2021 (7) TMI 940

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....Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by M/s. Geron Engineering Private Limited (for brevity 'Operational Creditor/Petitioner'), with a prayer to initiate the Corporate Insolvency Process (for brevity 'CIRP') against M/s. Ecogreen Energy Lucknow Private Limited (for brevity 'Corporate Debtor'). 2. The Corporate Debtor namely, M/s. Ecogreen Energy Lucknow Private Limited is a Company incorporated on 17.03.2017 under the provisions of Companies Act, 1956 with CIN No. U40106HR2017PTC068191 having its registered office at Gurgaon which falls within the State of Haryana. Hence, ....

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....o 22.10.2018 was sent to the registered address of the corporate debtor on 04.01.2019, however, the same was returned undelivered. (Diary No. 1010 dt. 27.02.2019). The demand notice was also served by hand to the registered office of the corporate debtor on 04.01.2019. The corporate debtor vide these demand notices was called upon to repay the total unpaid operational debt of Rs. 134.72 lakhs within 10 days. Copy of postal receipts and acknowledgement of hand delivery of demand notices is attached at Annexure A-9, A-10 and A-11 respectively. 6. It is deposed that the operational creditor has not received any notice relating to the dispute of the unpaid operational debt. The affidavit is appended with petition at Annexure A-12 (Diary No. ....

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....9 was issued to the operational creditor by the respondent canceling all the purchase orders forthwith (Annexure A-6). 10. The petitioner filed rejoinder (Diary No. 4772 dt. 13.09.2019) stating that the due of the operational creditor amounting to Rs. 98,85,537/- are admitted in the audited balance sheet of the corporate debtor for the FY 2017-18 (Annexure A/3) which was signed by the Chinese Management which demonstrates their control on the operations of CD in India. It is stated that all the representations to the parent company were jointly made by the Indian and Chinese team members and related party disclosures were fully complied with as per Indian Law. Also, all the invoices of the OC were duly received by the Lucknow team of the....

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.... not disputing the various transactions between the parties, however, while drawing our attention to Annexure 5 warning notice dated 06.12.2018 and Annexure 6 legal notice dated 07.01.2019 submitted that there was a pre-existing dispute between the parties and hence, the CP is liable to be dismissed. The petitioner-operational creditor while not disputing the fact of receipt of Annexure 5 warning notice dated 06.12.2018 even before issuance of the statutory demand notice dated 02.01.2019 to the corporate debtor, however, submits that the said warning notice was duly answered by the petitioner and hence, it cannot be said that there was a pre-existing dispute between the parties. It is not in dispute that the respondent-corporate debtor vide....