TMI Blog2020 (12) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... The Applicant has therefore filed this petition as an Operational Creditor praying for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor for its inability to liquidate their claim of ₹ 2,02,05,776/- including interest charged at 18% - Notice was issued however, the Corporate Debtor did not appear before the Adjudicating Authority and the order was reserved on 13.11.2020. It is observed that the Applicant has clearly established the existence of debt. In the above circumstances this Tribunal initiates CIRP of the Respondent company. Application admitted - moratorium declared. - Company Petition No. IB-251/ND/2020 - - - Dated:- 16-12-2020 - DR. DEEPTI MUKESH HON BLE MEMBER (JUDICIAL) And MS. SUMITA PUR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g real estate into lots etc. Also included are development and sale of land and cemetery lots, operating of apartment hotels and residential mobile home sites. 4. It is the case of the Applicant that during the course of business two Agreement dated 24.11.2016 and 15.03.2017 were executed between the Applicant Company and the Corporate Debtor for execution of Internal Plumbing and Internal Electrical Work respectively at Sector-68, Gurgaon for construction. Applicant carried out the entire work as per the specifications and instructions issued by Corporate Debtor. No issues related to defect, quality of work were raised by the Corporate Debtor related to work carried out Applicant at the said Project. 5. It is submitted that settlemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore filed this petition as an Operational Creditor praying for initiation of Corporate Insolvency Resolution Process of the Corporate Debtor for its inability to liquidate their claim of ₹ 2,02,05,776/- including interest charged at 18%. 8. Notice was issued however, the Corporate Debtor did not appear before the Adjudicating Authority and the order was reserved on 13.11.2020. It is observed that the Applicant has clearly established the existence of debt. In the above circumstances this Tribunal initiates CIRP of the Respondent company. A moratorium in terms of Section 14 of the Code is imposed forthwith in following terms: (a) the institution of suits or continuation of pending suits or proceedings against the Responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort within 30 days before this Bench. 11.The Applicant shall deposit a sum of ₹ 2 lakhs to enable the IRP to meet the immediate expenses. The same shall be accounted for by the IRP and shall be reimbursed to the Applicant to be recovered as costs of the CIRP. 12. A copy of the order shall be communicated to the Applicant and the Corporate Debtor by the Registry. The said order shall be communicated to the IRP above named and intimate of the said appointment by the Registry. Applicant is also directed to provide a copy of the complete paper book with copy of this order to the IRP. In addition, a copy of said order shall also be forwarded to IBBI for its records and to ROC for updating the Master Data. ROC shall send compliance re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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