2020 (3) TMI 1474

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....ules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. V3 Engineers  Private Limited (hereinafter referred to as. Respondent/Corporate Debtor) on the ground, that it has committed default for total amount of Rs.34,00,347/-(Rupees Thirty Four Lakhs Three Hundred Forty Seven Only) towards rendering transport services as per Transport Services Agreement. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Manjushree Travels (Petitioner/Applicant / Operational Creditor) is a Proprietorship Firm having its Registered Office situated at #70, 1st Main, 1st Cross, Jai Maruthinagar, Nandini Layout, Bang....

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....ational Creditor raised the last invoice on 13 January 2018 and provided to the Corporate Debtor for making the payment. The Operational Creditor has made several follow ups through various letters on several occasions and also through several telephonic calls. The Corporate Debtor vide its letter dated 15(tm) June 2018 has confirmed and also assured for the payment to the Operational Creditor. The Corporate Debtor has made the payments of Rs.4,99,990/- and Rs.4,99,990/- (two times) on 12.12.2018 to Operational Creditor towards part payment. However, there is no further payment made by the Corporate Debtor. Accordingly, the Operational Creditor issue Demand Notice dated 25.07.2019, under Section 8 of the IBC, 2016 and it was, served to the ....

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....ion 53 if the IBC, 2016, in case the Application filed by the Applicant is admitted. (3) It is further submitted that the Applicant/ Operational Creditor cannot misuse the provisions of the Code for recovery purposes. The Corporate Debtor is not a going concern and is not carrying on its day-to-day business activities. The Operational Creditor may not recover its debt if the CIRP is initiated against the Corporate Debtor. 4. Heard Shri. Swaroop Anand, learned Counsel for the Petitioner, and None appeared for the Respondent. We have carefully perused the pleadings of the Petitioner, and the extant provisions of the Code, the Rules made there under, and the law on the issue. 5. Shri. Swaroop Anand, learned Counsel for the Petitioner, whil....

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....e, by exercising powers conferred on this Adjudicating Authority,, under provisions of Section 9 of the Code and other extant provisions of the IBC, 2016, we hereby admitted C.P.(IB) No. 315/BB/2019 by initiating Corporate Insolvency Resolution Process (CIRP) in respect M/s. V3 Engineers Private Limited, the Respondent/Corporate Debtor, with the following consequential directions: 1) Shri. Hari Babu Thota, bearing Registration No. IBBI/IPA- 002/IP-N00084/2017-2018/10225, who is qualified Resolution Professional, is hereby appointed as Interim Resolution Professional, in respect of the Respondent/ Corporate Debtor namely M/s. V3 Engineers Private Limited: to carry out the CIRP as mentioned under the Insolvency and. Bankruptcy Code, 2016 an....