New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
CGST - Acts + GST Rates GST Ntf. GST Forms GST - Manual GST - FAQ State GST Acts SGST Ntf. I. Tax Manual
Extracts
Home List
← Previous Next →

Prideco Commercial Projects Pvt. Ltd. Versus M/s. Era Infra Engineering Ltd.

Insolvency resolution process - default in making the payment of operational debt - petitioner is an 'Operational Creditor' within the meaning of Section 5(20) - period of limitation - Held that:- A perusal of the paper book shows that the Operational Creditor has placed on record a copy of the demand notice dated 08.01.2017 (P/8). There is an affidavit filed by Mr. Sandeep Gupta that the aforesaid demand notice has not been responded to. It is further clear that the statement of accounts mainta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ived seven post dated cheques in lieu of full and final settlement dated 21.01.2014 (page 57). We are further of the view that the claim is within the period of limitation of three years as the earliest cheque dishonoured is dated 15.03.2014 and the present petition was filed on 01.03.2017. - We are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professional has not been .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

:- 12-4-2017 - M. M. Kumar, And R. Varadharajan, JJ. For The Petitioner : Santosh Kumar, Rajiv Ranjan Mishra and Anant A. Pavgi ORDER 1. The petitioner, M/s. Prideco Commercial Projects Private Limited have approached this Tribunal under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code'). The prayer made by the petitioner is to trigger insolvency resolution process against the respondent claiming that the petitioner is an 'Operational Creditor' within .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to it. The detail of the work orders is as follows: 1. EILE-EPC/2009-10/193, Dt. 17.03.2009 value ₹ 4,06,50,525/- 2. EILE-EPC/2009-10/215A, Dt. 01.04.2009 value ₹ 1,20,000/- 3. EILE-EPC/2009-10/232A, Dt. 20.04.2009 value ₹ 7,84,000/- 4. EILE-EPC/2009-10/304, Dt. 01.06.2009 value ₹ 3,66,240/- 5. EILE-EPC/2009-10/362, Dt. 03.06.2009 value ₹ 1,19,562/- 6. EILE-EPC/2009-10/436, Dt. 01.09.2009 value ₹ 1,45,750/- 7. EILE-EPC/2010-11, Dt. 26.10.2010 value ₹ 61 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to discharge its liability issued seven post-dated cheques for a sum of ₹ 5,23,016/- each as a full and final settlement. Except one all other cheques were dishonoured on presentation. The details of the same has been provided by the 'Operational Creditor' which is explicit from the following table: S. No. Cheque No. Drawn on Cheque dt. Amount 1. 5586 Union Bank of India, Greater Noida Branch 15.02.2014 5,23,016/- 2. 3866 -Do- 15.03.2014 5,23,016/- 3. 4080 -Do- 15.04.2014 5,23,016 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Thereafter the Operational Creditor-petitioner served a legal notice on the Corporate Debtor on 10.01.2017 under Section 271 Companies Act, 2013 demanding a sum of ₹ 68,23,328/- (Rupees Sixty Eight Lakhs Twenty Three Thousand Three Hundred and Twenty Eight Only) along with interest thereon @ 24% per annum. The Corporate Debtor has maintained blissful silence by not responding to the legal notice. Therefore, it has been claimed that there is a default. 5. In support of the petition the mast .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

) each. The Directors of 'Corporate Debtor' company are Mr. Hem Singh Bharana, Mr. Ratanlal, Mr. Mast Ram, Mr. Gaurav Rajoria and Mr. Dilip Kumar Sinha. The name of interim resolution professional has not been proposed. A copy each of the work order issued by the Corporate Debtor to the 'Operational Creditor'-petitioner and the dishonoured cheques issued by it, e-mails sent to the Corporate Debtor and the statement of accounts maintained by the Operational Creditor- petitioner ha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on 23.03.2017. According to the learned counsel once the post-dated cheques were issued with the dates of 15.03.2014, 15.04.2014, 15.05.2014, 15.06.2014, 15.07.2014 & 15.08.2014 then the claim cannot be considered as barred by limitation. The cheques were dishonoured on presentation although the first cheque with the date 15.02.2014 was replaced and payment was received. According to the learned counsel the issuance of post-dated cheques and its non-payment would give a fresh lease of limit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of cheques by the Corporate Debtor is part payment of principal amount and it extends the period of limitation by further three years from the date of such payment. In that regard, reliance has also been placed on a judgment of Delhi High Court rendered in the case of Rajesh Kumari v. Prem Chand Jain AIR 1998 Delhi 80. 7. Having heard the learned counsel and on perusal of the record with his able assistance the question which arises is as to whether the Operational Creditor fulfils all the requi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

institutions maintaining accounts of the Operational Creditor confirming that there is no payment of an unpaid operational debt by the Corporate Debtor; and (d) such other information as may be specified. 8. A perusal of the aforesaid would show that a copy of the invoice demanding payment or demand notice delivered by the Operational Creditor to the Corporate Debtor must be placed on record. An affidavit showing that there was no notice given by the Corporate Debtor in raising a dispute of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

not been responded to. It is further clear that the statement of accounts maintained by the Operational Creditor has also been placed on record along with the master data of the Corporate Debtor. The copies of the post dated cheques and the invoices showing the "funds insufficient" issued by the Bank dated 16.05.2014 (page 51), dated 23.06.2014 (page 53) have also been placed on record. Therefore, we find that the requirements of Section 9 are substantially fulfilled. The liability to .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Division Bench judgment of Kerela High Court in Ramakrishnan's case which has been rightly relied upon by the operational creditor. The reliance of the Operational Creditor on other judgements is equally meritorious. 9. Therefore, we are of the view that it is a fit case for triggering the insolvency resolution process. Accordingly, we initiate the insolvency resolution process. As the interim resolution professional has not been named, we appoint Shri Vivek Goyal practicing Chartered Accou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ity shall by order declare moratorium for prohibiting all of the following, namely:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version