TaxTMI 
TaxTMI 
2022 (6) TMI 169
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....ief Facts of the case are as follows: i. That in December 2016, the Respondent had approached the Applicant to purchase the pipes, socket, cement and allied products on regular basis and issued a purchase order. ii. That from 15.02.2017 till 20.05.2017, the operational creditor had supplied plumbing materials on regular basis and raised invoices to corporate debtor to which payment is outstanding. iii. That from 20.06.2017 till issuance of demand notice, the Applicant did numerous follow-ups both verbatim, via personal visits to the corporate office of the corporate debtor qua payment of outstanding invoices with corporate debtor but only few invoices were paid fully but most of the invoices are either partly paid or fully unpaid. iv. That the Applicant had delivered a demand notice dated 01.07.2019 to the corporate debtor demanding the payment of amount in default through email and also to the whole time director of the corporate debtor in accordance with section 8 of the code. 5. That the total amount of debt due and payable is Rs. 28,07,764/- (being principal amount of Rs. 18,25,329/- and applicable interest payment @ 24% per annum of Rs. 9....
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....ional Debtor of Rs. 18,25,319/- [Eighteen Lacs Twenty Five Thousand Three Hundred Nineteen Indian Rupees] on 31-10-2017. A Copy of email from Corporate Debtor dated 31-10-2017 having confirmed ledger account maintained by Corporate Debtor is annexed as Annexure E of the Application (Page 148-149). 8. That the Applicant Operational Creditor issued Demand Notice under the provisions of Insolvency and Bankruptcy Code 2016 read with Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 on 01-07-2019 demanding payment in respect of unpaid operational debt of Rs. 18,25,319/- [Eighteen Lacs Twenty Five Thousand Three Hundred Nineteen Indian Rupees] together with interest of Rs. 9,82,435 [Nine Lacs Eighty Two Thousand Four Hundred Thirty Five Indian Rupees] totalling to Rs. 28,07,764/- [Twenty Eight Lacs Seven Thousand Seven Hundred Sixty Four Indian Rupees]. The demand notice was duly delivered to the Corporate Debtor through all modes. In addition to this, the Demand Notice was also delivered to the Directors of the Corporate Debtor. A Copy of Demand Notice dated 01-07-2019 along with delivery proof and tracking records is attached as Annexure F to the App....
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.... Bankruptcy Code, 2016 and Application is complete in accordance with Section 9 read with Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016. 16. Thus, the present Application is prayed to be allowed for initiation of Corporate Insolvency Resolution Process under the provisions of Insolvency and Bankruptcy Code 2016. 8. That the scanned copy of the written submissions filed by the respondent is reproduced below: WRITTEN SYNOPSIS ON BEHALF OF THE CORPORATE DEBTOR M/s. LA-RESIDENTIA DEVELOPERS PVT. LTD. MOST RESPECTFULLY SHOWETH: 1. That at the outset, it is submitted that the petition filed by the financial creditor under section 9 of the Insolvency & Bankruptcy Code, 2016 is deserved to be dismissed with cost as the financial creditor has filed the present petition for initiation of the insolvency proceedings against the corporate debtor by misleading the Hon'ble Tribunal and concealing the material facts of the case. 2. That the brief facts of the case are as under: i. That the respondent/corporate debtor company along with other five companies i.e. M/s. La Residentia Developers Pvt. Ltd. (SPC of M/s.....
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.... buyers or the land leased out for the realization of then-dues. The Apex Court further directed that their dues shall have to be recovered from the sale of other properties which have been attached. The direction holds good for the recovery of the dues of the various Banks also as well as the Hon'ble Court had appointed the NBCC to complete the various projects and hand over the possession to the buyers. The percentage of commission of NBCC was fixed at 8 percent. The Copy of the Judgment dated 23.07.2019 is annexed herewith as ANNEUXRE-R-1. v. That aggrieved by the order/judgment dated 23.07.2019, the respondent herein approached to the Hon'ble Apex Court by filing an appeal as the respondent has invested the amount of Rs. 140 Crores approx which were collected from Home Buyers and the same money was to be utilized to pay Operational Creditors including the petitioner herein in the petition. The said appeal was decided by the Hon'ble Supreme Court in favor of the respondent company vide order/judgment dated 29.06.2021, whereby the Hon'ble Apex Court observed that the respondent Company shall be entitled to continue with the construction and development of....
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....tached/freeze by Tehsildar Dadari in pursuance of order dated 20.11.2021, upon aggrieved by the action of the Tehsildar Dadri, the corporate debtor approached to the Hon'ble Supreme Court by filing an I.A. bearing No. 12572/2022 seeking relief for de-freezing of the bank accounts of the corporate as further sought to release the fund to the extent of Rs. 167 Crores already invested in the project for the construction of 632 flats by way of money transfer or in the form of flats of equivalent values, as the corporate debtor having source of income to re-start the construction of the project or make the payments to the operational creditors. The said I.A. was listed on 22.02.2022 for directions. 5. That the respondent herein have no intention to stop the payment of the petitioner since inception of the goods supplied by the operational creditor and the respondent company have always make the payment as agreed mutually between the parties for the goods supplied by the petitioner company till the 2017, when the aforesaid disputed was erupted with the company and the construction of the aforesaid project got stopped. The transactions of payment made by the respondent to the....
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....f the written synopsis, the Respondent has admitted this fact still there is business relationship between them. 13. We further observe that the last invoice was raised on 28.05.2017, whereas the present application is filed on 01.01.2020, therefore, it is well within the limitation period and since the application was filed prior to the issuance of the notification dated 24.03.2020, by which the minimum threshold has been increased from Rs. 1 lakh to Rs. 1 crore, therefore, the present application is also within the pecuniary jurisdiction of this Bench. 14. We further observe that the amount of default is also not denied by the Respondent either by filling the reply to the demand notice or even by filling the written synopsis. We further observe that there is no pre-existing dispute and the application is complete. The Applicant has not proposed the name of IRP. Therefore, in our considered view, it fulfills the requirement of Section 9(5)(i) of the IBC 2016. 15. In sequel to the above, the petition is admitted. Accordingly, the CIR Process is initiated and moratorium is declared in terms of Section 14 of the Code. As a necessary consequence of die moratorium in terms of ....