2020 (9) TMI 474

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.... Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of Vishwas Concrete Products Private Limited (hereinafter referred to as 'Corporate Debtor/Respondent') on the ground that the Corporate Debtor has committed default for a total outstanding amount of Rs. 1,31,31,402/- (Rupees One Crore Thirty One Lakh Thirty One Thousand Four Hundred and Two only) along with an interest at 24% p.a. from 04.11.2018 till realisation. 2. The Petition has been filed by Mrs. Shobha Bhavikatti, Learned Counsel of the Petitioner, appointed by Mr. Somu Goudar, Senior General Manager, authorised by Power of Attorney dated 12.07.2018. Copy of the Power of Attorney is annexed to the Petition. 3. Brief facts....

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....4.2019 along with endorsement 'Refused' is annexed to the Petition. (5) The Petitioner has annexed Affidavit dated 08.08.2019 of the Authorised Representative of the Petititioner, Mr. Somu Goudar, in compliance with section 9(3)(b) of Code, 2016. Copy of the Record of Financial Information under Form-C maintained with National E- Governance Services Limited as on 25.07.2019 is also annexed to the Petition. (6) The Respondent has filed its Statement of Objections on 27.02.2020 denying the allegation in the Petition and stating that the petition has been filed with an intention to harass the Respondent. It is further stated that there are several purchase orders raised and the same contain arbitration clause and any ....

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....atory of the Respondent. (10) The Respondent submits at para 14 of the Statement of objections that it is willing to settle the disputes between the Petitioner and the Respondent and intends to reignite the business relationship however, the Respondent does not admit the liability. 4. Heard Mrs. Sobha Bhavikatti, learned Counsel for the Petitioner and Mr.Perikal K. Arjun, learned Counsel for the Respondent through Video Conference. We have carefully perused the pleadings of both the parties and extant provisions of the Code, 2016 and the Rules made thereunder. 5. The learned Counsels for the Petitioner and Respondent submit that the Parties are inclined to settle the matter, however, the Respondent has not provided a settleme....