2020 (6) TMI 281

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hority) Rules, 2016 by, Ayu Infrastructure Private Limited (for brevity 'Applicant'), through Mr. Ravinder Singh who is authorized vide Board Resolution dated 10-9-2018, duly annexed, with a prayer to initiate the Corporate Insolvency Resolution Process against Samak Landscape Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a private limited company incorporated under the provisions of the Companies Act, 1956 bearing CIN U45200DL2012PTC230892 and is involved in construction and allied activities. The company is having its registered office at RZ-74/1, East Sagarpur New Delhi-110046. 3. The Corporate Debtor is a private limited company, incorporated under the provisions of Companies Act, 1956 on 5-4-19....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....red as per the tracking report and as per the service affidavit filed with the report of service. 7. The corporate debtor has neither replied to the said notice nor made the payment against the outstanding dues. 8. The Applicant filed present Application on 3-5-2019 under section 9 of IBC, 2016 which was served on the Corporate Debtor as per the affidavit of service. 9. The Corporate Debtor has filed a reply stating that no statutory demand notice was served to the corporate debtor at their registered office neither was sent via e-mail, rather were sent on the site office from where the corporate debtor had already shifted. The Corporate Debtor has further stated that material supplied by the applicant were of substandard & poor quality.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... should be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016. 17. We direct the operational Creditor to deposit a sum of Rs. 2 lac with the Interim Resolution Professional namely Mr. Manoj Kumar Anand to meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within three days for the date of receipt of this order by the operational Creditor. The amount however be subject to adjustment by ....