2021 (5) TMI 499

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....brevity 'the Rules') by M/s. SVS Cleanroom and Engineering System Ope Private Limited (for brevity 'Applicant') through Mr. Sanjay Kataria (Director of the Applicant Company) with a prayer to initiate the Corporate Insolvency process against M/s. Coracias Projects Pvt. Ltd. (for brevity 'Corporate Debtor'). 2. The Applicant M/s. SVS Cleanroom and Engineering System Ope Private Limited, claimed to be the Operational Creditor, is engaged in the business sale, purchase and installation of equipment and machines, having its registered office at C-13 Anoop Nagar, Uttam Nagar New Delhi 110059. 3. The Respondent M/s. Coracias Projects Pvt. Ltd. is a company incorporated on 10.01.2019 under the Companies Act, 2013 having i....

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....0,702/-. The Applicant sent reminders to the Corporate Debtor through emails for payment of the default. The Applicant was constrained to issue demand notice dated 23.01.2020 under Section 8 of the Code read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, calling upon the Corporate Debtor to pay an amount of Rs. 63,36,049/- which claimed by the Applicant. The notice was served upon the Corporate Debtor vide speed post and registered post as on 24.01.2020. 6. The Corporate Debtor filed its reply to the demand notice on 05.02.2020 and submitted in its reply that the work order dated 10.05.2019 was never signed by the Applicant. The work order mentioned the date of completion of project as on ....

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....Corporate Debtor on 27.01.2020 the said Debit notes were rejected and returned back by the Applicant. 9. The Applicant has filed this application as an Operational Creditor praying for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor for its inability to liquidate their claim of Rs. 63,36,049/- towards unpaid invoices for the material supplied by the Operational Creditor. 10. Notice was issued to the Corporate Debtor vide order dated 19.11.2020 of the Adjudicating Authority. Further, it has been observed that neither a reply to the Section 9 application was filed by the Corporate Debtor nor has the Corporate Debtor ever appeared before the Adjudicating Authority. We are of the view that the Corporate Debtor in....

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.... Operational Creditor, Mr. Atul Kumar Kansal, IBBI/IPA-001/IP-P00035/2017/10088 mail id: [email protected], Phone No. 9899027510 whose consent in Form 2 is annexed with the application. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. 15. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: "(a) 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; (b) transferring, encumbering, alienating or d....