9911796707
TMI Blog2021 (5) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Insolvency and Bankruptcy Code 2016 ("the Code') of the Respondent JSP Projects Pvt. Ltd. for the alleged default on the part of the Respondent in clearing the debt of Rs. 4,26,38,271/- (Rupees Four Crore Twenty-Six Lakhs Thirty-Eight Thousand Two Hundred and Seventy-One only), as alleged by the applicant, towards the Services provided by the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. That the applicant is a partnership firm engaged in the business of providing services of Marketing Consultancy and Project Consultancy. The applicant states that the Respondent Company is into installation of 33/11 KV, 66/33 and 132/33 KV Substations, internals/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant. The applicant alleges that upon instruction of the Respondent the applicant raised an invoice of Rs. 2,65,000/- vide dated 18.06.2019 as the remaining payment was made by the Respondent in cash in 3-4 tranches prior to 18.06.2019. vi. The applicant further submits in its application that the applicant extended its services to the Respondent to enable them to fulfil the terms of the LOI and resultantly the following LOA's were issued to the Respondent by JBVNL: (i) LOA No. 33/R-APDRP-1087 (Part-1) dated 12.09.2019 for supply of all materials and equipment's related to the Contract for overhead and/or underground cabling work of 33KV, 11KV & LT Lines, GIS/AIS PS5 of Rs. 287.09 Cr. for Dhanbad town & Bokaro Industria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 29,45,37,498/-. Further, another invoice dated 20.03.2020 of Rs. 3,05,13,620/- was raised by the applicant and another invoice dated 20.03.2020 for an amount of Rs. 31,23,566/- was raised. The applicant states that the consultant of the applicant followed up persistently and another invoice dated 10.07.2020 for an amount of Rs. 33,58,791/-. ix. The applicant states that an amount of Rs. 4,26,38,271/- excluding interest is due as on 20.03.2020 from the Respondent. The applicant further states that meetings with the Respondent were held where the Respondent assured that the payment will be made soon. x. That applicant submits that a statutory Demand notice under section 8 of IBC, 2016 vide dated 11.09.2020 was delivered to the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... care of all bureaucratic interference related to project.......... and completion of the project.". That said Consultancy Agreement referred in the above Application falls under Section 18 of the Indian Contract Act, 1872. iv. The Respondent further submits that the important ingredients of a Valid Contract is that it should be for a lawful consideration and with a lawful object and it is once again reiterated that the repeated Clause 3.5 of the Consultancy Agreement referred by the Applicant in the aforesaid Application fails the test of Section 10 of the Indian Contract Act, 1872. v. The Respondent submits that the Applicant has failed to perform the obligations which were required to be performed as per the Consultancy Agreement refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Demand Notice dated 11.09.2020. 3. We have heard the Ld. Counsels for the Operational Creditor and Corporate debtor and perused the averments made in the application as well as the documents enclosed with the application. 4. We have heard the arguments made by the counsel for the Operational Creditor and perused the documents filed by him. The Operational Creditor has established the existence of debt and default on the part of the Corporate Debtor. The Corporate Debtor's plea of Consultancy agreement being void ab initio and error in computation of default amount does not stand any merit along with that, no documentary evidence substantiating the Corporate Debtor's plea regarding pre-existence of dispute in relation to non-per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator.
(4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process."
5. The interim resolution professional ("IRP") proposed by the Tribunal is Mr. Mansij Arya, (Email [email protected]), (Mobile No. - 9716092482) Reg. No: IBBI/IPA-002/IP-N00907/2019-2020/12939 is being confirmed by this Bench. He shall take such other and further steps as are required under the statute, more specifically in terms of Section 15, 17 and 18 of the Code and file his report within 30 days before this Bench. X X X X Extracts X X X X X X X X Extracts X X X X
|
