2019 (5) TMI 1780

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....) against M/s. Shri Balaji Infra-developers Pvt. Ltd. ("the Respondent'') under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") for the alleged default on the part of the Respondent in settling an amount of Rs. 39,1 1,176/-including the interest component towards the construction activities done by the Applicant. The transactions leading to the filing of this application us averred by the Applicant are as follows: i. The Applicant is a company registered under the Companies Act, which is involved in the business of construction and allied activities. ii. The Respondent approached the Applicant issued the work order/ LOI No. SBIPL-GS(JV)/WO/2016-17/AGRA/002 dated 12.07.2016 tor piling work, and ot....

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....above, the Respondent failed to make any payments to the Applicant and consequently, the Applicant was constrained to send a demand notice dated 22.08.2018 in the prescribed form to the Respondent. The Respondent sent a false and frivolous reply dated 04.09.2018 pointing inter alia to the fact that the name of the Respondent had changed and as such the demand notice was defective. The Respondent further raised false and frivolous contentions with a view to avoid the legitimate dues of the Applicant. As such there is a clear default on the part of the Respondent. viii. The Applicant, in order to avoid any technical objection at a later stage, sent yet another demand notice dated 22.08.2018 in the present name of the Respondent. The ....

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....t, directly. iv. It is submitted that the Respondent informed the Applicant that they would receive the payment from the account of TPL directly and also requested them to provide the bank account details. v. TPL informed vide mail dated 01.09.2019 that the payment of Rs. 3,00,000/- has been transferred directly in the bank account provided by the Applicant in terms of the agreement. The Applicant was aware about the said transaction but the Applicant has deliberately failed to disclose the vital facts before this Tribunal. Thus, TPL is solely liable to make further payments to the Applicants. 2. The matter was listed for arguments on 19.02.2019 and the order was reserved. However, afterwards the learned counsel for the....

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....spect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion ....