2021 (9) TMI 747

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rity) Rules, 2016 by, M/s. KDH Travels Private Limited (for brevity 'Applicant'), with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. India Sports Flashes Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a private limited company, incorporated under the provisions of Companies Act, 1956, inter alia engaged in the business of tour & travel services, having its CIN U63000DL2011PTC213440 and its registered office at N-63, Main Market Kirti nagar, New Delhi-110021. 3. The Corporate Debtor is a private limited company, incorporated under the provisions of Companies Act, 1956 on 01.08.2016 bearing CIN U22219DL2016PTC303793 and having its registered office at 70-A/23, Third ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... a. "The payment should reach to KDH Travels Pvt. Ltd. in minimum 10 days (Ten Days) post submission of invoices b. For all group bookings the full remittance should be paid prior to departure. c. That any disputes arising from any discrepancies in regards to the KDH Travels Pvt. Ltd.'s billing, shall be referred to KDH Travels Pvt. Ltd. prior to the deduction of the amount involved. d. All Bank charges shall be borne by INDIA SPORTS FLASHES PVT. LTD. If the payments due by INDIA SPORTS FLASHES PVT. LTD. is not made, In such an event it is deemed that INDIA SPORTS FLASHES PVT. LTD. has committed breach of the agreement at New Delhi and INDIA SPORTS FLASHES PVT. LTD. will pay additional Rs. 500/-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., 2016 and served the copy of this application at the registered address as well as via email, as reflected on the MCA website, which was duly delivered to the corporate debtor. The affidavit of service is filed along with the proof of service. 9. The Corporate Debtor has neither filed any reply nor appeared before the bench. The corporate debtor was proceeded ex-parte on 07.07.2021. 10. As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of Rs. Rs. 6,91,594/- along with interest @ 24% p.a. of Rs. 1,25,161.94/-. 11. The date of default as per part IV, has occurred from the expiry of ten days of receipt of Invoice & the date of receipt of the last invoices was on 08.04.2019. The present application was f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s order. 16. We direct the Operational Creditors to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional, namely Mr. Prateek Kathuria to meet out the expenses 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 one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 17. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 20....