TaxTMI 
TaxTMI 
2020 (5) TMI 273
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....y) 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 Infrastructure P. Ltd., is a company incorporated on August 2....
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....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 : Bill No. Current bill amount (Rs.) Date 1. 1,82,70,620 08-04-2013 2.....
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....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 respondent requested the respondent for a joint meeting to resolve the issue of service tax rate discrepancy which states that the amount as claimed by the respondent is disputed. 8. It is stated that the email d....
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....ring 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 petition filed under section 9 fulfils all the requirements of law. Therefore, the petition is admitted in terms of section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of section 14 of the Code. As a ....