TMI Blog2020 (5) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... issed. - C.P.(IB) NO. 3625/MB/2019 - - - Dated:- 20-3-2020 - Smt. Suchitra Kanuparthi, Judicial Member And Chandra Bhan Singh, Technical Member For the Petitioner : Anant B. Bobe, Adv. For the Respondent : Ram Upadeyay, Adv. ORDER SUCHITRA KANUPARTHI, JUDICIAL MEMBER This Company Petition is filed by Pooja Engineering Co. (hereinafter called Petitioner ) seeking to set in motion the Corporate Insolvency Resolution Process (CIRP) against Overseas Infrastructure Alliance (India) Private Limited (hereinafter called Corporate Debtor ) alleging that Corporate Debtor committed default in making payment to the extent of ₹ 54,02,387/- along with the interest @ 18% p.a., by invoking the provisions of Secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019. 7. In response to the demand notice, the Corporate Debtor on 30-9-2019 raised the dispute that vide email fated 5-8-2018 the Corporate Debtor informed the Petitioner about the cancellation of contract by their contractor and denied the allegations in the demand notice. 8. The Corporate Debtor filed his reply raising the following contentions: a. The Corporate Debtor was appointed as the EPC Contractor by the Project Implementing Agency, DAWASA for providing / supplying Pump sets of various sizes and dimensions. The full form of DAWASA is Dares Salaam Water and Sewage Authority which is located / situated abroad namely, in the United Republic of Tanzania. b. The Petitioner company after being satisfied with Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. f. The contract with the Project Implementing Agency, DAWASA came to be terminated and the Corporate Debtor accordingly had apprised about the said termination of the contract to the Petitioner by having meeting with the representative of the Petitioner on 5-8-2019 wherein it was agreed that the orders bearing numbers 4500006936 and 4500006937 dated 15-9-2017 and 18-9-2017 placed by the Corporate Debtor upon the Petitioner would be treated as closed without the liability of any nature whatsoever on the Corporate Debtor in respect of those two purchase orders. g. The Corporate Debtor vide email dated 5-8-2019 informed about the closure of purchase orders in view of the termination of contract with DAWASA due to which no early execut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Petitioner is allegedly claiming interest @ 18% p.a. for the period from 1-6-2019 to 10-9-2019 for delay beyond approximately 36 days from the date of scheduled inspection, i.e., 23rd to 25th April, 2019 in this insolvency application however such alleged contention was never raised before by the Petitioner. Admittedly, the Petitioner did not comply with the Purchase orders. Had they supplied on time, no situation like this would have arisen as the letter of credit established by the Corporate Debtor in favour of the Petitioner was valid till 10-5-2019. This fact has been suppressed by the Petitioner. 9. The Petitioner filed the rejoinder on 10-12-2019 and denied the contents of the reply filed by the Corporate Debtor. The Petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8, 31-10-2018, 1-11-2019 and 13-12-2018 and accordingly despatch release note was issued on 13-12-2018 and 30-12-2019, on 19-2-2019 the final inspection call was raised by the Petitioner for inspection on 27th and 29th February, 2019 and many times thereafter till 16-5-2019. Meanwhile, by email dated 7-3-2019, the consultants M/s. WAPSOS informed the Corporate Debtor the client intends to visit factory for inspection before despatch and on the same day the Corporate Debtor requested the consultant M/s. WAPCOS, for names, passport copies of the officials visiting India to send invitation letter required for visa processing. On 5-8-2019, the Corporate Debtor unilaterally informed this Petitioner the termination of Corporate Debtor main contra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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