2020 (9) TMI 894

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....s, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Nando's Karnataka Restaurants Private Limited, on the ground, that it has committed default for total amount of Rs. 2,29,944/- (Rupees Two Lakh Twenty Nine Thousand Nine Hundred and Forty Four Only) along with interest at the rate of 24% p.a. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Sindhu Cargo Service Private Limited (Petitioner/Operational Creditor) is a Private Limited Company, bearing CIN: U85110KA1991PTC012381 and having its Registered Office situated at Block-3, No. 34, Nellakunte, Near MVIT College Bettahalasuru, Hun....

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....titioner, 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 Annexure 3 at Page No. 17 in respect of Corporate Debtor. The Statement shows that the total sales starting from 07.11.2016 to 25.02.2017 amounts to Rs. 8,30,711/-, out of which, Rs. 6,00,767/- was admittedly paid by the Respondent leaving the balance of Rs. 2,29,944/-. The last payment received is as on 31.03.2017 and 07.04.2017 for amount of Rs. 40,000 and Rs. 5, 60,767 respectively leaving the outstanding amount. Therefore, cause of action arose in April 2017, when the balance amo....