TaxTMI 
TaxTMI 
2020 (2) TMI 1622
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....9;IB Code' for short) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 ('IB Rules' for short) for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Oriental Nicco Projects Private Ltd. for the recovery of the unpaid Operational Debt due of Rs. 78,22,421/- 2. It is submitted by the Petitioner that the Respondent Company, M/s. Oriental Nicco Projects Private Ltd. having its registered address at Oriental House, SVK Road, Law Garden, Ellisbridge, Ahmedabad-380006 and was incorporated on 29.08.2011 with Corporate DIN No. U45200GJ2011PTC066920, having Authorized Share Capital of Rs. 15,00,00,000/- and Paid up Share Capital of Rs. 14,59,00,000....
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....further investigation and a Money Suit No. 16 of 2019 is pending in City Civil Court, Kolkata by the Respondent to claim liquidated damage. 7. The Respondent submitted that the Petitioner failed to complete and deliver the contracted civil works within stipulated time as mentioned that there was a delay of 145 days to complete the first work order, a delay of 191 days to complete the second work order and a delay of 27 days to complete the third work order. The Respondent submitted that regarding slow progress of work, letters and mails have been sent to the Petitioner prior to Demand Notice. 8. The Respondent submitted that the Respondent Company is earning profits and is employing several workmen and staff and there are several families....
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.... by the Operational Creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the Operational Creditor the "existence" of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the Adjudicating Authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the "dispute" is not a patently feeble legal argument or on assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the def....