TaxTMI 
TaxTMI 
2020 (2) TMI 1415
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.... (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules) by M/s Gupta Ji Electric Company (for brevity Applicant) through Mr. Dheeraj Gupta duly authorized vide letter dated 21.03.2019,with a prayer to initiate the Corporate Insolvency Resolution Process (CIRP )against M/s. Straight Edge Contracts Pvt. Ltd. (for brevity Corporate Debtor). 2. The applicant is partnerships firm incorporated vide partnership deed executed on 12.04.1996, amended on 01.04.97, 01.04.2005 and 18.02.2017 in the name and Style of name M/s Gupta Ji Electric Company and having its registered office at: 82, Ambedkar Marg, Ghaziabad, Uttar Pradesh - 201001. Applicant is engaged in the business of supplying electrical fittings, components, electric....
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..../-(Rupees One Crore Sixty Eight Lakh Ninety Two Thousand Five Hundred and Nineteen Only). Therefore, an amount of Rs. 1,46,49,934/-(Rupees One Crore Forty Six Lakh Forty Nine Thousand Nine Hundred Thirty Four only) along with interest at the rate of 24% p.a. is pending against the corporate debtor. 7. The applicant submitted that they regularly supplied the materials and against each supply raised the respective bill, the corporate debtor never made the up to date payments in terms of purchase order and made payments of only partial amounts. The corporate debtor made last payment on 02.05.2018 against the project namely Greenpolis and on 24.08.2018 against the project namely Zing, Noida. C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Co....
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....cient on 01.11.2018.Again, the applicant deposited the cheque No.788041 dated 30.11.2018 for a sum of Rs. 15,00,000/- drawn on YES Bank, Hargobind Enclave, New Delhi and the cheque no.731089 dated 30.11.2018 for a sum of Rs. 10,00,000/- drawn on Axis Bank, Swasthyay Vihar, New Delhi. The said cheques were also dishonored by the bank with remarks Funds Insufficient on 03.11.2018. Pursuant to the said cheques, C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Pvt. Ltd. the applicant initiated proceedings under Section 138 of Negotiable Instruments Act, 1881 against the corporate debtor. 11. The Applicant submits that the corporate debtor had never raised any objection or complains of any kind whatsoeve....
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....by the vendors. c) Pursuant to the said agreements the corporate debtor approached the applicant for providing electric components. After issuance of purchase orders the applicant started supplying the required products to the Respondent Company. Thereafter the applicant requested the corporate debtor to make payment but since the corporate debtor was not being paid by the principal employer, the corporate debtor could not pay the applicant and the other vendors. d) The corporate debtor submits that the debt of the corporate debtor had been assigned to the Principal Employer of the corporate debtor and further the corporate debtor also submits that the assent for the same was also orally given by the applicant. Subsequentl....
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....red that corporate debtor was only trying to arrange for money and they had received all material which was lying in the store. d) The delivery of goods was never delayed and as per the Purchase Orders no condition was stated according to which the payment to the vendor shall be made only if the corporate debtor received payment from the principal Employer. e) The amount received from the Principal Employer was after communications with the corporate debtor the same was to be adjusted in the ledger accounts of the applicant, to have been received on behalf of the corporate debtor. 16. Considering the documents on records and submissions of counsels, it manifests that the corporate debtor has tried to create and establis....
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.... raised any pre-existing dispute as regards the amount of operational debt claimed by the applicant. 21. The present application is filed on the Proforma prescribed under Rule 6 of the Insolvency and Bankruptcy Code, 2016 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 r/w Section 9 of the code and is complete. The default has occurred of the debt which is C.P/ No. IB-1071/ND/2019 M/s. Gupta Ji Electric Company Vs. M/s Straight Edge Contracts Pvt. Ltd. due and payable Therefore, the applicant is entitled to claim its dues, establishing the default in payment of the operational debt. Hence, the application is admitted. 22. The Applicant has named Mr. Ranjeet Kumar Verma, registered vide registration....