TMI Blog2020 (9) TMI 1154X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of Code, and thereafter the Respondent raised dispute vide their Reply dated 13.12.2019. The contentions raised in the Reply is totally contrary to their earlier letter dated 13.03.18, and these contentions/ allegations are not all tenable and they cannot constitute valid and legal dispute. Since the Respondent did not appear before the Adjudicating Authority, the amount involved in the case is mere ₹ 4.35 lakhs, and initiation of CIRP is not a solution for the Petitioner, which is small entrepreneur and operational Creditor. Operational. And chances of getting dues of Operational Creditors are very less in comparisons to secured Creditors. Instead of keep the case pending for service of notice on the Respondent and getting thei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uipment etc. (2) M/S. Solas Fire Safety Equipment Private Limited is a Company incorporated under the Companies Act, 1956, on 18.07.2002, having CIN: U29299KA2002PTC030780. Its Authorized Share Capital is ₹ 1,50,00,000/-(Rupees One Crore Fifty Lakh Only) and Paid-up Share Capital of ₹ 1,50,00,000/-(Rupees One Crore Fifty Lakh Only). (3) The Corporate Debtor, placed its work order dated 27th May 2016 for installation of piranha, fire Suppression System at first floor and NBS JLL on Ground Floor of M/S. NETAPP, New Bangalore Site, Phase-I, Building-I located at Mahadevapura, Bangalore-560048. The Operational Creditor duly accepted the order dated 27.05.2016 and supplied the required material and completed the work assigned t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor may deteriorate further and the Operational Creditor may not be able to get payment for supply of materials. (5) The Operational Creditor is small Company and due to default committed by the Respondent, the operational cycle was badly hit and they had to bring in additional funds from other sources to run the business. 3. Heard Ms. Manoranjani learned Counsel for the Petitioner. None appeared for the Respondent. We have carefully perused the pleadings of the party and the extant provisions of the Code and the law on the issue. 4. The Adjudicating Authority, has ordered notice on 22.06.2020 to the Corporate Debtor as well as its MD. The Learned Counsel claimed that notice has been served on the Corporate Debtor, as ordered. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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