, 2019. (8) It is stated that after the receipt of the said Demand Notice by Indian Post, the Operational Creditor did not receive any payment as demanded and also did not receive any reply/notice raising any dispute. It is further stated that there is no records of existence of and/or pendency of any suit or arbitration proceeding filed, before the receipt of the Demand Notice as contemplated under the I&B Code, 2016. The Corporate Debtor has not paid any amount towards the default amount outstanding against the Operational Creditor. (9) It is also stated that personal notice as ordered by this Tribunal on 10th May, 2019 was duly served and that the Corporate Debtor thereafter appeared through Counse....
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....l for the Petitioner and Mr. Lomesh Kiran Nidumuri along with Ms. Sahana Devanathan, and learned Counsels for the Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code and the Law on the issue. 4. Mr. Ricab Chanci, the learned Counsel for the Petitioner, while reiterating the averments made in the main Company Petition and also in the summary, as briefly stated supra, has further submitted that the debt and default is admittedly is not in dispute and the Respondent has not opposed the claim of the Petitioner and also not filed any statement of objections. A qualified Insolvency Professional namely Mr. Konduru Prasanth Raju is suggested for appointment as the Interim Resolution Professiona....
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....as a Resolution Professional in respect of the Corporate Debtor herein and that there are no disciplinary proceedings pending against him with the Board or ICSI Institute of Insolvency Professionals. 7. In view of the above facts and circumstances of the case, and by exercising powers conferred on this Adjudicating Authority, under section 9(5)(i) and other extant provisions of the Code, C.P. (IB) No. 166/BB/2019 is hereby admitted with the following consequential directions: (1) We hereby appointed Mr. Konduru Prasanth Raju with IP Registration No. IBBI/IPA-002/IP-N00708/2018-19/12200, as the Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) in respect of Corporate Debtor namely M/s. KNK....