2021 (5) TMI 313

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....judicating Authority) Rules, 2016 (for brevity, AAA Rules 2016) by M/s. RAK Engineering, represented by its Proprietor Mr. K. Ramakrishnan (hereinafter referred as "Operational Creditor") for initiate Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Crown Rotmax Engineering Private Limited (hereinafter referred as "Corporate Debtor") on the ground that the Corporate Debtor defaulted in paying Rs. 3,16,12,730/- to the Operational Creditor including interest at the rate of 18% per annum. 2. Learned Counsel for the Operational Creditor submits that M/s. Tamil Nadu Transmission Corporation Limited (TANTRANSCO), Chennai has awarded the contract to M/s. SEW Infrastructure Limited (SEW) who have entrusted the execution of ....

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....with interest at the rate of 18% per annum from the date of submission of bills but which was returned with an endorsement "Unclaimed". 4. In support of the claim, the applicant has filed following documents: (i) Copy of work orders issued by the Corporate Debtor to the Operational Creditor; (ii) Copy of invoices raised by the Operational Creditor (iii) Statement of Account; (iv) Copy of Balance Sheet of the Corporate Debtor; and (v) Copy of accounts of the Operational Creditor confirming that there is no payment of the relevant unpaid operational debt 5. The notice of summons issued to respondent was returned with the endorsement "left". Hence notice by way of publication was ordered. As p....

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....nder shall follow in relation to the Corporate Debtor: (i) The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (ii) transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; (iv) Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (v) The recovery of any property b....