TaxTMI 
TaxTMI 
2020 (1) TMI 1545
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....[hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The respondent/corporate debtor is a company registered under the Companies Act, incorporated on 25.11.2009 having identification No. U45201GJ2009PLC058702 and having registered office at Mithakhali, Ahmedabad, Gujarat State. Authorised share capital of the respondent company is Rs. 3,00,00,000/- and paid up share capital is Rs. 2,45,00,000/-. 3. The applicant/operational creditor company is engaged in the business of supplying, contracting and manufacturing of insulation, refractory, pre-fabricated panels, pre-engin....
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....nine thousand fifty-seven only) which is still due from the corporate debtor. That, the operational creditor demanded payment of the pending invoices, when the corporate debtor failed to make payment of the same after due date. It is further stated that the corporate debtor was supposed to make the payment within 30 days of submission of the invoices. That, the terms and conditions of the invoices stipulated that for every delay in making the payment, interest at the rate of 21% per annum shall be charged on the invoice amount. 7. It is further stated that the operational creditor wrote several emails from time to time requesting the corporate debtor to clear its overdue outstanding payment. That, despite the officials of the corporate d....
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.... provisioning of services strictly within the time period set out therein and in case of any delay it was liable to pay Liquidated Damages as provided for and computed under the respective contracts. However, the operational creditor did not perform its contractual duties with sincerity and responsibility as it did not perform them within the prescribed time limits and even the supply and provisioning of services was full with defects due to which the corporate debtor incurred heavy damages and losses. Findings 11. Heard learned lawyers appearing for both the sides, also seen the documents annexed to the application. 12. On perusal of the records it is found that the operational creditor failed to complete the work within the stipu....
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....r" 13. On perusal of the records it is also found that on 25.07.2014 a detailed email was sent by the official of M/s. Shirpur Power Pvt. Ltd. - the client of the instant corporate debtor, pointing out the delay and deficiency in supply and services in respect of the three packages viz. Fuel Oil Package, ACW/CW piping package and Fire Fighting Package. Record also shows that the corporate debtor had sent another email dated 27.11.2014 informing the operational creditor that "still lot of materials are required for completion of all the three packages, compile the list of items packages-wise, inform the despatch schedule, complete the supplies to avoid LD". Another email dated 6th August, 2016 sent by the corporate debtor shows that the f....