9911796707
TMI Blog2019 (11) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... es, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. Karthik Roofings & Structurals Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor') on the ground, that it has committed default for total amount of Rs. 03,09,068/- (Rupees Three Lakh Nine Thousand and Sixty-Eight Only)along with the interest amount of Rs. 84,068. 2. Brief facts of the case, which mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Karthik Roofings & Structurals Private Limited is a Company incorporated on 21.06.2011 with Registrar of Companies, State of Karnataka. (2) M/s. Cotmac Industrial Trading private Limited, the Operational Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is to the tune of Rs. 2,25,000/- (Rupees Two Lakh Twenty-Five Thousand only) exclusive of interest. (6) Since the Corporate Debtor has defaulted in paying the debt, the Operational Creditor duly issued a notice of demand dated 26th April, 2019 as per Form 4 of the Insolvency and Bankruptcy Code and the same was received by the Corporate Debtor on 3rd May, 2019. Despite receipt of the demand notice by the Corporate Debtor, no communication disputing the demand has been received from the Corporate Debtor. The Corporate Debtor has defaulted in paying the aforesaid debt that has become due and payable to the Operational Creditor but has not repaid. Therefore, the Operational Creditor has filed the instant Petition to initiate Corporate Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y total of amount of Rs. 3,09,068/ which includes interest for Rs. 84,068/- @ 24 %. However, by perusing of purchase orders and invoices in question, it is noticed that element of interest was not mentioned. The contentions of petitioner that they could not initiate legal action as they Respondent promise to pay outstanding and they are continuous correspondence with the Corporate Debtor is not at all tenable. It is not in dispute that the Respondent paid Rs. 4,08,068/ out of total claim of Rs. 6,33,654/ It is not known whether the said payment of Rs. 4,08,068 constitute interest amount or not. The pleadings of the petitioner clearly show that the instant petition is filed in order to recover alleged outstanding rather to initiate CIRP, whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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