TMI Blog2020 (4) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... eclared. - CP (IB) NO. 166/BB/2019 - - - Dated:- 11-12-2019 - Rajeswara Rao Vittanala, Judicial Member And Ashutosh Chandra, Technical Member Ricab Chand for the Petitioner. Lomesh Kiran Nidumuri and Ms. Sahana Devanathan for the Respondent. ORDER Rajeswara Rao Vittanala, 1. C.P. (IB) NO.166/BB/2019 is filed by M/s. RDC Concrete (India) Private Limited (hereinafter referred to as 'Petitioner/Operational Creditor') under section 9 of the IBC, 2016 read with Rule 6 of the I B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. KNK,Construction Private Limited (hereinafter referred to as 'Respondent/Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of real estate construction activities. (3) It is stated that the Corporate Debtor and Operational Creditor has been having business relationship for several years. The Corporate Debtor had placed several purchase orders on the Operational Creditor for supply of Ready Mix Concrete of various grades, the various purchase orders inter alia among other conditions provided for 100% payment after receipt of the material with inspection with 60 days credit and payment to be made through RTGS. (4) It is stated that the Operational Creditor supplied the material as required under the Purchase Order under various invoices. Both he the parties had a running account and the Corporate Debtor made certain part payments from time to time. The ledg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor requested the Corporate Debtor to make the outstanding payments on several occasions. (7) On failure to make the payments, the Operational Creditor issued a Demand Notice dated 25th March, 2019 under Rule 5 of the I B (Application to Adjudicating Authority) Rules, 2016 inter alia demanding to pay an amount of ₹ 1,32,14,015.51/-along with interest at the rate of 12% from the 61st day of the respective invoice within 10 days of the receipt of the demand notice. The Demand Notice was sent by Registered Post bearing No. RK478805126IN and was duly received by the Corporate Debtor on 27th March, 2019. (8) It is stated that after the receipt of the said Demand Notice by Indian Post, the Operational Creditor did not receive any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due and payable and has not yet been paid. It is further stated that no dispute between the parties or the record of pendency of a suit or arbitration proceeding. There is no reply filed by the Corporate Debtor to the Demand Notice, there is no objection filed by the Corporate Debtor to the Petition filed. (12) The Petitioner has relied upon the judgment of the Hon'ble Bombay High Court in the matter of Sun N Sand Hotel Limited v. V. V. Kamat AIR 2003 Bom 168. Therefore, it is prayed to initiate CIRP under the Code with all consequential orders. 3. Heard Mr. Ricab Chand, learned Counsel for the Petitioner and Mr. Lomesh Kiran Nidumuri along with Ms. Sahana Devanathan, and learned Counsels for the Respondent. We have carefully ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judicating Authority has granted sufficient time to explore the possibility of settlement of the issue in question. Therefore, there is no option left for the Adjudicating Authority except to admit the case by initiating CIRP in respect of the Corporate Debtor, appointing IRP and imposing moratorium, etc. The Petitioner has also suggested a. qualified Insolvency Professional namely Mr. Konduru Prasanth Raju having IP Regn. No. IBBI/IPA-002/IP-N00708/2018-19/12200 to appoint as IRP, who also has filed his written consent in Form-2 dated 13-8-2019 by inter alia affirming that he is eligible to be appointed as a Resolution Professional in respect of the Corporate Debtor herein and that there are no disciplinary proceedings pending against him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. e. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. f. The provisions of sub-section (1) shall not apply to such transaction as may be notified by the Central Government in consultation with any financial regulator. g. The order of moratorium shall have effect from the date of such order till the completion of the Corporate Insolvency Resolution Process. (3) The IRP is directed to follow all extant provisions of the IBC, 2016 and the Rules including fees rules as framed by the IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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