TaxTMI 
TaxTMI 
2019 (8) TMI 1608
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....reinafter referred to as "CIRP"] against Megacity Apartments Private Limited [hereinafter referred to as the "Corporate Debtor"] as the Corporate Debtor is unable to pay Rs. 9,86,634/- (Rupees Nine Lakhs Eighty Six Thousand Six Hundred and Thirty Four Only). 2. It is stated in the application that the Corporate Debtor had issued a work order dated 06.11.2014 in favour of the Operational Creditor for carrying out external sewage, drainage and water supply works. In terms of the said work order, the Operational Creditor carried out works for a value aggregating to Rs. 37,22,300/-. That the running account bills had been raised and were duly certified by the Corporate Debtor. 3. Out of the said amount, only a sum of Rs. 28,33,249/- was p....
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.... the order and shall form basis of calculation of liquidity damages. In case the contractor fails to complete the work within stipulated time frame, then liquidity damages will be imposed on him @0.5% of the contract value per week of delay subject to the maximum of 5% of the total contract value of work. b) That the retention money @ 5% of the contract value shall be deducted from each running bills of the Contractor and shall be released after defect liability of period of 18 months. c) That the performance of the contractor is far from satisfactory; the Corporate Debtor herein had vide email dated 22.07.2015, intimated to deploy adequate manpower since no manpower was deployed at the site on and from 14.07.2015 but the ....
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....ies to this Petition has been declared insolvent or bankrupt, therefore this Petition cannot be entertained. As per clause 03.31 of work order, any dispute arising out of or in connection with the Contract or carrying out works shall be referred to and Settled by the Arbitrator as per Arbitration and Conciliation Act, 1996. 7. A Rejoinder to the said Reply was filed by the Operational Creditor wherein the Operational Creditor has denied every submission except which are matter of records and has submitted that the Affidavit in reply is not affirmed or verified in accordance with law or rules or regulations. There is no stamp or signature of a Notary on it. That the Operational Creditor has no defence and has made vague, baseless and fals....
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....dated 22.07.2015 intimated the Operational Creditor to deploy adequate manpower since no manpower was deployed at the site on and from 14.07.2015. However, it is apparent from the records that even after 22.07.2015, the bills raised were signed and acknowledged, it is also clear from the document that after the abovesaid date, the payments were also made on several occasions. 11. It is evident from the record that the Operational Creditor has been persistently demanding for his dues to be paid however, no reply or objection was made or raised by the Corporate Debtor on the prior occasions of demand by the Operational Creditor. The Corporate Debtor did not reply or object to the Demand Letter dated 06.12.2017. 12. The Corporate Debtor ....
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....r under Section 9 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, Megacity Apartments Private Limited, is hereby admitted. ii) I hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I & B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be mad....
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....rate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for liquidation of the corporate debtor under Section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix) Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x) Mr. Uday Narayan Mitra, of 72/1, Dawnagazi Road, Bally, Howrah - 711201, a Resolution Professional registered with the Insolvency and Bankruptcy Board of India, having Registration No. IBBI/IPA-001/IP-P00793/2017-2018/11360, E-mail ID: [email protected], Mobile No. 9433532994 is appointed as Interim Resol....