2021 (1) TMI 444

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.... alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Umaiyal Enterprises Services Private Limited (Respondent/Corporate Debtor), on the ground that it has committed default for total amount of Rs. 17,87,141/- (Rupees Seventeen Lakhs Eighty Seven Thousand One Hundred and Forty One only) which includes principal amount and interest @ 18% p.a. 2. Brief facts of the case, which are relevant to the issue in question, are as follows: (1) M/s. Famous Innovations Digital Creative Private Limited (herein after referred to as "Petitioner/Operational Creditor") is a Private Limited Company was incorporated on 21.02.2013, bearing CIN: U93000MH2013FTC240679. The Company is engaged in the business of pro....

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....ted fact that the Corporate Debtor never disputed the services provided by it. (5) Accordingly, the Operational Creditor raised various invoices till March, 2019 on the Corporate Debtor. Since the Corporate Debtor failed to make the payment even after various reminders, the Operational Creditor issued Demand Notice in Form 3 on 08.08.2019, as per the provisions of the Code, demanding an amount of Rs. 17,87,141/- along with interest of Rs. 2,04,155/- at the rate of 18% p.a., as on 25th November, 2019. Thereafter, on 29.08.2019, the Corporate Debtor replied to the notice sent by the Operational Creditor, under the provisions of the Code. In response to this, on 30.09.2019, the Operational Creditor sent a reply denying the allegations....

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....olvent by virtue of its financial position. However, the Petitioner, even not pleaded that the Corporate Debtor has become insolvent except pleading that the Respondent failed to pay their outstanding dues. However, the Petitioner plead with the Respondent to clear their outstanding amount as they are small entrepreneurs and fulfilled their commitment to their staff. The Petitioner could not service notice on the Respondent even though sufficient time was granted to it. Therefore, instead of keeping it pending on the file of this Tribunal for service of notice and to furnish financial status of Corporate Debtor, it would be just and proper to dispose of the instant Company Petition with a direction to the Respondent to settle the issue, ins....