TaxTMI 
TaxTMI 
2019 (11) TMI 1540
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....oint Interim Resolution Professional. 2. Part-I of the Application sets out about the Operational Creditor from which, it is evident that the Operational Creditor is a Private Limited Company with CIN:U28920TN1994PTC029091. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U55101TZ2008PTC014695 which was incorporated on 12.08.2008 and that its Authorised Capital and Paid up Capital is '27,00,00,000/- and '26,29,39,060/-respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at 164 and 165, Avanashi Road, Peelamedu, Coimbatore, Tamilnadu 641 004. Part-Ill of the Application shows that the Operational Creditor has proposed Interim Resolution Professional, whose particulars are given hereunder: Dr. L. Natarajan No.21, Jambulingam Street, Nungambakkam, Chennai - 600 034 [email protected] IBBI/IPA/001/IP-P00614/2017-2018/11108 3. From Part-IV of the Application, it is seen that a sum of Rs. 11,45,997- along with interest @ 18% is being claimed by the Op....
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....nal Creditor had carried out its contractual obligations. 8. The Operational Creditor further submitted that the Final Bill Certification and the Final Audit Report of one Mr.K. Mustaq Ahmed of Apple Consultancy Services showed a balance amount of Rs. 25,72,243/- as being due from the Corporate Debtor. Out of this amount, an amount of Rs. 20,94,828/- (Rupees Twenty Lakh Ninety Four Thousand Eight Hundred and Twenty Eight only) was due, after adjusting periodic payments made by the Corporate Debtor, apart from service tax and VAT claims. 9. The Operational Creditor had also submitted reimbursement claims for service tax and VAT refund to the Corporate Debtor. An amount of Rs. 4,40,970/- (Rupees Four Lakhs Forty Thousand Nine Hundred and Seventy only) was due as service tax reimbursement amount and an amount of Rs. 8,73,736/- (Rupees Eight Lakh Seventy Three Thousand Seven Hundred and Thirty Six only) was due as VAT reimbursement. Finally a total amount of Rs. 34,09,534/-(Rupees Thirty Four Lakh Nine Thousand Five Hundred and Thirty Four only) due, in respect of all the claims. 10. It was further submitted by the Operational Creditor that the Corporate Debtor had also issued....
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.... Corporate Debtor. A detailed counter statement along with Annexures had been filed by the Corporate Debtor pointing out the various snag works that were left incomplete by the Operational Creditor and with regard to those incomplete works a series disputes were raised by the Corporate Debtor. The Snag works notified to be completed by the Operational Creditor as per e-mail communication dated 15th May 2018 are elucidated hereunder: "From: Naga Subramanian KCmailto:ce@rdcoimbatore. com) Sent: 15 May 2018 15:09 To: [email protected] Cc: enao&rdcoimbatore. com Subject: ETA - Snag work Dear Joseph, Below following snag points to be closed by ETA Engineering. 1) WTP room 6 Numbers pressure guage not working. 2) External Hydrant Outer ring butterfly valve not properly getting close. 3) Near gas bank and north side irrigation filter house nearby hydrant wheel valve is not getting close. 4) 8th floor, 5th floor, 3rd floor, B2 - 1 inch fire reel hosing is not properly installed. 5) Fire system panel board 7 numbers lock is not working. Thanks & Regards, Naga Su....
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....tion of snag work. However, the said snag works were not completed within the agreed time and there were again delay in carrying out the snag works which resulted in the issuance of a reminder e-mail communication from the Advocate for the Corporate Debtor bringing it to the Notice of the Operational Creditor that the spirit of the compromise was not being complied. f) In their reply mail dated 31.10.2018 the Operational Creditor has patently denied the agreement reached at the time of filing of Compromise in respect of completion of snag works and further wanted to plead that there were no mention of that in the order passed by the Honourable Tribunal in disposing the matter 17. consequent to the compromise. The Operational Creditor had also stated in the said email that they would depute their personnel to attend to the snag work and will inform the Corporate Debtor on the necessary recourse including furnishing an estimate of cost of any work that are to be incurred in the process. g) However, it has been submitted by the Corporate Debtor that the Operational Creditor has never informed or intimated about such cost for the clear reason that there was no such pe....
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....07/- Cheque No.921284 - Rs. 2,18,434/- Cheque No.921785 - Rs. 1,10,242/- Total - Rs. 8,52,383/- The Operational Creditor has admitted that some of the cheques were cleared as seen from Page 7 of his application. It leads us to the prima-facie conclusion that the Corporate Debtor has demonstrated their bona fide in releasing the payment towards the admitted portion of the debt. As per the submission of the Corporate Debtor regarding the cheques returned un-cleared, they had issued stop memo in respect of these cheques allegedly owing to the failure of the Operational Creditor to rectify the snag work as reiterated below: (i) WTP room 6 Numbers pressure gauge not working. (ii) External Hydrant Outer ring butterfly valve not properly getting close. (iii) Near gas bank and north side irrigation filter house nearby hydrant wheel valve is not getting close. (iv) 8th floor, 5th floor, 3rd floor, B2 - 1 inch fire reel hosing is not properly installed. (v) Fire system panel board 7 numbers lock is not working. 16. It is pertinent to note that the Corporate Debtor had pojnted out the aforementioned Snag works to be....