TMI Blog2020 (5) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... ion filed under section 9 fulfils all the requirements of law - Therefore, the petition is admitted in terms of section 9(5) of the IBC. Application admitted - moratorium declared. - (IB) -2130 (ND) of 2019 - - - Dated:- 31-10-2019 - Smt. INA Malhotra Judicial Member And L. N. Gupta Technical Member For the Petitioner : Ms. Leena Tuteja For the Respondent : Ms. Ankita Bajpai and Ms. Geetika Sharma ORDER L. N. GUPTA (TECHNICAL MEMBER). - 1. The present petition is filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity IBC, 2016 ) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the Rules ) by M/s. Dynacon Projects P. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate debtor and the operational creditor. The total contract value for the works to be carried out by the operational creditor was ₹ 42,33,79,897. 6. It is submitted by the operational creditor that as per the terms of the contract, the payment was to be made against the actual work done at the site and the contractor, i. e., the operational creditor was to submit monthly R. A. bills to the engineer-in-charge and/or any authorized representative of the owner, i. e., the corporate debtor at site. 7. It is further averred by the operational creditor that : As per clause 9 of the general conditions of the contract under the contract agreement for construction, the corporate debtor was under obligation to release the 50 per cen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11. 82,59,262 14-07-2014 12. 79,97,784 20-08-2014 13. 84,25,677 31-10-2016 14. 75,12,436 31-10-2016 15. 69,15,955 31-10-2016 16. 82,05,074 30-11-2016 17. 13,78,328 31-12-2016 18. 26,51,330 28-02-2017 19. 25,89,481 28-02-2017 9. As per the ledger account annex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d January 3, 2017 to the respondent requested the respondent for a joint meeting to resolve the issue of service tax rate discrepancy which states that the amount as claimed by the respondent is disputed. 8. It is stated that the email dated January 2, 2018 and April 10, 2019 sent by applicant to respondent, clearly reflects that there were disputes related to the payments which required resolution. It is evi dent from the said e-mails there has been existence of dispute between applicant and respondent with respect to the claims and counter claims of both the parties . . . 20. It is stated that on inspection of the site by the engineer-in-charge, it came to the notice of respondent that the material and products used by the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bt. The petition filed under section 9 fulfils all the requirements of law. Therefore, the petition is admitted in terms of section 9(5) of the IBC. Accordingly, the CIRP is initiated and moratorium is declared in terms of section 14 of the Code. As a necessary consequence of the moratorium in terms of section 14(1)(a), (b), (c) and (d), the following prohibitions are imposed, which must be followed by all and sundry : (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 it ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
