TaxTMI 
TaxTMI 
2021 (6) TMI 207
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.... Metalfab Corporation. 3. From Part II of the Application, it is seen that the Corporate Debtor is a Company incorporated under the Companies Act, 1956 on 12.08.2008 with Corporate Identification No. U55101TZ2008PTC014695 and the Registered Office address of the Corporate Debtor as per Application is stated to be situated at No. 164 and 165, Avanashi Road, Peelamedu, Coimbatore - 641 004, Tamil Nadu. 4. Part III of the Application discloses the fact that the Applicant has not proposed the name of the IRP and left it to the discretion of this Tribunal to appoint the same. 5. From Part IV of the Application, it is seen that the Operational Creditor has claimed a sum of Rs. 22,49,958.60 as due and payable from the Corporate Debtor which includes a principal amount of Rs. 15,71,734/- and interest at the rate of 24% per annum crediting to a sum of Rs. 6,78,224.60. It is stated in the Application that payment is due from 13.07.2016. 6. Part V of the Application discloses the details of the documents as such attached to this Application in order to prove the Operational Debt which are as follows:- (i). Work Orders (ii). Outstanding Invoices: Invoice No. 039 dated 28.06.2016 In....
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....that there is a dispute in relation to the claim being made by the Operational Creditor and also referred to an e-mail dated 12.09.2017 wherein the Operational Creditor has admitted that only a sum of Rs. 5.50 Lakhs is overdue. However, it was submitted that during October 2017, there were glass breakages in pre-function area and the same was communicated by the Corporate Debtor to the Operational Creditor on 13.10.2017. The said e-mail is reproduced as under Mr. Go pa I Mundra, We would like to bring to your notice that we have already informed you about the glass breakage in pre-function area, you've also collected the sample of the broken glass and confirmed that you will provide a solution for this. Till date there is no reply from you and it's been a month since the breakage happened. The glass needs to be fixed at the earliest. This is the second instance in the same pre-function area. Revert back your action plan immediately. Now the main lobby entrance vestibule are glass is creating noises and not closing properly which is installed by you and we need you to correct this issue too. Revert back with your action plan for rectifying these issues at the earlies....
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....3.2018 Petition was filed under the MSME Act after two cheques were returned unpaid by the Corporate Debtor due to 'funds insufficient'. The MSME Facilitation Council has passed an order dated 23.10.2018 in favour of the Operational Creditor which is not disputed by the Corporate Debtor. 16. Further it was also averred in the rejoinder that in the MSME order dated 23.10.2018, it has been recorded that there is no dispute in the amount which is payable by the Corporate Debtor. Hence, Learned Authorized Representative for Operational Creditor has sought for admission of the present Application. 17. Heard submissions made by Authorized Representative/Counsel for the parties. Learned Counsel for Corporate Debtor sought to raise a defence that there is a 'dispute' which is in existence between the parties in relation to the breakage of glass. However, the said defence as set out by the Corporate Debtor seems to be a patently feeble defence. However, it is seen that the breakage of glass as per the report given by the glass manufacturers cannot be construed as a deficiency in service on the part of the Operational Creditor and thereby giving rise to a 'dispute' ....
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.... - June 2021 appoints Mr. Arpit Kothari, with Registration No. IBBI/IPA-001/IP-P02140/2020-2021/13290 (email id:- [email protected]) as the "Interim Resolution Professional" subject to the condition that no disciplinary proceedings are pending against such an Interim Resolution Professional named and disclosures as required under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are made within a period of one week from the date of this order. As a consequence of the Application being admitted in terms of Section 9(5) of the Code, the moratorium as envisaged under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: 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 disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its prope....