AI Drafter 
TaxTMI 
TaxTMI 
2019 (8) TMI 1792
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....Insolvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to trigger Insolvency Resolution Process against PI/s. Udit Infraworld Private Limited (hereinafter called as respondent/corporate debtor). 2. That, the applicant/operational creditor M/s. Equipment Planet, having its registered office at C-127, Naraiana Industrial Area, Phase - 1, New Delhi 110 028 and engaged in the business of providing Sensor Paver on rental basis. 3. That, the respondent/corporate debtor PI/s. Udit Infraworld Private Limited is a company incorporated under the Companies Act, 1956 on 23.12.2003 and having its registered office at White Hous....
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.... 21 06 Demand Notice (form 4) dated 02.07.2018 22-3 1 07 Affidavit in support 32-33 08 Partnership deed dated 16 May, 2018 6. The respondent has filed reply/objections inter alia stating that no supporting document proving its existence i.e. partnership deed has been attached to Form No. S. It is alleged that invoice No. 178, 22 and 39 attached to form No. 4 dated 02.07.2018, never been served on the corporate debtor. On the contrary corporate debtor discontinued the services of the applicant by the end of February, 2018 and intimation of discontinuing services was served vide email dated 22.02.2018. Therefore, the invoices raised relating to period after February, 2018 are disputed in terms of sectio....
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....ted by the respondent that form No. 5 is executed by Mr. Satin Sachdeva in the capacity of partner of the applicant firm, but, Mr. Satin Sachdeva is not authorised by its partner of the firm to file the petition. That, in absence of specific authorisation in favour of a particular partner, present application is not maintainable. It is alleged by the respondent that applicant mischievously deleted the aggregate amount of Rs. 24,75,000/- received on various dates i.e. 18.04.2017, 25.05.2017, 15.06.2017, 06.10.2017, 14.11.2017, 26.11.2017, 29.11.2017 and 30.11.2017 from his own ledger which was appearing in the ledger served with e-mail dated 19.01.2018. Not only copy of ledger has been forged and fabricated but contents of invoices have also....
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....nal creditor, wherein, it is categorically communicated to the operational creditor to demobilise the Sensor Paver & PTZ Roller out of the site of the corporate debtor at Lakhnadon (Seoni) from last date of February, 2018. It has also been categorically mentioned in the said e-mail that "work is completed by this month & please return your paver machine, Roller according to the agreement". The said fact is not disputed by the operational creditor during the course of argument. That itself shows that the corporate debtor had given notice to the operational creditor on z2.02.2018 as per the termination clause of work order dated 17.03.2017. Even if it is assumed that during the notice period of fifteen days, the corporate debtor had utilised ....
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....is charged on the basis of aforesaid calculation, whereas, for the remaining 3 bills, interest is charged considering 30 days' credit. For ready reference, the table produced by applicant, placed at page No. 7 to the application marked Exhibit "A" is reproduced here below: - Invoice No. Invoice date Invoice due date Amount Rs. Amount due Rs. Interest as on 30.06.18 Total No. of days 133 5.2.18 6.2.18 5,90,000 2,91,501 20,700.55 3,12,201.30 144 157 5.3.18 6.3.18 5,90,000 590,000 33,751.23 6,23,751.23 116 178 31.3.18 1.4.18 5,90,000 5,90,000 26,186.30 6,16,186.30 90 22 30.4.18 1.5.18 5,90,000 5,90,000 17,457.53 6,07,457.53 6....
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....ral employees and workmen whose daily bread is dependent on the outcome of the CIRP. If there is a resolution applicant who can continue to run the corporate debtor as a going concern, every effort must be made to try and see that this is made possible". 16. Further, IB Code provides that while admitting an application for initiation of corporate insolvency resolution process, in addition to fulfilling other requirements, it must be supported by documentary proof of undisputed debt. The Supreme Court in IBA Health (P] Ltd. vs. Infozfrfve System Sdn. Bhd. (CA No. 8230 of 2010) has held that a company court should act with circumspection, care and caution must be taken and examine as to whether an attempt is made to pressurize the company ....