TaxTMI 
TaxTMI 
TaxTMI 
2021 (2) TMI 840
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....vity 'code') read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016 (for brevity 'the Rules') through Mr. Pradeep Kumar (for brevity 'Applicant') being the sole proprietor of Pradeep Kumar & Co., with a prayer to initiate the Corporate Insolvency process against Apace Builder Contractors Pvt. Ltd. for brevity ('Corporate Debtor'). 2. The Applicant is a sole proprietor of Pradeep Kumar & Company, being the proprietorship firm having date of commencement on 03/03/2015 formed under the provision of Micro, Small and Medium Enterprise Development Act, 2006 bearing Udhyog Adhaar Memorandum No. DL07A0001519 and having its office at 3rd Flat NO. C89X3, Pocket C, Dilshad Garden Shahdara, New Delhi - 110095 ....
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.... raised are annexed with the application 5. The applicant submits that the corporate debtor again on 22.08.2018 issued purchased order - II, for supply of wooden Ply and wooden ribs of different sizes and specifications, to be sent through transport agent i.e. Kajal Tempo Transport Service and obtained transport receipts dated 22.09.2018 and Eway bills dated 22.09.2018.Thereafter the applicant raised invoice dated 22.09.2018. The copies of transport receipts and invoices raised are annexed with the application. 6. The applicant submits that during that with respect to invoices mentioned above from the period March 2018 to October 2018 and supply made thereof the corporate debtor has not made any payments. The applicant made numerous verba....
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....itiate the insolvency process. The corporate debtor for this submission has relied upon the judgment of NCLT New Delhi Bench in case titled as R G Steel Vs. Berry Auto Ancillaries (P) Ltd., the said petition was dismissed and it was held that "a sole proprietary concern taking into consideration the definition of person is not entitled to approach this tribunal on its own" b) The corporate debtor has raised an issue that supply with respect to first purchase order was not complete. Further raised issue with respect to the quality of goods and rejection of the goods against which credit notes were issued, as reflected in the ledger of applicant. Corporate debtor has denied the rate of interest charged by the applicant. No documents in sup....
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....clear that the dispute if any should be pre- existing and should not be patently feeble legal argument or an assertion of fact unsupported by evidence. c) With respect to issuance of credit notes by the corporate director, the applicant states that allegations made by the corporate debtor are false and frivolous and the corporate debtor has failed to produce evidence to support the said contention. Further also stated that the credit notes issued were for certain goods returned which were not in terms of specifications as stated by the corporate debtor. 11. The applicant submits that in pursuance of the liberty granted by the Tribunal on 21.12.2020 an amended memo of parties was filed vide application on 28.12.2020, and further relying o....
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....e and is complete. 17. Having heard and the Ld. counsels for the parties and documents on records, it is clearly established that the default in payment of the Operational debt has occurred by the corporate debtor. Though the corporate debtor has raised dispute with regards the payments of invoices on grounds of substandard quality of goods but has not placed on record any document which proves the pre-existing dispute between the parties. There is no merit in the so-called dispute raised by the corporate debtor as mere reply filed by the corporate debtor to the present application, is unable to establish any pre-existing dispute of genuine nature. This leaves no doubt that the default has occurred for the payment of the operational debt t....
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....ation number IBBI/IPA-001/IP-P00165/2017- 18/10334, having mobile no.9810286133 and email - [email protected], is appointed by this Hon'ble Tribunal as the Interim Resolution Professional subject to the condition that no disciplinary proceedings are pending against him. The specific consent has been filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and made disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016. 19. We direct the applicant to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namely Mr. Arun Chadha to meet out the expense to perform the functions assigned to him in accordance with regulation....