TMI Blog2017 (8) TMI 1572X X X X Extracts X X X X X X X X Extracts X X X X ..... to the IBBI to propose a suitable name. To come up on 24th August, 2017. - CP (IB) NO. 167(ND)/2017 - - - Dated:- 10-8-2017 - Smt. INA Malhotra, JUDICIAL MEMBER AND S.K. Mohapatra, TECHNICAL MEMBER For the Appellant : Krishna Vijay Singh And Amit Raina, Advs. For the Respondent : Rajan Chourasia, Babit Singh Jamwal And Venkat Poonia, Advs. ORDER Smt. INA Malhotra, Judicial Member - The present petition has been filed under Section 9 of the Insolvency Bankruptcy Code, 2016 herein after referred to as the Code . As per averments, the petitioner having been awarded a work contract from the Respondent/Corporate Debtor, had raised running bills in the course of executing the work ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thly instalments of ₹ 25 Lakhs each. It is further submitted by the Financial Creditor that the 1st. instalment was paid by the Corporate Debtor in January 2015, but thereafter no further amount was received. 3. The Financial Creditor has also raised an invoice of ₹ 61,76,541/- towards interest on delayed payments in addition to non-deposit of ₹ 21.67 lakhs with the Government on account of the WCT deducted at source. On 05.07.2016, they sent a legal notice under Sections 433 and 434 of the Companies Act. This notice was duly replied to by the Corporate Debtor raising false disputes. It is submitted that it was for the first time a dispute was raised in a bid to create a sham defence attempting to delay or defeat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the terms of the Letter of Intent, the Financial Creditor was to provide the Pile Integrity Text Report of 1758 piles. This was essential for execution of further work. The Financial Creditor failed to get the Pile Integrity Test conducted even for the 1636 piles installed at the project, which is as per the terms of the contract relied upon by the Financial Creditor and therefore the final Bill could not be settled. It is argued that, in the light of this dispute which was also raised in the reply sent to the notice under Section 433 of the Companies Act, the Financial Creditor is not entitled to initiate any Resolution proceedings. It is also the case that more than 70% remittance amounting to ₹ 5 crores has already been made to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2015 for which the report was submitted on 30.01.2015. Further testing of the pile was on account of the Corporate Debtor's own default and they cannot be allowed to take advantage of it. On account of failure to receive payments, the Financial Creditor was forced to stop further work. Admittedly none of the aforesaid mails have been replied to by the Corporate Debtor, neither is there any mail sent by them disputing the quality of the work, inadequacy in the job done, or failure to get the Pile Integrity Report. 8. The Corporate Debtor paid a sum of ₹ 25 lakhs in January, 2015 to reduce the outstanding liability. It is noticed that till the issuance of the notice under Section 433 of the Companies Act, there was not ev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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