TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 14
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.... brevity 'the Rules') by AF Consult India Pvt. Ltd. (for brevity 'Applicant') through Mr. Sai Krishna Seela, being the Managing Director of the applicant company, duly authorized vide Board Resolution of the applicant dated 25th September 2018, with a prayer to initiate the Corporate Insolvency process against Sikkim Hydro Power Ventures Limited for brevity 'Corporate Debtor'). 2. The Applicant is a private limited company incorporated on 31/12/2009 under the provision of Companies Act, 1956 bearing CIN No. U74140DL2009FTC197507 having its registered office at C-240, Flat No. 107, Pandav Nagar, Delhi (East Delhi)-110092. The authorized share capital of the company is Rs. 1, 00, 00,000/- and the paid-up capital of th....
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.... One Crore Ninety-Eight Lacs Ninety-Eight Thousand Three Hundred Ninety-Four Only) 6. The applicant further submits that on 14th January 2015, the Corporate Debtor made part payment of Rs. 6,14,160/-, further also made a further part payment of Rs. 1,09,70,818/- (Rupees One Crore Nine Lacs Seventy Thousand Eight Hundred and Eighteen only) including TDS. An amount of Rs. 89,27,576/- remained outstanding and payable by the corporate debtor 7. The applicant submits that the corporate debtor had agreed to make payments in accordance with clause 3.3(b) of the Article -3 of the Agreement which clearly stipulates that all payments are to be made by the corporate debtor on or before 35 business days from the date of receipt of the invoices. The a....
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.... of the applicant to go beyond limitation. The applicant further submits that the same is evident from the emails exchanged. Thereafter a meeting was held on 9th March 2018, after the meeting on 21st March 2018 the applicant giving reference to the said meeting requested the corporate debtor to issue a settlement letter along with postdated cheques. However, no response was ever received from the corporate debtor on the said email nor any dispute has been raised by the corporate debtor. 10. The Applicant filed the present Application under section 9 of IBC, 2016 and served the copy of this application which was duly delivered to the Corporate Debtor as per service affidavit. 11. As per Form V, the total debt outstanding is Rs. 89,27,576/-....
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....nd the corporate debtor and having considered the documents on records and submissions of counsels, it is clearly established that the default in payment of the Operational debt has occurred by the corporate debtor further there also exist a pre-existing dispute with regards the payments of invoices on grounds of substandard quality of service and improper execution of the terms of the agreement. The Hon'ble Supreme Court in "Innovative Industries Ltd. Vs. ICICI Bank and Ors. (2018) 1 SCC 407" observed and held as follows:- "The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide....
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....sent application is complete and the Applicant has established its claim which is payable and due by the corporate debtor. In the light of above facts and records, the present application is admitted, in terms of section 9(5) of IBC, 2016. 18. The Applicant has filed its bank statement from the period 01.02.2013 to 31.08.2018 stating that the amount claimed or any part thereof, has not been received by the applicant nor had any person, on its behalf had received in any manner the amount due to them as required u/s. 9(3)(c) of I & B Code. The Applicant has filed an affidavit under section 9(3)(b) dated 16.11.2018 affirming that no notice of dispute has been given by the Corporate debtor relating to dispute of the unpaid operational debt. 1....