TaxTMI 
TaxTMI 
TaxTMI 
2019 (10) TMI 1348
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....e I&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s.Ingersoll -Rand Climate Solutions Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground that it has committed default for total outstanding amount of Rs. 4,99,534/- (Rupees Four Lakhs Ninety Nine Thousand Five Hundred and Thirty Four Only) along with the interest at the rate of 18% per annum. 2. Brief facts of the case, which are mentioned in the Company Petition and are relevant to the issue in question, are as follows: (1) M/s.Enkay Technologies (India) Private Limited is a Company bearing CIN: U32200MH1987PTC043304 and having its registered off....
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....ount Rs. 1. 14th Jan 2016 HDFC/BGLR/51 2,24,095 2. 5th Feb 2016 HDFC/BGLR/55 2,78,452 3. 17th Feb 2016 HDFC/BGLR/58 3.24,722 4. 11th Mar 2016 HDFC/BGLR/68 1.22,515 S. 14th Sept 2016 HDFC/BGLR/43 4,20,140/- Total Received 13,69,924/- Taking into account the list of invoices and payments received thereon the aggregate principal sum due and payable by the Corporate Debtor is summarized as follows: Summary Total supply (A) 14,91,303/- Total Installation (B) 3,78,155/- Total Invoices 18,69,458/- (-) Less Payment Received 13,69,924/- Balance Due 4,99,534/- As per the ledger account of the Operational Creditor for the period 1st April 2014, to 31st March 2019, the Corporat....
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.... of payment. 3. The Corporate Debtor/Respondent has filed Statement of Objection dated 27.09.2019, by inter alia contending as follows: (1) The Operational Creditor has not come before this Adjudicating Authority with clean hands and has created the documents in order to claim the amount which is not due towards the Operational Creditor by the Corporate Debtor. As such, the instant application has to be dismissed in limine. The Corporate Debtor is a solvent company having turnover of around Rs. 3,20,00,00,000/- (Rupees Three Hundred Twenty Crores only) a year and around 600 employees are currently working with the Corporate Debtor. There are no other claims against the Corporate Debtor mentioned above apart from the frivolous claim made ....
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....e Order dated 15.10.2015, the Operational Creditor was supposed to supply the Electronic Security System materials at the Project Site and provide a warranty period of 24 months for the materials supplied. Electronic Security System materials supplied by the Operational Creditor were defective and despite repeated requests by the Corporate Debtor the Operational Creditor did not replace the defective materials. The Operational Creditor has not even submitted the alleged invoices bearing No(s) IXC/16-17/92011 dated 10.08.2016 and IXC/16-17/92015 dated 23.09.2016 at any point of time to the Corporate Debtor. The same is evident from the fact that, all the invoices produced by the Operational Creditor in the instant petition towards the supply....
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....Heard Ms. Amaresha M., learned Counsel for the Petitioner and Shri Prashant Kammar, learned Counsel for the Respondent along with Shri Naveen Samanth, MD of the Respondent Company. We have carefully perused the pleadings of both the parties and extant provisions of the Code. 5. The case is listed for hearing on several dates viz. 03.06.2019, 12.06.2019, 27.06.2019, 11.07.2019, 17.07.2019, 05.08.2019, 23.08.2019, 27.08.2019, 29.08.2019, 06.09.2019, 18.09.2019, 30.09.2019 & 14.10.2019 in order to give opportunity to the parties to settle the issue in question since the amount involved is about Rs. 5 Lakhs, which is seriously disputed by the Respondent and it is a solvent Company having turnover of around Rs. 3,20,00,00,000/- (Rupees Three Hu....
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....n Transmission Corporation of A.P. Ltd. Vs. Equipment Conductors and Cables Ltd.," Supreme Court of India, it is inter alia held that existence of undisputed debt is sine qua non of initiating CIRP. As per para 34 of judgment, it is stated that Adjudication Authority, while examining an application filed under Section 9 of the Code, will have to determine: a) Whether there is an 'operational debt' as defined exceeding Rs. 1 Lakh? b) Whether documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? c) Whether there is existence of dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before receipt of demand notic....