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TMI Blog2020 (2) TMI 1425X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;the Rules') by Blue Star Limited (for brevity 'Applicant') through Mr. Chetan Sharma, Manager (Legal) who has been authorized vide Board Resolution dated 13-9-2019 with a prayer to initiate the Corporate Insolvency process against Heaven Engineering & Contractors Private Limited (for brevity 'Corporate Debtor'). 2. The Applicant is a private limited company incorporated under the provisions of Companies Act, 1956 on 8-10-2010, bearing CIN L28920MH1949PLC006870, and having its registered office at Kasturi Buildings Mohan, Advani Chowk, Jamshedji Tata Road, Mumbai - 400020 3. The Corporate Debtor is private limited company incorporated on 1-10-2012 under the provisions of Companies Act, 2013 bearing CIN U70109DL2012PT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made a payment Of Rs. 2,00,000/- by way of Cheque, leaving a balance payment of Rs. 10,15,392/- 8. The Applicant issued a demand notice dated 18-5-2019 in Form 3 under Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 calling upon the corporate debtor to pay the total outstanding amount of Rs. 10,15,392/- along with interest @ 15% p.a. The said notice was served through speed post as well as through email at its registered address as reflected on MCA website. The tracking report for the speed post reflecting 'Item Delivered' has been annexed with the application. 9. That vide reply dated 4-6-2019 the corporate debtor stated that the notice issued by the applicant is false and defamatory an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the applicant and hence was adjusted. 13. The corporate debtor further submitted that few machines were overpriced, sub-standard, not in working condition and damaged; therefore the said machines could not be sold. Further, the corporate debtor submits that communication was made to the applicant to replace or take back such machinery, but the applicant had never reverted. The approx value of the machines lying in the stock is Rs. 4,00,000/-, which was also required to be adjusted. An adjustment of Rs. 1,00,000/- was also required to be made, which was given as security by the corporate debtor before signing of the agreement. The corporate debtor denied that any debt is due and all the payments had been duly made. It is further asserte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor has not placed on record any correspondences between the parties with respect to any disputes raised by the corporate debtor. 19. The Applicant has filed an affidavit under section 9(3) (b) affirming that the corporate debtor has not raised any pre-existing dispute as regards the amount of operational debt claimed by the applicant. Further, it is submitted that the statutorily prescribed time period for replying to the demand notice is 10 days, the counsel for corporate debtor belatedly issued a reply dated 4-6-2019 whereby they raised false and frivolous contents which were not pre existing at the time of issuance of Demand Notice dated 18-5-2019 and despite the delay of 10 days from the date of service of demand notice the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and perform the functions assigned to him in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount however be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 23. As a consequence of the application being admitted in terms of section 9(5) of IBC, 2016, moratorium as envisaged under the provisions of section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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