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TMI Blog2019 (4) TMI 1089X X X X Extracts X X X X X X X X Extracts X X X X ..... fault of long unpaid operational debt amounting to Rs. 74,17,215/- committed by corporate debtor in respect of sale process and generation of leads for grid connected projects independently at its end on behalf of the corporate debtor. The date of default occurred from 15.01.2016, 16.04.2016 & 11.05.2016. Three invoices were issued with separate due dates which are annexed herewith as Annexure -B. b. It is averred that the both the parties(Operational creditor and corporate debtor) entered into Memorandum of Understanding (MoU) dated 28th July, 2014 with a purpose to act as a sales channel partner wherein Operational Creditor is to provide leads or Investors to Corporate debtor for grid connected PV Projects. c. It is averred that the operational creditor has provided services in accordance with the clauses laid down in "Description of Activities and general terms & conditions which is shown as Annexure-G. d. The operational creditor avers that corporate debtor never raised any dispute in respect of the quality of services/efforts rendered by the operational creditor during the tenure of the project/ transactions at any point of time. e. The operational creditor has sent se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reply filed by corporate debtor contending operational creditor made a valid demand for payment of unpaid operational debt. The operational creditor also served demand notice in Form 3 & Form-4 for the unpaid operational debt to the corporate debtor through the registered post and there was no reply from the corporate debtor. ii. It is stated that operational creditor provided services to the corporate debtor in pursuance of MOU. The Corporate Debtor never raised any dispute at any point of time regarding quality of services / efforts rendered by operational creditor during the tenure of the project. iii. It is stated that on the efforts of operational creditor Nereus Capital decided to invest in the project. Operational Creditor introduced investor Nereus Capital to the corporate debtor, interacted and negotiated the terms and played a vital role in providing the services to the corporate debtor. iv. It is stated that "Photon Solar" is the Brand name and logo of the corporate debtor. It is stated both Photon Solar and Photon Energy Systems Limited are different names for same entity registered as Photon Energy Systems Limited because Photon Solar is a registered trade mark o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partner and there by providing leads or investing to the corporate debtor for grid connected solar power projects. The corporate debtor should pay to the channel partner who is operational creditor as per channel partner fee of Rs. 7,50,000/- per MW of solar Projects commissioned by corporate debtor for a client introduced by operational creditor besides service tax etc. 13. The PCS for operational creditor would contend that the operational creditor introduced Medak Solar Projects private limited which is an associate entity of Nereus Capital Investment Private Limited which is a renewable energy focussed private equity fund of corporate debtor to set up a project of 8.24 MW equal to 23 Crores Project. So an amount of Rs. 61,80,000/- was payable by corporate debtor to operational creditor towards fees. 14. It is contended that on the request of corporate debtor the operational creditor had agreed to charge fee of 2% on the project value which comes to Rs. 46,00,000/- plus government taxes. The amount due including delay payment charges is Rs. 66,03,979/-. It is also the case of operational creditor that it has been demanding corporate debtor to pay amount due arising out of serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor. PCS also filed website printouts. 20. He has also filed emails shown as Annexure-R.3 & R.4 to the counter affidavit. PCS for operational creditor relied on the decision of Principal Bench NCLT, New Delhi in the matter of Portrait Advertising & Marketing (P.) Ltd. v. Mothers Pride Dairy India (P.) Ltd. [2017] 83 226/142 SCL 550 and contended that applicant is operational creditor who rendered services to the corporate debtor and that there is default of paying operational debt. On the other hand there is no evidence worthwhile from the side of corporate debtor except denying liability. On the other hand operational creditor filed voluminous evidence to establish that it extended service in pursuance of MOU and that corporate debtor committed default in paying amount claimed towards service rendered to the corporate debtor company. The application is in order and it is therefore liable to be admitted. 21. The operational creditor rendered services to the corporate debtor and raised invoices. There was no reply to the demand notice. The amount claimed by operational creditor is an operational debt and corporate debtor committed default. Nowhere corporate debtor raised any disp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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