TaxTMI 
TaxTMI 
2020 (1) TMI 1411
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....o set in motion the corporate insolvency resolution process (CIRP) against Guardian Homes P. Ltd. (hereinafter called the "corporate debtor") alleging that the corporate debtor committed default in making payment of Rs. 2,41,90,000 by invoking the provisions of sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The corporate debtor is engaged in the construction business and the petitioner has provided its services to the corporate debtor for raising finance and advisory services in connection with the structuring and placement of debt instrument in private transactions. The petitioner, on Novemb....
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....tent of Rs. 280,00,00,000 was granted to the corporate debtor by one KKR India Asset Finance P. Ltd. 4. The petitioner raised the following proforma invoices on the corporate debtor : Date Fee amount Sales tax TDS under Income-tax Act Description 16-1-2019 1,50,00,000 27,00,000 Fees for financial arrangements and advisory services rendered by Capaegis in connection with the Guardian "Cityscapes" project 30-1-2019 75,00,000 13,50,000 7,50,000 Part payment of fees for advisory services related to project (Cityscapes) funded by KKR India Asset Finance P. Ltd. 27-2-2019 75,00,000 13,50,000 Part payment of fees for advisory services related to project (Cityscapes)....
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....lakhs is already paid to you. Herewith returning your invoice dated April 20, 2019 and request you to kindly submit the full and final bill for the balance amounting to Rs. 75 lakhs, so that we can go ahead with processing of the same." 6. Subsequently the petitioner on May 20, 2019 issued a demand notice in form 3 under section 8 of the Code demanding a sum of Rs. 2,41,90,000 but the corporate debtor failed to reply to the demand notice and the petitioner filed affidavit under section 9(3)(b) of the Code. 7. The corporate debtor filed the reply to the petition and raised the following contentions : (a) The petitioner was required to arrange the funds within 6 months from the date of engagement letter of November 8, ....
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....rrangements and advisory services rendered by Capaegis in connection with the guardian 'Cityscapes' project". Sub sequently, two more proforma invoices were raised on January 30, 2019 and February 27, 2019 for a sum of Rs. 75 lakhs (excluding sales tax) each with the narration that it is "towards the part payment of the fees". Finally, one more proforma invoice was raised on April 20, 2019 for a sum of Rs. 2,05,00,000 (excluding sales tax) with the narration stating that it is "towards remaining fees". The first proforma invoice clearly shows that the amount charged is towards fees but there is no qualification or what soever, reflecting that it is for the part of the fees and hence, the submission of the corporate debtor that both ....