AI Drafter 
TaxTMI 
TaxTMI 
2018 (5) TMI 1990
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....Adjudicating Authority) Rules, 2016 (hereinafter as Rules) in the capacity of "Operational Creditor" on 23.11.2017 by invoking the provisions of Section 9 of the Insolvency and Bankruptcy Code (hereinafter as Code). 2. In the requisite Form, under the Head "Particulars of Corporate Debtor" the description of the debtor is stated as, 'M/S. Neptune Ventures And Developers Private Limited' (hereinafter as Debtor) having registered address at, 4th Floor, Neptune Magnet Mall, Near Mangatram Petrol Pump, LBS Road, Bhandup (W), Mumbai, Maharashtra - 400078. 3. Further under the Head "Particulars of Operational Debt" the total amount in default is stated to as Rs. 1,16,41,500/-. Background of Case : 4. Operational Creditor is a ....
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....on/Application, claiming outstanding amount of Debt, under provisions of the Code. Submissions by the Operational Creditor : 11. The Operational Creditor has appeared in-person and has stated that, as per the request of the Debtor the Operational Creditor has agreed to provide his professional services to the Debtor. The services ofthe Operational Creditor were as follows : i) Generate interest from THDCL to develop the project under partnership model of development; ii) Negotiate terms of development, management agreement and other commercial terms with THDCL; iii) Ensuring closure of term sheet and all definitive agreement with THDCL; iv) Creating business plan to the satisfaction of Debtor and ge....
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....n them that, as the Debtor in some financial crunches, the Debtor will allot a Residential Flat in lieu of Professional Services to the Operational Creditor. But, the Debtor, subsequently, had taken back this offer. 18. It is further stated that, inspite number of reminders and demands the Debtor has not paid the outstanding amount, the Operational Creditor has issued a Demand Notice U/s. 8 of the Code upon the Debtor on 10.10.2017. 19. Further that, the above said notice was duly served upon the Debtor but the Debtor has not replied for the same. Hence, after lapse of time to reply, provided under the Code, the Petitioner/ Applicant has filed this Petition/Application. Submissions by the Debtor : 20. The Learned Advocate for th....
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....e Debtor has acknowledged that the Fees of the Operational Creditor is due and payable. Hence, I have not found any merit in the submissions of the Debtor that; the amount in question is in "Dispute". 26. Further, while dealing with the submissions, it has also come to the notice that the Debtor had also agreed to allot a residential flat to the Operational Creditor in lieu of his fees, though without prejudice to his rights and contentions. 27. I have also perused the Demand Notice issued by the Operational Creditor and found that it was duly served upon the debtor but the Debtor has not given reply to the Demand Notice UIs. 8 within the time limit provided by the Act. However, the Debtor has filed the reply to this Petition/Applicat....
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....No. B - 601/701, Geetanjali, Kher Nagar, Bandra (E), Mumbai, Maharashtra - 400051, having registration No. IBBI/IPA-001/IP-P00232/2017-18/0461 is hereby appointed as Interim Resolution Professional to conduct the Insolvency Resolution Process. 32. Having admitted the Application, the provisions Of Moratorium as prescribed under Section 14 of the Code shall be operative henceforth with effect from the date of appointment Of IRP shall be applicable by prohibiting institution of any Suit before a Court of Law, transferring/encumbering any of the assets of the Debtor etc. However, the supply of essential goods or services to the "Corporate Debtor" shall not be terminated during Moratorium period. It shall be effective till completion of the ....