2020 (5) TMI 273

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity "the Rules") by M/s. Dynacon Projects P. Ltd. (for brevity "operational creditor") through its authorized representative Mr. Ashok Sarin, who is duly authorized vide board resolution dated May 15, 2019 with a prayer to initiate the corporate insolvency process against M/s. Today Homes and Infrastructure P. Ltd. (for brevity "corporate debtor"). 2. The operational creditor, namely, M/s. Dynacon Projects P. Ltd., is a company incorporated under the provisions of the Companies Act, 1956 with CIN No. U74899DL2000PTC107430, having its registered office at C-8, LGF, Jangpura Extension, New Delhi-110 014. 3. The corporate debtor namely, M/s. Today Homes and Infrastructur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....der the contract agreement for construction, the corporate debtor was under obligation to release the 50 per cent. of the certified amount of the RA Bill in 21 days of certification of the submitted bills and the balance in 45 days of certification of the submitted bills. For the purpose of ease, the said clause 9 dealing with the payment terms is reproduced." 8. It is submitted by the operational creditor that it had performed its obligations with agreed terms and had continued raising RA Bills from time to time. It is further submitted by the operational creditor that in total, 18 RA Bills have been raised for the entire work executed by the operational creditor under the contract. The details of the RA Bills are reproduced below : ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... operational creditor. Further, the operational creditor has annexed the certificate issued by Kotak Mahindra Bank in compliance with section 9(3)(c) of the IBC, 2016. 12. The corporate debtor has filed its reply on October 16, 2019 and has raised certain objections. It is submitted by the corporate debtor that : "6. It is stated that serious dispute(s) exists between the applicant and respondent prior to the demand notice sent by the applicant and there is ample contemporaneous documents, as being mentioned hereinafter to prove the existence of dispute in terms of section 8(2)(a) of the Insolvency and Bankruptcy Code, 2016 ('the Code'). 7. It is stated that applicant vide its email dated January 3, 2017 to the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing, learned counsel appearing for the corporate debtor could neither show any communication which could depict existence of a pre-existing dispute between the parties or produce any document in support of their averments. 14. After hearing submissions of both the parties, this Bench is of the view that the averments regarding the dispute raised by the corporate debtor with respect to the usage of sub-standard quality material, is not supported by any documentary evidence. Therefore, the dispute raised by the corporate debtor does not merit any further consideration. 15. In the given facts and circumstances, the operational creditor has established the default on the part of corporate debtor in payment of the operational debt. The pet....