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TMI Blog2020 (1) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... hority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s.SLS Transport training Institute & Consultancy Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed a default for an amount of Rs. 5,00,000/- (Rupees Five Lakhs Only) along with interest @18% p.a. to be calculated 30 days from date of each since 10th March 2017, till receipt of the payment. 2. Brief facts of this case, as mentioned in the Company Petition, are as follows: (1) M/s.Onward Chemicals Private Limited (hereinafter referred to as 'Petitioner/Operational Creditor') is a limited Company bearing CIN:U51496MH1996PTC10010, having its registered office at No. 11, Creati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor. On 5th November, 2015, through their Advocate issued a legal notice calling upon the Corporate Debtor to refund the said amount of Rs. 5 Lakhs with interest else legal action under the civil/criminal law would be initiated by the Petitioner against the Respondent. On receipt of the notice, the Corporate Debtor contacted the Operational Creditor and requested to meet and amicably to resolve the issue. The Operational Creditor met the Corporate Debtor on 19th November, 2015 at Shangrila Hotel, Bangalore to sort out the issue between the both parties concerning the bicycle lane project report at the HSR Bangalore. At this meeting, the Corporate Debtor sought further time from the Operational Creditor and promised that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor has defaulted in returning/remitting the amount before 10th March 2017, the Operational Creditor are claiming an interest on the amount payable @18% from 10th March 2017 till the realization of the amount. The Corporate Debtor duly received the Form 3 Notice on 14.03.2019, till date the Corporate Debtor has neither replied to the Form 3 Notice nor disputed the same nor payment thereon. 3. The Respondent has filed Statement of Objections dated 13.12.2019, by inter alia contending, as follows: (1) The parties have entered into an Agreement by a letter dated 10.12.2014 addressed to the Petitioner with regard to the project Report for Cycle track in HSR Layout- Bangalore- A Proposal, wherein the consultation fee as agreed for total amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etitioner and the draft project report was submitted within 7 weeks as agreed. Further, the Respondent has submitted the draft detailed report on 9th April, 2015 along with annexures and the same was forwarded for the approval of the Petitioner. The Respondent on 9th April 2015 had received the draft detailed report and as such the Petitioner has accepted the same and there were neither any major objections nor dis-satisfaction with respect to the report. The Petitioner after receiving the draft detailed report on 14th April 2015, one Smt. Rinkoo Shah representing the Respondent has shared their detailed observation and had requested to make few minor changes in the draft detailed report. As agreed between the Petitioner and the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is liable to pay balance Rs. 10 lakhs after deducting Advance amount of Rs. 5 lakhs. Even the submission of project report in question is in dispute in the instant summary proceedings. The Petitioner, in fact has earlier issued a legal notice dated 05.11.2015 by calling upon the Respondent to refund the said advance amount of Rs. 5 Lakhs along with the interest failing which they have threatened the Respondent with Civil/criminal action. However, the Petitioner kept quite till the Demand notice in question was issued under the provision of the Code to the Respondent by demanding the same amount. 6. The above facts and circumstances clearly show that the instant petition is filed with an intention to recover the advance amount without adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 34 of judgment, it is stated that Adjudication Authority, while examining an application filed under Section 9 of the Code, will have to determine: a) Whether there is an 'operational debt' as defined exceeding Rs. 1 Lakh? b) Whether documentary evidence furnished with the application shows that the aforesaid debt is due and payable and has not yet been paid? c) Whether there is existence of dispute between the parties or the record of the pendency of a suit or arbitration proceeding filed before receipt of demand notice of the unpaid operational debt in relation to such dispute? If any one of aforesaid conditions is lacking, the application would have to be rejected. 8. In view of the facts and circumstances, we are of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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