2021 (3) TMI 66

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....brevity "the Rules") by Redhex IT Solutions P. Ltd. (for brevity the "applicant") through Mr. Ashwani Kumar (authorized by the board of directors vide resolution dated January 3, 2020) with a prayer to initiate the corporate insolvency process against. Greenline Builders Ltd. (for brevity the "corporate debtor"). 2. The applicant-Redhex IT Solutions P. Ltd. claimed to be the operational creditor, is a company incorporated under the Companies Act, 2013 having its registered office at Flat No. 211, Second Floor, Meghdoot Bhawan, 94, Nehru Place, New Delhi-110 019. 3. The respondent-Greenline Builders Ltd., is a company incorporated on April 25, 2005 under the Companies Act, 1956 having its registered office at 106, Palco House T/10 Main Pat....

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....nts in compliance of the provision of section 9(3)(c) of the Code. 6. Notice was issued to the corporate debtor vide order dated February 28, 2020 of the Adjudicating Authority and the reply was filed by the corporate debtor as on March 16, 2020. The corporate debtor submitted that at the time of availing the services from the operational creditor, the corporate debtor had full intentions to pay for the services availed by it, however due to bad shape of economy and demonetization the business of the corporate debtor had suffered huge losses, therefore the corporate debtor was unable to pay the said amount. 7. The order was reserved on November 26, 2020 learned counsel for the corporate debtor submitted that the corporate debtor has admit....