2021 (5) TMI 503

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....of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Mr. Kunal Agarwal, the Proprietor of Narayi Ratan Scaffolding (for brevity 'Applicant') with a prayer to initiate the Corporate Insolvency process against M/S SDS Infratech Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a proprietor of M/S Narayni Ratan Scaffolding, having registration no. 07ADSPA0590L1ZB, inter-alia, involved in the business of providing scaffolding material on rent to be used at construction sites. The applicant is having its registered office at Plot No 154/362/1, Pooth Khurd, Firni Road, Delhi-110039. 3. The Corporate Debtor is a private limited company incorporated under the pro....

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....to levy hire/rent charges for the said 660 plates and instead levy the amount of loss i.e. Rs. 1000/- per pate in the invoice. The request by the corporate debtor through email is annexed. The applicant accordingly charged and raised an invoice No HR0941 dated 28.02.2015 thereby levying Rs. 6,60,000/- for the loss of 660 MS shuttering plates. However, since the corporate debtor was not making payment, the applicant cancelled the said invoice and issued fresh invoice No HR1039 dated 31.05.2015 for hire/rent charges on 60 MS shuttering plates with effect form 15.02.2015 till 31.05.2015. Further, to equalize the amount levied for loss of MS shuttering plates, the applicant gave credit of Rs. 6,93,000/- on 23.07.2015, which included the amount ....

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....rporate Debtor has neither raised any dispute to the aforesaid notice nor made any payment towards the outstanding dues. 10. The Applicant filed present Application under section 9 of IBC, 2016 and served the copy of this application through speed post at its registered address as reflected on the MCA website. On 23.12.2020, the Learned Counsel for the corporate debtor had appeared and it is recorded that the parties had amicably settled the matter. The reply is not filed as party sought and were given one more opportunity to complete the settlement. Since the settlement was not complete, the corporate debtor was proceeded ex-parte on the same day. 11. As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of....

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.... IRP in relation to the CIRP of the Respondent and specific consent should be filed in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016 and make disclosures as required under IBBI (insolvency Resolution Process for Corporate Persons) Regulations, 2016 within a period of one week from the date of this order. 17. We direct the Operational Creditor to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namelyMr. Deepak Kukreja to meet out the expense to perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within on....