2021 (3) TMI 63

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nkruptcy (Application to Adjudicating Authority) Rules, 2016 (the "Rules") for initiation of corporate insolvency resolution process ("CIRP") against the corporate debtor-M/s. KS Softnet Solutions P. Ltd., alleging that the corporate debtor committed default in making payment of Rs. 2,12,704 with interest at 18 per cent. per annum from the date of default till realisation. 2. Heard counsel for the petitioner. 3. Counsel for the petitioner submits that the petitioner supplied tiles/ kerbs manufactured by them at the instance of the corporate debtor and invoices were raised during the period between December 1, 2013 to December 1, 2014 to the extent of Rs. 13,52,328 and TDS of Rs. 14,025 was deducted and deposited with the Income-tax De....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ame to you for delivery of goods to you at site. 3. That you have duly received and appropriated the said pavertiles which were specifically as per your specifications and as covered under our bills. That you had also admitted the bills for the purpose of paying the same to us and you have also booked bills and deducted tax at source on our sanctioned bills and deposited TDS to Government under the Income-tax Act, 1961 confirming amount credit to corporate creditor however failed make the payment of our said sanctioned bills. Beside TDS your own, attached a/c confirms outstanding of Rs. 2,12,704 which is not paid in spite reminder till now due to inability to pay. 4. That as per the agreed terms as mentioned in the said bi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as shown paragraph 4 above to the tune of the said bill and amount to you and with anintension not to pay, you have caused monitory loss and damage to our reputation, besides unbearable mental shocks to old senior citizen known heart patient Proprietor of the firm. You are therefore hereby finally called upon to pay the admitted liability of Rs. 2,12,704 (rupees two lakhs twelve thousand seven hundred and four only) to us, along with value of goods made by you with our plant being the principal bill amount, due and payable by you with interest at 18 per cent. thereon within 21 days from the receipt hereof, failing which we shall institute legal proceedings against your company under the statutory provisions of the Companies Act, 20....