2020 (1) TMI 1559

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....mmaan Prakash Advocates for Respondent. ORDER Per Ms. Ina Malhotra (Member Judicial) The present application has been filed under section 9 of Insolvency Bankruptcy Code (hereinafter referred to as the "Code") praying for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor for its inability to liquidate its outstanding dues. 2. As per averments, the applicant, cl....

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....Creditor that the amount due under the invoices was never in dispute at any point of time. The Corporate Debtor had agreed to adjust 50% of the outstanding amount towards booking of a flat, for which the Operational Creditor had also paid Rs. 10,000/- as the booking amount. A unit no. "10141 ATS Casa Espana" Mohali was allotted to the operational creditor at a special concession so as to give adju....

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.... their reply submitted to the Secretary General of the Indian Newspaper Society, the Corporate Debtor admitted their liability but relied upon their understanding to adjust partial amount towards the sale consideration for the flat. They however undertook to pay the outstanding amount over a period of time. 6. The Corporate Debtor failed to liquidate its admitted dues, constraining the Operationa....

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....ted by the applicant. The Operational Creditor has been claiming variable amounts of unsubstantiated figures ranging from Rs. 40.5 lakhs to Rs. 89.23 lakhs as the outstanding dues. The principal amount has already been paid by the respondent to the applicant and is duly acknowledged by them. Despite the same, the applicant has again claimed an inflated interest of Rs. 71 lakhs on the principal amo....