2020 (9) TMI 894

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....nt : Ganapati Bhat , PCS ORDER Rajeswara Rao Vittanala, Member (J) 1. C.P. (IB) No. 162/BB/2020 is filed by M/s. Sindhu Cargo Service Private Limited (hereinafter referred to as 'Petitioner/Operational Creditor) U/s 9 of the IBC, 2016, R/w Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) i....

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.... Freight forwarding, customs clearance, transportation and warehousing. (2) M/s. Nando's Karnataka Restaurants Private Limited (Respondent/Corporate Debtor) is a Company registered under the Companies Act, 2013 was incorporated on 18.02.2014 having CIN: U55101KA2014FTC073688 and having its registered Office situated at Plot No. 1088, Ground Floor & First Floor HAL 2nd Stage, 12 Main Indirana....

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..... Heard Shri Ganapati Bhat, learned PCS for the Petitioner through Video Conference. We have carefully perused the pleadings of the Petitioner, and the extant provisions of the Code, the Rules made there under, and the law on the issue. 4. As per the averments made by the Petitioner, the Corporate Debtor paid part payment in terms of the customer outstanding statement, which is enclosed as Annexu....

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....hanged between the Parties, prior to the issue of said Demand Notice, in support of its case. The instant Company Petition is filed mainly to recover the alleged outstanding amount of Rs. 2,29,944/-. 5. It is settled position of law, that the provisions of the Code cannot be invoked for recovery of alleged outstanding amount, that too, after long lapse of time, without explaining the delay caused....