2020 (3) TMI 1474

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.... (Application to Adjudicating Authority) Rules, 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....

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....ing TDS and other deductions as per the reconciliation made by the Corporate Debtor. The Operational 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 issu....

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....3.00 Further, the Corporate Debtor states that the Operational Creditors would not get any amount in accordance with the provisions of Section 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, a....

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....nitiating CIRP appointing by IRP, and declaring moratorium etc., in respect of the Corporate Debtor.. 7. In view of the above facts and circumstances of the case, 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 r....