TMI Blog2021 (5) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... nexed in the reply. Furthermore, the Corporate Debtor's plea that a civil or Criminal litigation against Operational Creditor has already been initiated has not been substantiated with any relevant document. Hence, the Corporate Debtor fails to establish any pre-existence of dispute and in view of the above situation, this Tribunal admits this petition and initiates CIRP on the Respondent with immediate effect. Application admitted - moratorium declared. - IB-1023/(ND)/2020 - - - Dated:- 7-4-2021 - P.S.N. Prasad, Member (J) And Dr. V.K. Subburaj, Member (T) For the Appellant : Minakshi Jyoti and Dharamveer Singh, Advocates For the Respondents : Manish Gupta and Neelmani Guha, Advocates ORDER P.S.N. Prasad, Memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Respondent wanted to employ the Respondent for providing consultancy services to the applicant to bid for the said project. The Applicant was engaged by the Respondent for successfully bidding in the project, successfully being awarded the project and for project implementation. iii. That a Consultancy agreement dated 20.10.2018 was signed between both the parties and the agreed consultancy fees for the services to be rendered by the applicant to the Respondent was 3% of the work order value awarded by the client to the Respondent. iv. The applicant states that due to the assistance of applicant, the Respondent was declared as LI bidder for the project pursuant to which the Letter of intent (Ref No. 562/R-ARDRP-1087) Part-1 Dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000 les ₹ 15,00,000 which was already paid, plus GST resulting in amount of ₹ 3,64,13,620/- which was due and payable by the Respondent as per the Terms of the Consultancy Agreement. The applicant further states that the Respondent requested the Applicant to raise invoice for bare minimum only, since substantial amount was told to have already invested by the Respondent for the purpose of tendering Performance Security to JBVNL. It was requested that invoice for balance amount be raised later. The Applicant submits that it acceded to the request of the Respondent and raised Invoice No SAM/JSP/DHANBAD/02 Dated 16.12.2019 for ₹ 59,00,000 (Rupees Fifty-Nine Lakhs only) against which payment of ₹ 29,50,000/- was made on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that there is ever any invoice raised with regard to the said consultancy agreement. ii. That the Respondent has strong objections to the Clause 3.5 referred in the Consultancy Agreement referred by the Applicant and non-performance on account of Clause 6 (6.1 6.2) to be read with Clauses 11 to Clause 16 of the said Consultancy Agreement which clearly shows that the Operational Creditor has not discharged its obligations under the said Consultancy Agreement as it was not possible to do the same at the end of the Applicant making the said Consultancy Agreement void ab-initio. iii. The Respondent further states in its reply that the Applicant has not only fleeced but deceived the Respondent to enter into the said Consultancy Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is fully disputed. vii. It was stated by the Respondent that the claim of the applicant for the amount of ₹ 4,59,97,062 has calculation errors, furthermore, the Respondent submits that the Applicant demanding a sum of ₹ 3,05,13,620/- (Rupees Three Crores Five Lacs Thirteen Thousand Six Hundred and Twenty Only) being 1% of the work contract value which as per the impossible Consultancy Agreement referred above was for the purpose of providing Corporate BG. viii. That the Respondent is progressing slow for possible Civil or criminal litigation against the applicant due to Covid-19 Pandemic period as the respondent alleges that he is aggrieved of the irresponsible, unprofessional and false promise made by the Applicant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its this petition and initiates CIRP on the Respondent with immediate effect. 1) 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 Respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the Respondent any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the Respondent in respect of its property including any action under the Securitization and Reconstruction of Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
